Luxury giant Kering Group has posted a -10% year-on-year decline (reported; -5% comparable) in Q3 to €3.4 billion.
Revenues reflected a negative currency effect of 5%. The result marks a sequential improvement from the -15% comparable decline posted in the second quarter.
For the first nine months of 2025, group revenue reached €11.0 billion, down -14% as reported and -12% on a comparable basis.
According to Kering, roughly half of the Q3 rebound attributed to stronger performances across the Group’s houses. This was influenced by shifting retail dynamics including North America and Western Europe’s luxury retail momentum and online revenues stabilising.
Performance across regions was mixed. Western Europe contributed 33% (-7% YoY) of overall sales, Asia Pacific 27% (-10%), North America 24% (+3%) , Japan 8% (-18%) and Rest of the World (ROW) 8%. (+2%).
Sales from the directly operated retail network fell -6% on a comparable basis. All regions contributed to the sequential improvement compared to -16% in the second quarter of 2025. Wholesale and other revenues declined -2%.
As reported, Kering and L’Oréal have announced a €4 billion agreement that will see L’Oréal acquire the House of Creed and the rights to beauty and fragrance licences of brands owned by luxury goods group Kering, including Gucci (after the current licence with Coty expires).
The deal also features an exclusive venture to explore business opportunities in the field of wellness and longevity.
Kering Group CEO Luca de Meo commented: “Kering’s third-quarter performance, while representing a clear sequential improvement, remains far below that of the market. This reinforces my determination to work on all dimensions of the business to return our Houses and the Group to the prominence they deserve. We are working relentlessly on our turnaround, as shown by our recent decisions.”
Results by House
Gucci
Gucci posted third-quarter revenue of €1.3 billion, down -18% as reported and -14% on a comparable basis. Sales from the directly operated retail network declined -13% on a comparable basis but showed a notable sequential improvement versus the second quarter. This was supported by stronger momentum in North America and Western Europe and the success of new leathergoods launches.
Wholesale revenue decreased -25% on a comparable basis. Toward the end of the quarter, Gucci presented its La Famiglia collection, the first release under the tenure of new Creative Director Demna Gvasalia, signalling a new chapter for the house’s creative direction.
On 17 September, Kering appointed Francesca Bellettini – previously Deputy CEO of the Group – as President and Chief Executive Officer of Gucci. She now reports directly to Kering CEO Luca de Meo.
On 14 October, Kering acknowledged the European Commission’s decision regarding past commercial practices at Gucci, which imposed a fine of €119.7 million. The matter was fully provisioned in first-half 2025 accounts and is now resolved following a cooperation procedure.
Yves Saint Laurent
Yves Saint Laurent reported revenue of €620 million for the third quarter, down -7% as reported and -4% on a comparable basis. The brand recorded positive performance in full-price stores. Directly operated retail sales fell -2% on a comparable basis, marking an improvement over previous quarters. The brand returned to growth in North America and recorded a slight decline in Western Europe.
The house achieved double-digit gains in ready-to-wear and shoes, while its refreshed leathergoods line began to deliver positive results. Wholesale revenue declined -16% in line with the brand’s ongoing channel rationalisation.
Bottega Veneta
Bottega Veneta delivered revenue of €393 million, down -1% as reported but up +3% on a comparable basis. Sales from the brand’s directly-operated stores rose +5% comparable, driven by double-digit growth in North America. Ready-to-wear and shoes performed the best with the newly launched Campana showing early positive results. Wholesale revenue fell -9% on a comparable basis.
Other houses
Revenue from Kering’s Other Houses totalled €652 million, down -5% as reported but up +1% on a comparable basis. Directly operated retail sales were stable, while wholesale revenue grew +5%.
Balenciaga saw improvements across all product categories, driven particularly by the North American market. Alexander McQueen’s sales decline moderated thanks to growth in women’s ready-to-wear, while Brioni continued its upward trajectory with strong gains in Western Europe, North America and Japan.
The Group’s Jewellery Houses – Boucheron, Pomellato and Qeelin – delivered revenue growth, buoyed by robust momentum in Asia Pacific and the USA. Boucheron’s expansion in both markets was encouraging, while Pomellato’s high jewellery line was well received and Qeelin sustained its momentum in Asia Pacific, Kering said.
Kering Eyewear and Corporate
Revenue from Kering Eyewear and Corporate reached €448 million, up +2% as reported and +6% on a comparable basis.
Kering Eyewear posted +7% comparable revenue growth, reflecting solid performances across all regions and brands including Maui Jim and Lindberg. The eyewear partnership with Valentino, announced in September and set to begin with the Spring/Summer 2026 collection, marks a new chapter in the division’s development.
Kering Beauté, the subject of last Sunday’s big news, recorded a +3% comparable increase, supported by key launches including Balenciaga’s debut fragrance line and Creed’s Oud Zarian perfume. ✈
