Kering sees sales slide and Gucci revenues plummet

Group revenues at luxury goods giant Kering fell to $8.78 billion —down 16% for the first half of fiscal 2025, with sales at flagship brand Gucci down 26% to $3.46 billion.

Overall group operating income plummeted to $1.12 billion for the reporting period, with income standing at $547 million. Compared to $1 billion made in H1 2024.

Chairman François-Henri Pinault called it a period of “momentous decisions,” pointing to major governance and creative changes. “Though the numbers we are reporting remain well below our potential, we are certain that our comprehensive efforts… have set healthy foundations for the next stages in Kering’s development,” he emphasised.

Kering brands Yves Saint Laurent slid 11%, while Bottega Veneta bucked the trend, rising 1%.

Regional results were mixed. North America and Asia-Pacific improved, but Western Europe and Japan dropped sharply, hit by declining tourism. Wholesale sales slid 12%.

Free cash flow totalled $2.77 billion, helped by real estate sales. The group closed June with $10.98 billion in net debt.

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