Kering stock keeps focus on Gucci recovery after weak quarter

Kering's third-quarter update keeps the spotlight on Gucci, whose recovery remains the central test for the French luxury group. In its release on Thursday, October 22, 2026, Kering said revenue reached EUR 3,345 million, stable on a reported basis but down 1% on a comparable basis.

The result reflected a positive currency effect of one percentage point, while softer macroeconomic conditions, a demanding comparison base and weaker store traffic weighed on trading. Kering said conversion, average price and average ticket remained supportive across most Houses as new collections reached customers.

Gucci Remains The Main Test

Gucci generated EUR 1,291 million in quarterly revenue, down 4% as reported and 6% on a comparable basis. Directly operated retail sales fell 9% on a comparable basis, with traffic particularly weak in Mainland China and Japan. North America was the brand's most resilient region.

The brand is continuing to refine its product and pricing architecture, with handbags, ready-to-wear and shoes among the main areas of focus. Wholesale revenue rose 45% on a comparable basis to EUR 120 million, but the increase benefited from a low comparison base and order-book effects.

Portfolio Strength Limits The Drag

Outside Gucci, directly operated retail sales in Kering's Fashion and Leather Goods segment increased 2% on a comparable basis, supported by Saint Laurent, Bottega Veneta and Brioni. Kering Jewelry generated EUR 239 million, up 11% comparably, while Kering Eyewear reached EUR 373 million, up 4% comparably.

For the first nine months, group revenue totaled EUR 10,565 million, down 2% as reported and stable on a comparable basis. Kering completed 105 net store closures during the period and now plans at least 125 closures for the full year, above its previous objective of 100.

Margin Goal Stays In Focus

Chief Executive Luca de Meo called the Gucci recovery Kering's defining priority and said the group was strengthening desirability, product development and execution. Management confirmed its objective of improving recurring operating margin in 2026 while continuing to invest in its Houses, describing the transformation as a multi-season effort.

Kering stock traded at 187.07 euros on Lang & Schwarz at 11:40 CET on Friday, November 13, 2026.

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