Kering has reported a sharp decline in revenue and profit for the first half of 2025 as several of its major fashion brands, including Gucci and Saint Laurent, faced slowing sales in key markets like Japan and Western Europe.
The group posted total revenue of €7.6 billion, marking a 16% drop from the same period last year. Net income came in at €474 million, far below previous levels, and operating income stood at €969 million.
In a statement, François-Henri Pinault reflected on a tough first half.
“The first half of 2025 has been a period of momentous decisions for Kering. Though the numbers we are reporting remain well below our potential, we are certain that our comprehensive efforts of the past two years have set healthy foundations for the next stages in Kering’s development.”
François-Henri Pinault,
Chairman and CEO, Kering
Gucci, Kering’s largest brand, saw revenue slide to €3.0 billion in the first half, down 26% as reported and 25% on a comparable basis.
Sales through its own stores dropped 24%. In the second quarter alone, revenue was down 25%, despite a slight improvement in North America and Asia-Pacific.
Yves Saint Laurent generated €1.3 billion in revenue, a 10% decline on a comparable basis. Retail sales dropped 10% while wholesale revenue fell 17%.
Bottega Veneta was the only major house to grow. It posted €846 million in revenue, up 2% on a comparable basis. Sales in its own stores rose by 3%, driven especially by strong performance in North America.
Despite the current slowdown, Kering says it remains committed to long-term growth. The group is focusing on creative innovation, heritage-driven storytelling and customer experience. It plans to continue investing in its brands while managing costs and protecting its financial position.
Source – Kering
