Kering shareholders review Gucci plans at annual meeting

Kering held its annual general meeting in Paris where chief executive Luca de Meo outlined progress on the ReconKering strategy. Shareholders approved his pay package and two new board appointments. Discussions focused on Gucci's store upgrades, smart glasses, and Formula One partnership.

Kering chair François-Henri Pinault told attendees that the first nine months under de Meo had validated the company's governance decisions. The meeting covered de Meo's compensation and the addition of Laurent Kleitman and Marie-Hélène Chenut to the board of directors.

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Executives from Puig and Estée Lauder shaking hands amid $40B merger talks, with stock charts showing price swings and luxury beauty products on display.
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Puig and Estée Lauder in talks for potential $40 billion merger

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Puig and The Estée Lauder Companies disclosed after Monday's market close that they are discussing a possible business combination, with no agreement reached. Puig notified Spain's CNMV on March 23, 2026. The deal could create a $40 billion beauty group with $20 billion in combined sales, prompting Estée Lauder shares to drop 7.7% while Puig's rose 11%.

Kering CEO Luca de Meo presented his 'ReconKering' strategy at the company's Capital Markets Day in Florence on Thursday, aiming to reposition the luxury group as a top challenger. The plan targets doubling the recurring operating margin to around 2030 and outperforming market sales growth. De Meo, who joined from Renault last year, highlighted recent challenges including flat first-quarter sales and Gucci's decline.

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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.

Puig, the Spanish beauty conglomerate, announced a 4.7% like-for-like revenue increase to €1.2 billion in the first quarter of 2026. The company outperformed the premium beauty market amid challenges in key regions. CEO Jose Manuel Albesa highlighted strong growth in makeup and skincare.

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LVMH announced first-quarter sales rose 1% organically to €19.12 billion. Fashion and leather goods sales fell 2% to €9.25 billion, better than the prior quarter but below expectations. The Middle East conflict impacted growth by about 1 percentage point.

LVMH Chairman and CEO Bernard Arnault visited Seoul on Monday, marking his first trip to South Korea in three years. He toured Louis Vuitton stores accompanied by his daughter Delphine Arnault.

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Puig has appointed Jose Manuel Albesa as chief executive officer, effective immediately. He succeeds Marc Puig, who moves to executive chairman. The change aims to align the company's strategic vision and M&A efforts.

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