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The parent company of Gucci, Saint Laurent and Bottega Veneta reports a 10% YoY decline but signs of improving retail momentum.
Financials
24 November, 2025
Table of contents
Kering Group released its Q3 2025 revenue statement on 22 October 2025, confirming that the Group continued to experience a year-on-year decline in sales, though the pace of contraction eased compared with previous quarters. Overall revenue decreased by 5% on a comparable basis, marking a clear improvement from the double-digit drop reported earlier in the year. Although performance remained below wider luxury market levels, several Houses demonstrated early signs of stabilisation, driven by improved momentum in North America and Western Europe, as well as successful product launches across key categories.
Across the Group, divisions such as Eyewear and Bottega Veneta approached significant revenue thresholds - some nearing half-billion or multi-billion levels on a year-to-date basis - while Gucci, Saint Laurent and others navigated continued market correction. Kering Group emphasised ongoing structural actions, leadership reshuffles and House-level repositioning initiatives as core levers of its multi-year turnaround.
| Metric | Q3 2025 | Q3 2024 | YoY Change (Reported) | YoY Change (Comparable) |
|---|---|---|---|---|
| Revenue (€ million) | 3,415 | 3,786 | -10% | -5% |
Kering Group revenue reached €3.415 million in Q3 2025, declining 10% as reported and 5% on a comparable basis, a noticeable improvement from the -15% drop seen in Q2 2025. While still negative, the softer decline shows that the Group’s corrective measures are starting to take effect, with Bottega Veneta, the Jewellery portfolio and Kering Eyewear stabilising faster than Gucci and Saint Laurent.
Compared with peers, however, Kering Group remained behind industry performance: LVMH continued to post steady single-digit growth driven by Louis Vuitton and Dior; Hermes sustained strong double-digit expansion, fuelled by demand for Leather Goods and Jewellery; and Richemont delivered resilient mid-single-digit gains due to its Jewellery-led mix, all outperforming Kering Group’s fashion-focused profile.
Regionally, Kering Group recorded a mixed but improving picture. North America showed a strong sequential rebound, turning positive for YSL and accelerating for Bottega Veneta, while Western Europe continued to stabilise with solid retail traction across several Houses. Asia-Pacific remained uneven but delivered standout performance in Jewellery, where brands such as Boucheron, Pomellato and Qeelin continued to benefit from high-value local demand. Across channels, directly operated retail declined 6%, a clear improvement from -16% in Q2, supported by better product reception and stronger conversion. Wholesale, down 2%, remained under pressure as Gucci and Saint Laurent pursued tighter distribution control. This rationalisation brings Kering Group closer to the selective wholesale models adopted by leading luxury competitors.
Taken together, Kering Group’s Q3 results highlight the current divergence within global luxury: Leather Goods and Jewellery powerhouses continue to outperform, while brands undergoing creative or strategic resets - such as Gucci - require a longer recovery path. Yet the sequential improvement, combined with leadership changes, new product momentum and stabilising retail trends, suggests that Kering Group is entering a more balanced phase of its turnaround. These developments position the Group for gradual, rather than immediate, progress as it moves toward 2026.
Gucci delivered €1.343 million in Q3 2025 revenue, down 18% reported and 14% comparable. Despite the decline, sequential improvements were driven by stronger Leather Goods momentum, improved North America and Western Europe trends, and the presentation of the La Famiglia collection, which repositioned the brand toward renewed creativity.
| KPI | Q3 2025 | Q3 2024 | Reported | Comparable |
|---|---|---|---|---|
| Revenue (€ million) | 1,343 | 1,641 | -18% | -14% |
Saint Laurent generated €620 million in Q3 2025, declining 7% reported and 4% comparable. Retail saw only a slight decline, with North America returning to growth. Ready-to-Wear and Shoes delivered double-digit increases, while Leather Goods refresh initiatives began to show early positive results.
| KPI | Q3 2025 | Q3 2024 | Reported | Comparable |
|---|---|---|---|---|
| Revenue (€ million) | 620 | 670 | -7% | -4% |
Bottega Veneta reported €393 million, nearly stable year-on-year (-1% reported / +3% comparable). Retail rose 5%, driven by double-digit American growth, with Ready-to-Wear and Shoes leading category performance. The Campana bag debut strengthened Leather Goods momentum.
| KPI | Q3 2025 | Q3 2024 | Reported | Comparable |
|---|---|---|---|---|
| Revenue (€ million) | 393 | 397 | -1% | +3% |
The Other Houses division recorded €652 million, declining 5% reported but growing 1% comparable. Performance improved across:
Balenciaga: Strength across categories, with strong North American recovery.
Alexander McQueen: Decline moderated, supported by growth in women’s ready-to-wear.
Brioni: Significant retail growth in Western Europe, North America and Japan.
Jewellery: Boucheron, Pomellato and Qeelin all delivered double-digit increases, with very strong traction in Asia-Pacific and the US.
