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Kering (KER) investor relations material
Kering Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary22 Oct, 2025
Executive summary
Q3 2025 revenue was €3,415 million, down 10% reported and 5% comparable year-over-year, with a significant negative FX impact and sequential improvement from Q2's 15% decline, driven by all regions, especially North America and Western Europe.
Major creative debuts at Gucci, Bottega Veneta, Balenciaga, and Saint Laurent received strong acclaim, supporting future brand momentum.
Strategic focus on network optimization, cost efficiency, and product innovation, with ongoing store closures and a shift to higher-quality locations.
Announced a major alliance with L'Oréal, including the €4bn sale of Kering Beauté and a joint venture in wellness, expected to reduce debt and enhance brand growth in beauty.
Leadership changes include Luca de Meo as CEO and Francesca Bellettini as President and CEO of Gucci, with separation of Chairman and CEO roles effective September 2025.
Financial highlights
Group Q3 2025 revenue: €3,415 million, down 10% reported and 5% comparable; FX impact of -5 points.
Retail revenue (74% of total) down 6% comparable, showing quarter-on-quarter improvement; wholesale down 11% in luxury houses, offset by growth in Kering Eyewear and Beauté.
Gucci Q3 revenue €1.35bn, down 18% reported and 14% comparable; Saint Laurent €620m, down 7% reported and 4% comparable; Bottega Veneta €393m, down 1% reported but up 3% comparable.
Other Houses Q3 revenue €652m, down 5% reported but up 1% comparable; Kering Eyewear & Corporate Q3 revenue €448m, up 2% reported and 6% comparable.
First nine months 2025 revenue totaled €11.0 billion, down 14% as reported and 12% on a comparable basis.
Outlook and guidance
Q4 sales decline expected to be in line with Q3, despite a tougher comp base; consumer confidence remains uneven.
Rich pipeline of launches and activations expected in Q4, especially for Gucci.
Wholesale revenue expected to stabilize in 2026 after a €350m decrease in 2025.
Continued focus on cost efficiency, with OpEx and gross margin guidance confirmed; H2 EBIT margin to decline year-on-year, but less than H1.
Management is focused on business turnaround and returning to market prominence, with recent leadership changes and strategic initiatives underway.
Gucci's new strategic positioning
Store network rationalization: expected scale?
Post-L'Oréal deal capital allocation
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Frequently asked questions
The Kering Luxury Conglomerate
Kering Group is a French company with global operations that owns and operates various brands focusing on luxury goods. Through companies like Gucci, Balenciaga, and Alexander McQueen, the company sells apparel, accessories, jewelry, and other related products to a global consumer base. The company focuses on enabling its subsidiaries to act with creativity and modernity while also being mindful of their heritage, a strategy that is not uncommon for luxury brands. Kering is headquartered in Paris and is listed on the city’s Euronext Exchange.
Timber Trading and Expansion
What is today one of the largest luxury conglomerates in the world started down an unconventional path when compared to competitors like LVMH and Hermès. What is today the Kering Group was started by François Pinault as a timber trading company called Établissements Pinault in Rennes, France. The company quickly found success and made several acquisitions, rapidly expanding and eventually listing on the Paris Stock Exchange in 1988 under the name Pinault S.A.
Moving Into Luxury
It was after going public that the shift away from timber trading started in earnest after the company went public. François Pinault made several acquisitions of retail companies and department stores. Between 1999 and 2004, the transformation into a luxury conglomerate started to take place as the company acquired Gucci, Bottega Veneta, and Yves Saint Laurent, as well as signing several large partnerships. Pinault’s son, François-Henri, took over the reins of the company in 2005 and has served as its CEO and chairman since. Kering got its current name in 2013.
Further reading: Kering's Rise to Power: The Epic Battle for Gucci
The Brands
Kering operates a family of brands, including some of the most recognizable in the fashion industry. These companies, Gucci being a prime example, often have a long and storied history and incredibly strong brands and followings behind them. The company operates in the luxury sector, offering a variety of high-end products. Its portfolio includes fashion apparel for both men and women, covering a range from haute couture to ready-to-wear. In addition, the company produces leather goods like handbags, wallets, and luggage. Its product range also extends to footwear, fine jewelry, and watches. Besides LVMH, Richemont is a company that operates in a very similar fashion to Kering and its business model.
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