Kering Reports a 10% Decline in Revenue for the Third Quarter of 2025
Kering Group posted revenues of 3.4 billion euros for the third quarter of 2025, marking a 10% decrease in reported figures and a 5% drop on a comparable basis, according to its October 22 statement.
Detailed Financial Performance
Kering announced revenues of 3,415 million euros for the third quarter of 2025, showing a decline of 10% in reported figures and 5% on a like-for-like basis, including a negative currency impact of 5%. Over the first nine months of the year, the group's sales totaled 11,002 million euros, down 14% in reported and 12% in comparable terms. By brand, Gucci recorded quarterly revenues of 1,343 million euros (-18% reported, -14% comparable), Yves Saint Laurent at 620 million euros (-7%, -4%), Bottega Veneta at 393 million euros (-1%, +3%), and Other Houses totaled 652 million euros (-5%, +1%). Kering Eyewear and Corporate registered 448 million euros (+2%, +6%).
Governance Changes and Strategic Partnerships
Since July 1, 2025, several governance changes and partnerships have been announced. Luca de Meo assumed the role of CEO of the group starting September 15, while Francesca Bellettini was appointed CEO of Gucci. Additionally, Kering acknowledged a decision by the European Commission regarding past commercial practices at Gucci, resulting in a fine of 119.7 million euros, a risk already provisioned in the half-yearly accounts. On October 19, the group also announced a strategic partnership with L'Oréal in luxury beauty and wellness, including the sale of Maison Creed and the creation of a dedicated joint venture, for a total amount of 4 billion euros. The agreement is expected to be finalized in the first half of 2026.
Quarterly Revenue Decline and Corporate Developments
According to the statement, the decline in revenue in the third quarter still represents a significant improvement from the previous one, particularly supported by performance in the owned network and positive developments in certain brands like Bottega Veneta. All resolutions presented at the general meeting on September 9 were adopted, including the separation of the roles of Chairman of the Board and CEO. Kering also highlighted the postponement to 2028 and 2029 of the sale options held by Mayhoola in Valentino following an amendment to the shareholders' agreement. The group noted that the performance of the houses remains uneven across regions and product categories, and continues to implement its recovery actions.
