Kering Group today (10 February) reported full-year results with revenue falling -13% year-on-year (-10% on a comparable basis) to €14,675 million.
Recurring EBITDA reached €3,675 million, down -19% year-on-year, with recurring net income from continuing operations attributable to the group at €532 million, a fall of -56%.
The company highlighted a sequential improvement in performance as the year continued, with Q4 revenue down -9% as reported and -3% on a comparable basis to Q4 2024.
At leading brand Gucci, revenue fell -22% (-19% on a like-for-like basis) to €5,992 million, with falling sales in China a key factor.
Yves Saint Laurent revenues were down -8% (-6% like-for-like) to €2,643 million and Bottega Veneta was flat (+3% like-for-like) at €1,706 million.
Kering Eyewear and Corporate revenues climbed +1% (+3% on a comparable basis) to €1,631 million. In the fourth quarter, sales hit €319 million, down -2% as reported and up +3% on a comparable basis, driven by Western Europe, as well as the optical category.
Kering Eyewear recurring operating income amounted to €252 million in 2025, with a 15.8% recurring operating margin. Taking into account Corporate costs, the Kering Eyewear and Corporate segment made a negative recurring operating income of €17 million.
The group annual report noted that performance was driven by the strong momentum of the Cartier, Bottega Veneta and Saint Laurent brands. Growth at constant scope was supported in particular by the Western Europe and Middle East regions.
Kering CEO Luca de Meo said: “The performance in 2025 does not reflect the Group’s true potential. In the second half, we took decisive actions – strengthening the balance sheet, tightening costs, and making strategic choices that lay the foundations for our next chapter.
“On 16 April, during our Capital Markets Day, we will present a clear roadmap to boost the desirability of our Luxury Houses and reignite growth, with well-defined brand strategies, a more effective organisation and strong financial discipline.
“As we enter 2026, the entire team is fully committed to delivering a leaner, faster Kering, enhancing brand positioning and sales, rebuilding margins and strengthening cash generation to ensure sustainable, long-term value creation.” ✈
