Kering stock among CAC 40's steepest declines, weighed down by Chinese luxury
The stock of the group owning Gucci and Saint Laurent continues its decline this Thursday, in a CAC 40 that is also trending downward. Pressure has been mounting for several weeks, against the backdrop of disappointing half-year results published in late July and a difficult context for the luxury sector in China.
A 2% decline prolonging a marked technical deterioration below all moving averages
Kering falls 2.15% to €218.60 during trading, while the Paris index declines 1.13%. The price remains well below its three moving averages: it is trading 6.59% below the 20-day MA at €234.01, and the gap widens further against the 50-day MA at €252.40 (down 13.39%). Over one month, the stock has posted a decline of 13.95%, among the heaviest in the CAC 40 for the period.
The support level at €223.35 has been broken through, and the price is now moving away from it. With an RSI at 37, the security is approaching the oversold zone without crossing into it, reflecting persistent selling pressure without any exhaustion signal for now.
Pressured half-year results and a training facility launched the previous day in the background
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When publishing S1 2026 results on July 29, 2026, Kering had reported a net income attributable to the group down 60% to €189 million. Gucci, the group's flagship brand, posted a decline in comparable revenue of 5%, while non-recurring charges of €223 million (disposals, impairments, restructurings) weighed on the accounts. Management had then stated the objective to return to growth and improve profitability, without communicating a specific target. In contrast, Kering Jewelry had advanced 20% on a comparable basis, with current margin up 2.7 points, and the disposal of Kering Beauty had made it possible to reduce net debt by €4.7 billion.
Moreover, the group announced on September 30 the launch of its training structure Kering Accademia per le Eccellenze, dedicated to artisanal expertise. In this sector context, Swiss watch exports to China fell 18.5% year-over-year in August 2026, a sign that Chinese demand for luxury products remains sluggish. The share buyback program announced on May 28, 2026, for €8.6 billion, provides underlying support without reversing the near-term dynamics. The next update on the group's trajectory will come through activity publications for the second half.
À mesure que Kering progresse dans l'exercice 2026, son objectif demeure de renouer avec la croissance et d'améliorer sa profitabilité
Risks mentioned
Recul du chiffre d'affaires de Gucci de 5 % en comparable au premier semestre
Charges opérationnelles non courantes de 223 millions d'euros (cessions, dépréciations, restructurations)
Résultat net part du Groupe en baisse de 60 % à 189 millions d'euros
Opportunities identified
Endettement net réduit de 4,7 milliards d'euros grâce à la cession de Kering Beauté
Contrat de licence beauté Gucci-L'Oréal exclusif sur 50 ans à compter de mi-2027
Kering Jewelry +20 % en comparable, marge courante en hausse de 2,7 points
Outlook / guidance
Management commentary: « As Kering advances through 2026, its objective remains to return to growth and improve margins. »
The information presented in this article is provided for informational purposes only and does not constitute an investment recommendation, an incentive to buy or sell a financial asset, or investment advice. Readers are invited to conduct their own research before making any decision.
Investments in the stock market involve risks, including the risk of capital loss. Past performance of an asset or market is no guarantee of future results. Any investment decision should be made taking into account your personal financial situation, objectives and risk tolerance.
