Kering posted flat revenue of €3.57 billion on a comparable basis for the first quarter of 2026. Gucci, its largest brand, saw sales decline 8% to €1.35 billion, missing expectations. Other houses like Bottega Veneta and Balenciaga recorded growth.
Kering announced first-quarter revenue of €3.57 billion, flat on a comparable basis, with fashion and leather goods sales down 3% to €2.85 billion. Gucci accounted for €1.35 billion of that, a drop of 8% year-on-year, though an improvement from 10% last quarter. The results fell short of analyst consensus for a milder Gucci decline and stable fashion sales overall. CEO Luca de Meo emphasized Gucci as the top priority, stating a comprehensive turnaround is underway, including resets to product architecture and new collections rolling out in stores. CFO Armelle Poulou highlighted positive reception to La Famiglia, which made up 7-8% of SKUs and sales, and the reintroduced Marmont handbag with improved design and quality. Primavera collections are set for fuller rollout in summer. Regionally, group retail sales rose 9% in North America but fell 7% in Western Europe, 3% in Japan, 4% in Asia-Pacific, and 8% elsewhere, including an 11% drop in the Middle East, which represents 5% of sales. Gucci saw 8% growth in North American retail but declines in Asia and Europe; Poulou outlined a China plan with better storytelling and store upgrades. Bottega Veneta led growth among other brands, followed by Saint Laurent, Balenciaga, and Brioni. Balenciaga benefited from new creative direction under Pierpaolo Piccioli, boosting women's ready-to-wear and handbags like Rodeo and City. Jewelry sales rose 22% to €269 million, and eyewear increased 7% to €489 million. Kering plans a Capital Markets Day on April 16 in Florence to outline strategy, aiming for growth across most brands except McQueen, which faces restructuring.