Kering’s Q3 2026 Results Highlight Ongoing Gucci Struggle Amid Portfolio Gains

Kering posted flat group revenue of €3.35 billion for the three months ending September 30, 2026, down 1 % on a comparable-exchange basis. Gucci generated €1.291 billion, a 4 % decline reported and 6 % drop comparable, with direct-operated stores seeing a 9 % comparable fall in traffic while wholesale revenue rose 45 % on a comparable basis. Outside Gucci, the fashion and leather-goods division (excluding Gucci) posted a 2 % rise in retail sales, driven by Saint Laurent, Bottega Veneta and Brioni. Kering’s jewelry business delivered €239 million in revenue, up 12 % reported and 11 % comparable, and eyewear grew 6 % reported and 4 % comparable.

Kering tumbles 12% as Gucci sales fall 6% despite in-line Q3 revenue Kering lowers annual growth target as Gucci sales fall 6% in third quarter Kering holds steady, but Gucci remains a cause for concern

Since taking the helm in September 2025, CEO Luca de Meo has made Gucci’s revival the group’s “defining priority,” focusing on faster product development, tighter pricing and a reshaped retail network. Kering has closed 105 stores in the first nine months of 2026, exceeding its original full-year target of 100, and now aims for at least 125 closures by year-end. The strategy also expands local decision-making in China, where weaker demand and a tax crackdown have depressed traffic. The broader luxury market faces a softer macro environment, with geopolitical tensions and elevated energy prices curbing discretionary spending.

Kering Revenue Holds Steady in Q3 as Gucci Recovery Remains a Priority

• Group revenue (Q3 2026): €3.35 billion (flat reported, –1 % comparable).

Kering Q3 2026 slides: Gucci drags as jewelry, eyewear shine

• Gucci revenue: €1.291 billion (–4 % reported, –6 % comparable).

Kering tumbles 12% as Gucci sales fall 6% despite in-line Q3 revenue

• Gucci retail sales decline: –9 % comparable; wholesale up 45 % comparable.

Kering lowers annual growth target as Gucci sales fall 6% in third quarter

• Store closures: 105 net YTD 2026; target >=125 by year-end.

Kering Q3 2026 slides: Gucci drags as jewelry, eyewear shine

• Jewelry revenue: €239 million (+12 % reported, +11 % comparable).

Kering tumbles 12% as Gucci sales fall 6% despite in-line Q3 revenue

• Eyewear revenue: €373 million (+6 % reported, +4 % comparable).

Kering tumbles 12% as Gucci sales fall 6% despite in-line Q3 revenue

• Net debt fell to €3.3 billion as of June 30 after the €4 billion sale of Kering Beauté to L’Oréal.

Kering lowers annual growth target as Gucci sales fall 6% in third quarter

The company will increase media investment, strengthen client-eling, and unveil a new Gucci store concept in Paris later this year.

WWD

Sources differ on Gucci’s decline magnitude: the earnings release cites a 4 % reported drop, while analysts reference a 6 % comparable decline. Retail-only figures show a 9 % comparable fall, whereas wholesale growth of 45 % is attributed to a low comparison base. No source provides a definitive outlook on whether the wholesale boost will sustain profitability, leaving uncertainty around the brand’s trajectory.

Kering Shares Slide as Gucci Sales Drop 6% in Third Quarter

• “Clearly, the performance of the third quarter is not where we want it to be, but beneath the top line, the actions we have taken are becoming increasingly visible,” — Armelle Poulou, finance chief

WWD

• “We are putting Chinese clients more firmly at the center of our actions, stepping up outreach to top clients, timing major product moments around local occasions and conceiving campaigns in and for China rather than adapting global ones,” — Armelle Poulou, finance chief

WWD

Kering will continue closing stores to meet the >=125-closure target, accelerate marketing and client-experience initiatives, and host a Kering Jewelry Day later this year to outline priorities for the jewelry division. The group also plans to roll out a new Gucci flagship concept on Avenue Montaigne in Paris in the coming months.

Reuters