Kering stock: Gucci still weighs on recovery as margins stay in focus
Published on 11/05/2026 at 17:56 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWSGucci Pressure Meets Portfolio Progress
- Kering kept its 2026 recurring operating margin improvement objective despite weaker short-term revenue trends.
- The group completed 105 net store closures in the first nine months and raised its full-year target to at least 125.
- Management says Gucci's recovery will require several seasons, keeping traffic and retail productivity central for investors.
Kering's turnaround remains centered on Gucci after the luxury group reported stable third-quarter revenue on a reported basis. The company's official third-quarter revenue release, published on October 22, said comparable revenue declined 1% year on year, while Gucci remained the main pressure point.
Gucci Remains The Central Test
Gucci generated EUR 1,291 million in the quarter. Comparable revenue declined 6%, and directly operated retail revenue fell 9% on a comparable basis as lower traffic weighed on Asia Pacific, Mainland China and Japan.
Kering said conversion, average price and average ticket remained supportive across most Houses, but traffic continued to constrain Gucci. Management described the recovery as its defining priority and said the transformation would take several seasons.
Portfolio Growth Softens The Drag
Progress outside Gucci provides a partial counterweight. Kering Jewelry generated EUR 239 million of third-quarter revenue, up 11% on a comparable basis, while Kering Eyewear revenue rose 4% on that basis to EUR 373 million. In Fashion and Leather Goods, revenue excluding Gucci in directly operated retail increased 2% on a comparable basis, supported by Saint Laurent, Bottega Veneta and Brioni.
Store Reset And Margins
Kering completed 105 net store closures in the first nine months of 2026, including 128 closures and 23 openings. Having exceeded its original full-year target of 100 closures, the group now aims for at least 125 net closures in 2026.
Kering maintained its objective of improving recurring operating margin in 2026. Efficiency measures are intended to support profitability while the group continues investing in brand desirability, leaving execution at Gucci and retail productivity as the next operating tests.
The real-time quote of Kering stock was 190.44 euros on Lang & Schwarz at 17:44:56 CET on Thursday, November 5, 2026.
Kering at a glance
- Company: Kering S.A.
- ISIN: FR0000121485
- Lang & Schwarz quote: EUR 190.44 on Thursday, November 5, 2026, at 17:44:56 CET
- Third-quarter revenue: EUR 3,345 million, stable as reported and down 1% on a comparable basis
- Gucci third-quarter revenue: EUR 1,291 million, down 6% on a comparable basis
The CAC 40 provides the broader market backdrop for French luxury shares.
More news and analyses on Kering stock will follow updates on Gucci traffic, store productivity and margin progress.
