French company Kering posts 10% revenue decline in Q3FY25
French multinational company Kering’s group revenue in the third quarter of 2025 was €3.4 billion (‘$3.94 billion), down 10 per cent as reported and down 5 per cent on a comparable basis. The change in revenue as reported includes a negative currency effect of 5 per cent.
The 5 per cent decrease in comparable revenue in the third quarter represents a sharp sequential improvement (-15 per cent in the second quarter of 2025), of which approximately one-half is due to the performance of Kering’s Houses beyond the favourable base of comparison.
By channel, in the third quarter of 2025, sales from the directly operated retail network fell 6 per cent on a comparable basis, with all regions contributing to the sequential improvement (-16 per cent in the second quarter of 2025). Wholesale and Other revenue was down 2 per cent on a comparable basis. In the first nine months of the year, the group generated revenue of €11.0 billion (~$12.76 billion), down 14 per cent as reported and down 12 per cent on a comparable basis.
In the third quarter of 2025, Gucci’s revenue amounted to €1.3 billion (‘$1.51 billion), down 18 per cent as reported and down 14 per cent on a comparable basis, the company said in a press release.
Sales from the directly operated retail network were down 13 per cent comparable. This sharp sequential improvement compared to the second quarter, was notably driven by stronger momentum in North America and Western Europe, along with the success of new products, particularly Leather Goods. Wholesale revenue was down 25 per cent on a comparable basis.
Towards the end of the quarter, Gucci presented its La Famiglia collection, which confirmed the House’s return to the forefront of fashion.
“Kering’s third-quarter performance, while representing a clear sequential improvement, remains far below that of the market. This reinforces my determination to work on all dimensions of the business to return our Houses and the group to the prominence they deserve. We are working relentlessly on our turnaround, as shown by our recent decisions,” said Luca de Meo, CEO.
