Kering Group had a rough start to 2025. In the first quarter, their total revenue was €3.9 billion, showing a 14% drop compared to last year, both in reported and comparable terms.
Sales from Kering’s directly operated stores fell 16%. In Asia-Pacific, sales dropped 25%, keeping the same trend as late 2024.
Western Europe and North America each saw a 13% dip, while Japan slipped by 11%.
Kering also closed 25 stores during the quarter, bringing their global store count down to 1,788.
In the wholesale business, revenue fell by 9%. The group’s fashion houses saw a 23% decrease in wholesale sales as they continued to tighten their distribution network.
“As we had anticipated, Kering faced a difficult start to the year. In this environment, we are fully focused on executing on our action plans to reach our strategic and financial objectives and strengthen the positioning of our Houses on all our markets. We are increasing our vigilance to weather the macroeconomic headwinds our industry faces, and I am convinced that we will come out stronger from the present situation.”
François-Henri Pinault, Chairman and CEO, Kering
Brand-wise Breakdown
Gucci
Gucci had a challenging quarter, with revenue at €1.6 billion, dropping 24% as reported.
Direct retail sales went down by 25%, mostly due to low store traffic. Wholesale revenue declined sharply by 33%.
Yves Saint Laurent
Saint Laurent brought in €679 million in revenue, down 8% as reported.
Sales at its own stores fell 8%, though they grew in the Middle East. American and European markets showed steady performance. Wholesale revenue dropped 24%, but royalties and other earnings went up by 20%.
Bottega Veneta
Bottega Veneta stood out positively. Revenue rose 4% to €405 million.
Their directly operated retail sales jumped 7%, with growth across all product categories. Double-digit sales increases were seen in Western Europe, North America, and the Middle East. However, wholesale revenue was down by 13%.
Other Houses
Kering’s Other Houses posted revenue of €733 million, down 11%. Direct retail sales slipped by 9%.
Balenciaga’s leather goods performed strongly even though foot traffic fell. McQueen’s sales were lower, but Brioni saw double-digit growth driven by Western Europe and North America.
