First-half 2025 Results

Group revenue: €7,587 million
down 16% as reported and down 15% on a comparable basis

Recurring operating income: €969 million

Net income attributable to the Group: €474 million

“The first half of 2025 has been a period of momentous decisions for Kering. On the governance front, I recommended to the Board of Directors, which has agreed, that we entrust the role of Kering CEO to Luca de Meo, while I will retain the chairmanship. On the creative front, reinforced teams, headed by new designers at three of our largest houses, are hard at work, with passion and determination, intensifying the desirability and drawing on the heritage of all our brands. On the operational and financial fronts, in a particularly tough market environment, we continued to streamline our distribution and cost base, and, executing on our roadmap, we took decisive steps to strengthen our financial structure. 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 & Chief Executive Officer

-    Kering’s revenue in the first half of 2025 was €7.6 billion, down 16% as reported and down 15% on a comparable basis.

-    Revenue in the second quarter of 2025 was €3.7 billion, down 18% as reported and down 15% on a comparable basis. The change in revenue as reported includes a negative currency effect of 3%.
o    Sales from the directly operated retail network fell by 16% on a comparable basis, in line with the performance of the first quarter of 2025. Trends in North America (-10%) and Asia-Pacific (-19%) improved compared to the first quarter of 2025, while Western Europe (-17%) and Japan (-29%) decelerated sequentially, mainly due to a sharp decline in tourism.
o    Wholesale and Other revenue was down 12% on a comparable basis.

-    The Group’s recurring operating income was €969 million in the first half. Recurring operating margin was 12.8%, a decline of 470 basis points compared to the year-earlier period.

-    Net income attributable to the Group was €474 million in the first half of 2025.

-    Free cash flow from operations amounted to €2.4 billion in the first half, including €1.3 billion resulting from the completion of real estate transactions. 

Gucci

In the first half of 2025, Gucci’s revenue amounted to €3.0 billion, down 26% as reported and down 25% on a comparable basis. Sales from the directly operated retail network decreased by 24% on a comparable basis. Wholesale revenue was down 42% on a comparable basis.
In the second quarter of 2025, Gucci’s sales decreased by 25% on a comparable basis. Sales from the directly operated retail network were down 23% on a comparable basis, a slight sequential improvement driven by North America and Asia-Pacific. While sales of carryovers remained down, new leather goods lines were very successful. In particular, the Giglio bag, unveiled as part of Gucci’s Cruise 2026 collection, has already established itself as one of the House’s most successful launches. Wholesale revenue was down 50% in the quarter.
Gucci’s recurring operating income was €486 million in the first half of 2025. Its recurring operating margin was 16.0%, down 8.7 points compared to the first half of 2024. The decline in margin was partially contained by major initiatives to streamline Gucci’s cost base.

Yves Saint Laurent

Yves Saint Laurent’s revenue for the first half of 2025 totaled €1.3 billion, down 11% as reported and down 10% on a comparable basis. On a comparable basis, sales from Yves Saint Laurent’s directly operated retail network were down 10% while Wholesale revenue declined by 17%.
In the second quarter of 2025, sales were down 10% on a comparable basis and by 12% in the directly operated retail network. New products were very well received, particularly in ready-to-wear and shoes. Wholesale revenue was down 5% in the second quarter.
Yves Saint Laurent’s recurring operating income amounted to €262 million in the first half, resulting in recurring operating margin of 20.4%, down 1.6 points compared to the first half of 2024.

Bottega Veneta

Bottega Veneta’s revenue totaled €846 million in the first half of 2025, up 1% as reported and up 2% on a comparable basis. Sales from the directly operated retail network rose by 3% on a comparable basis. Wholesale revenue fell 3% on a comparable basis.
In the second quarter of 2025, Bottega Veneta’s revenue rose by 1% on a comparable basis. In the directly operated retail network, sales were stable on a comparable basis, with very strong growth in North America. Wholesale revenue rose 4%.
Bottega Veneta’s recurring operating income amounted to €127 million in the first half of 2025, resulting in a recurring operating margin of 15.0%, up 0.5 point relative to the first half of 2024.