Revenue reached €448 million (+2% reported / +6% comparable). Eyewear recorded 7% growth, supported by Maui Jim and Lindberg. A major strategic step was the Valentino partnership, set to begin in Spring-Summer 2026.
Kering Beauté posted a 3% comparable increase, reinforced by:
Balenciaga’s first fragrance launch
Creed’s new Oud Zarian release
September 2025: Gucci unveiled “La Famiglia”, the first collection by new Creative Director Demna Gvasalia, introduced via a surprise lookbook ahead of Milan Fashion Week and positioned as the “genesis” of a new Gucci era. The limited see-now-buy-now drop was available from 25 September to 12 October 2025 in just ten Gucci boutiques worldwide, reinforcing scarcity, storytelling and brand heat.
August 2025: Bottega Veneta relaunched the Campana bag, reviving an archival Intrecciato silhouette with a softer, more sculptural construction that featured prominently in the FW 2025 offer. The launch supported solid growth in Ready-to-Wear and Shoes and contributed to the House’s positive comparable performance in Q3 2025, as highlighted in Kering Group’s quarterly materials.
September 2025: Balenciaga and Kering Beauté introduced a high perfumery collection of ten fragrances, reimagining the House’s 1947 perfume Le Dix as part of a wider olfactive revival. The launch, cited as a key Q3 highlight for Kering Beauté, marks Balenciaga’s return to fragrance with a couture-level positioning rooted in archival storytelling.
2025: Creed expanded its haute-parfumerie portfolio with the launch of Oud Zarian, a woody-ambery scent built around aged oud. The fragrance was spotlighted in Kering Group’s Q3 revenue release as one of the key growth drivers for Kering Beauté before the brand’s planned transfer to L'Oreal SA under the new strategic partnership.
Q3 2025: Across the Group’s Jewellery Houses, new High Jewellery lines at Boucheron, Pomellato and Qeelin underpinned double-digit revenue growth, particularly in Asia-Pacific and the United States, reinforcing Jewellery as a strategic, structurally resilient pillar within Kering Group’s portfolio.
September 2025: At the Combined General Meeting on 9 September 2025, shareholders approved all resolutions, including the appointment of Luca de Meo as Director. This supported the planned separation of the roles of Chairman and Chief Executive Officer at Group level, signalling a governance shift toward stronger executive focus and oversight.
September 2025: On 10 September 2025, Kering Group and Mayhoola amended their Valentino shareholders’ agreement, postponing Mayhoola’s put options on the remaining 70% stake from 2026-2027 to 2028-2029. The change extends the time horizon for strategic alignment and value creation at Valentino while preserving optionality for both parties.
September 2025: 15 September 2025 marked the official start of Luca de Meo’s term as Group Chief Executive Officer, with François-Henri Pinault remaining Chairman of the Board. The move formalised the new leadership architecture and anchored Kering Group’s multi-year turnaround under a dedicated CEO mandate.
September 2025: On 17 September 2025, Francesca Bellettini was appointed President and Chief Executive Officer of Gucci, reporting directly to Luca de Meo. The appointment strengthens Gucci’s executive bench at a pivotal moment as the House enters a new creative era under Demna and refines its brand, product and distribution strategy.
September 2025: Kering Eyewear and Valentino announced a global partnership agreement on 15 September 2025, granting Kering Group Eyewear exclusive rights to design, develop and distribute Valentino sun and optical collections from 1 January 2026. The deal deepens Kering Group’s vertically integrated Eyewear model and expands its exposure to a high-equity couture brand.
October 2025: On 14 October 2025, Kering Group acknowledged a €119,7 million fine imposed by the European Commission for past commercial practices at Gucci. The Group emphasised that the risk had been fully provisioned in the first-half 2025 accounts, with the exposure entirely covered, effectively closing a long-running regulatory chapter.
October 2025: On 19 October 2025, Kering Group and L'Oreal SA announced a long-term strategic partnership in luxury beauty and wellness, valued at €4 billion. The agreement includes the sale of the House of Creed to L'Oreal SA, the transfer of beauty and fragrance licences for several Kering Group Houses, and the creation of an exclusive venture in wellness and longevity, with closing expected in the first half of 2026.
September 2025: To support Demna’s Gucci debut, the House released “La Famiglia” through a high-impact visual campaign and a character-driven lookbook shot by Catherine Opie, framing the collection as a series of archetypal “Gucci personas” and reconnecting the brand with its narrative-led, emotionally charged heritage.
September 2025: During Milan Fashion Week, Gucci premiered “The Tiger”, a 30-minute film co-written and directed by Spike Jonze and Halina Reijn, featuring Demi Moore, Ed Harris, Elliot Page and others. The film served as both a cinematic event and a soft runway reveal for La Famiglia, reinforcing Gucci’s positioning at the intersection of fashion, film and culture.
