Kering has reported its third consecutive year of falling sales in 2025, with Gucci’s sales falling less than expected in the last quarter. A strategy outlining a return to growth is set to be presented in April
“The performance in 2025 does not reflect the Group’s true potential”, said Luca de Meo, CEO of Kering. The France-based luxury group recorded a revenue of 14.7 billion euros in 2025, reflecting year-on-year declines of 13% and 10% on a reported and comparable basis, respectively.
Revenue from the directly operated retail network (including e-commerce) fell by 11% on a comparable basis, while wholesale revenue declined by 9%. The former reflects uneven regional and house performance, while the latter reflects efforts by the luxury houses to tighten distribution.
In the fourth quarter alone, revenue decreased by 9% as reported and by 3% on a comparable basis, as compared to the same period in 2024. Nevertheless, these figures reflect a gradual improvement over the course of the year.
Gucci in particular saw its fourth quarter revenue decrease by 10% year-on-year on a comparable basis, as the brand prepares to present new creative director Demna’s vision at Milan Fashion Week later this month. Full-year revenue totalled 6 billion euros, however, which is a 22% decrease on a reported basis and a 19% decrease on a comparable basis.
Yves Saint Laurent’s revenue improved quarter-on-quarter and remained stable in the fourth quarter. Full-year revenue amounted to 2.6 billion euros, representing an 8% decrease on a reported basis and a 6% decrease on a comparable basis. Bottega Veneta finished 2025 with stable revenue on a reported basis and up by 3% on a comparable basis (1.7 billion euros).
Kering reported a recurring operating income of 1.6 billion euros in 2025, which was a 33% decrease, as compared to 2024. Recurring net income from continuing operations amounted to 532 million euros, while net income from continuing operations fell to a loss of 29 million euros after non-recurring optimisation and restructuring charges.
According to Business of Fashion, the group is conducting a programme of store closures. The CEO is also reviewing manufacturing and logistics, group-level synergies, and the potential to recruit executives from other industries.
“On April 16, during our Capital Markets Day, we will present a clear roadmap to boost the desirability of our Luxury Houses and reignite growth, with well-defined brand strategies, a more effective organization and strong financial discipline”, added Luca de Meo, as the company eyes a return to growth in 2026.
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