Other Houses

Revenue from the Other Houses amounted to €1.5 billion in the first half of 2025, 
down 15% as reported and down 14% on a comparable basis. Sales from the directly operated retail network fell 11% on a comparable basis, and Wholesale revenue was down 23%.Revenue in the second quarter of 2025 was down 16% on a comparable basis, with contrasting performances among Houses. 
Revenue from the directly operated retail network of the Other Houses fell by 12% on a comparable basis. Balenciaga’s sales in its directly operated retail network were resilient in North America and rose slightly in Asia-Pacific, but were slower in Western Europe and Japan. McQueen is accelerating the rationalization of its store network. Brioni’s sales grew in its main markets. Sales remained solid at the Jewelry Houses. Boucheron continued its development in the United States, Pomellato unveiled a High Jewelry collection in collaboration with Gucci that attracted significant attention, and Qeelin’s sales saw substantial growth. Wholesale revenue of the Other Houses was down 28% on a comparable basis.

In the first half of 2025, the Other Houses made a recurring operating loss of €29 million, largely attributable to McQueen. Strict cost control helped mitigate this decline.

Kering Eyewear and Corporate

In the first half of 2025, total revenue of the Kering Eyewear and Corporate segment, which includes Kering Beauté, amounted to €1.1 billion, up 2% as reported and up 3% on a comparable basis.
Kering Eyewear’s revenue in the first half of 2025 totaled €921 million, up 1% as reported and up 2% on a comparable basis. In the second quarter, Kering Eyewear’s sales were up 1% on a comparable basis.Kering Beauté’s first-half revenue was €150 million, up 9% 
both as reported and on a comparable basis. In the second quarter, sales rose by 12% on a comparable basis, driven in particular by the strong performance of Creed’s women’s fragrances.In the first half of 2025, Kering Eyewear’s recurring operating income was €186 million, comp
ared to €196 million in the first half of 2024. The segment’s recurring operating income rose by 25% to €126 million, after taking into account Kering Beauté’s solid recurring operating income as well as lower Corporate costs.

Financial performance

In the first half of 2025, other non-recurring operating income and expenses were positive at €32 million. Income included gains on disposals of non-strategic assets and the capital gain on the sale of a building in Japan. Expenses consisted mainly of non-recurring impairment and restructuring charges, along with the allocation of a provision, based on the Company’s best estimate to date of the risk associated with the European Commission’s ongoing investigation into the fashion sector, regarding which the Company issued a press release on April 19, 2023.
Net financial charges amounted to €280 million, or €163 million excluding interest on lease liabilities. Cost of net debt stood at €164 million, a moderate year-on-year increase. Interest expense was nearly unchanged, with a very limited increase in the average cost of debt, but rates on cash deposits were lower.
The effective tax rate on recurring income was 27.5%.
Net income attributable to the Group was €474 million.

Cash flow and financial position

In the first half of 2025, the Group’s free cash flow from operations was €2.4 billion, including €1.3 billion from real estate disposals.
At June 30, 2025, Kering’s net debt amounted to €9.5 billion.

Outlook

To achieve its long-term vision, Kering invests in the development of its Houses, so that they continuously strengthen their desirability and the exclusivity of their distribution, strike a perfect balance between creative innovation and heritage, and achieve the highest standards in terms of quality, sustainability and experience for their customers. 
In an economic and geopolitical environment that remains uncertain, Kering continues to deploy its strategy with the aim of achieving a profitable long-termgrowth trajectory.
The Group is stepping up the initiatives needed to support the development and growth of its Houses, while implementing with determination the efforts required to increase its efficiency. These actions imply particular vigilance with regards to financial discipline, related to control of the Group’s cost base, selectivity of its investments, and management of its balance sheet.

In its meeting on July 29, 2025, Kering’s Board of Directors, chaired by François-Henri Pinault, approved the consolidated financial statements for the six months ended June 30, 2025, which were subject to a limited review.

About Kering

Kering is a global, family-led luxury group, home to people whose passion and expertise nurture creative Houses across couture and ready-to-wear, leather goods, jewelry, eyewear and beauty: Gucci, Saint Laurent, Bottega Veneta, Balenciaga, McQueen, Brioni, Boucheron, Pomellato, Dodo, Qeelin, Ginori 1735, as well as Kering Eyewear and Kering Beauté. Inspired by their creative heritage, Kering’s Houses design and craft exceptional products and experiences that reflect the Group’s commitment to excellence, sustainability and culture. This vision is expressed in our signature: Creativity is our Legacy. In 2024, Kering employed 47,000 people and generated revenue of €17.2 billion.