May 2025: At the Cannes Film Festival, Kering Group celebrated the 10-year anniversary of its Women in Motion programme, honouring Nicole Kidman with the 2025 Women in Motion Award and reinforcing the Group’s long-term commitment to female representation in cinema and the arts. The initiative simultaneously elevated visibility for Houses such as Gucci, Balenciaga and Saint Laurent on the red carpet.
September 2025: The Kering Foundation Caring for Women dinner in New York raised a record $4,5 million to support organisations combating gender-based violence. The event, co-hosted by Salma Hayek Pinault alongside a high-profile guest list, amplified Kering Group’s social-impact narrative and reinforced the Group’s purpose-driven positioning.
September-October 2025: Gucci treated “La Famiglia” as a tightly controlled retail concept, releasing the collection in only ten flagship boutiques worldwide - including New York, Los Angeles, London, Milan, Paris, Beijing, Shanghai, Singapore, Tokyo and Seoul - from 25 September to 12 October 2025. The limited distribution mimicked a pop-up model inside the permanent network, designed to drive traffic, conversion and exclusivity.
Q3 2025: Kering Group continued to prioritise directly operated retail over wholesale across Gucci, Saint Laurent and Bottega Veneta. Store networks increasingly emphasised refreshed assortments, Leather Goods hero products and event-driven launches (such as Campana and La Famiglia), supporting the sequential improvement in retail sales reported in the quarter.
July 2025: In Shanghai, Kering Group partnered with Marie Claire on the “Fashion Our Future” event, an educational forum blending sustainability dialogue, creative workshops and a focus on “emotional wardrobes”. The initiative brought together students, designers and activists to explore how fashion can foster community and more conscious consumption.
October 2025: Kering Group held the 4th edition of the Kering Generation Award in China, expanding the initiative to Japan, Saudi Arabia and the global Jewellery sector. The programme supports start-ups working on alternative raw materials, green supply chains, retail & use innovation and circular-economy solutions, positioning the Group as a catalyst for future-fit luxury ecosystems.
July 2025: The Group was assessed by Sustainalytics with an ESG Risk Rating of 10,7, classified as “low risk” of material financial impact from ESG factors. This external validation reinforced Kering Group’s positioning as one of the more advanced sustainability leaders in global luxury.
September 2025: Kering Group’s ESG Presentation updated progress against its 2025 Sustainability Strategy, including SBTi-validated Net-Zero targets for 2033 and 2050, expanded supplier climate programmes and ongoing reductions in Scope 1, 2 and 3 emissions, building on the 16% Scope 3 decrease reported for 2024.
Ongoing FY 2025: Through platforms such as Women in Motion, the Kering Foundation and the Kering Group for Women initiatives, the Group continued to anchor gender equality, social impact and inclusion at the core of its corporate purpose, ensuring that brand elevation and financial turnaround are underpinned by long-term ESG commitments.
Kering Group’s Q3 2025 performance reflects a group still navigating a multi-quarter correction, yet beginning to show the first credible signs of stabilisation. Revenue declined year-on-year, but the improvement versus Q2 indicates that early corrective actions are taking hold. Retail trends strengthened across major regions, while Bottega Veneta, the Jewellery Houses, Kering Eyewear and parts of the Beauté division emerged as more resilient pillars within the portfolio. Leadership restructuring - including Luca de Meo’s appointment as Group CEO and Francesca Bellettini’s elevation to President & CEO of Gucci - marked one of Kering Group’s most significant organisational resets in a decade, aligning executive capacity with the brand repositioning underway at the Houses. Meanwhile, tightly curated launches such as Gucci’s La Famiglia, Bottega Veneta’s Campana revival and Balenciaga’s high perfumery collection helped rebuild brand heat and reinforce storytelling in a quarter defined by strategic discipline.
Looking ahead, Kering Group’s immediate priority remains restoring the desirability and commercial momentum of its largest Houses, particularly Gucci and Saint Laurent. The Group is expected to deepen its focus on product elevation, limit broad wholesale exposure, strengthen directly operated retail and invest behind new creative cycles. The Jewellery portfolio and Kering Eyewear are set for continued expansion, supported by strong luxury demand in Asia-Pacific and the upcoming Valentino eyewear partnership beginning in 2026. Organisationally, a clearer separation of governance roles and a refreshed leadership structure signal a more agile, execution-driven culture, while the Group’s broader long-term strategy will lean on brand centricity, tighter assortments, and selective distribution. Although the external environment remains mixed across key markets, Kering Group’s sequential gains in Q3, combined with creative resets, network optimisation and strategic partnerships, position the Group for a more balanced recovery trajectory as it moves into 2026.
Cover Image: Gucci Official Website.
Read the full Kering Group report Here.
For a deeper dive into the financial performance of other top luxury brands, explore the
Kering Group Q3 2024 Financial Report here
Kering Group, LVMH and Richemont here, and
Tapestry Inc. FY 2025 Financial Report here.
Find more financial analysis here.