Kering: First-Quarter 2025 Revenue
Kering closed the first quarter of 2025 with revenue down by 14%, impacted by a challenging macroeconomic environment and a slowdown in key markets.
First-Quarter 2025: Group Revenue
Kering Group's revenue for the first quarter of 2025 amounted to €3,883 million, registering a 14% decrease both as reported and on a comparable basis.
"As we had anticipated, Kering faced a difficult start to the year. In this environment, we are fully focused on executing our action plans to achieve our strategic and financial objectives and to strengthen the positioning of our Houses across all markets. We are increasing our vigilance to weather the macroeconomic headwinds our industry is facing, and I am convinced that we will emerge stronger from the present situation."
— François-Henri Pinault, Chairman and CEO
During the first quarter, the Group closed 25 stores, bringing the total number of directly operated stores to 1,788.
Sales through the directly operated retail network declined by 16% on a comparable basis, with significant decreases in Asia-Pacific (-25%), Western Europe (-13%), North America (-13%), and Japan (-11%).
Wholesale and Other revenue declined by 9%, with the Houses’ wholesale revenue down by 23%, reflecting the Group’s strategy to enhance distribution exclusivity. In contrast, royalties and other revenue increased by 11%.
Kering Eyewear and Corporate
In the first quarter of 2025, Kering Eyewear generated revenue of €476 million, up 2% on a comparable basis, supported by strong performances in Europe and in the Optical category.
Kering Beauté recorded revenue of €71 million, up 6%, driven by the balanced development of Creed, which expanded its range with new feminine fragrances.
Overall, the Kering Eyewear and Corporate segment posted revenue of €558 million, up 4% as reported and 3% on a comparable basis.
Performance of the Main Brands
In the first quarter of 2025, Gucci posted revenue of €1,571 million, down 24% as reported and 25% on a comparable basis, impacted by low store traffic. The House refreshed its product offering, receiving positive feedback for new handbag lines, including the Softbit. Wholesale revenue decreased by 33%. The appointment of Demna as Artistic Director was the key event of the quarter.
Yves Saint Laurent generated revenue of €679 million, down 8% as reported and 9% on a comparable basis. Directly operated retail sales declined by 8%, with resilient performances in America and Europe, and growth in the Middle East. Wholesale revenue decreased by 24%, while royalties rose by 20%.
Bottega Veneta recorded revenue of €405 million, up 4% both as reported and on a comparable basis. Sales in the directly operated retail network increased by 7%, with double-digit growth in Western Europe, North America, and the Middle East. Wholesale revenue declined by 13%.
The Group’s Other Houses reported revenue of €733 million, down 11% both as reported and on a comparable basis. Balenciaga maintained strong performance in leather goods despite declining store traffic. Alexander McQueen saw a decrease in sales, while Brioni continued to grow, driven by strong results in Western Europe and North America. The Jewelry brands (Boucheron, Pomellato, and Qeelin) continued their development, with Pomellato notably benefiting from the success of its Nudo line. Wholesale revenue for the Other Houses decreased by 17%.