Kering sales remain under pressure as Gucci’s recovery lags

Kering ($KER) reported third-quarter 2026 revenue of €3.35 billion, broadly unchanged as reported but down 1% at comparable exchange rates and scope. Gucci sales fell 6% on the comparable measure to €1.29 billion, with its directly operated retail business down 9%. Lower customer traffic, especially in mainland China and Japan, outweighed improvements in conversion, average pricing and transaction values.

Performance elsewhere was stronger: jewelry sales increased 11% and eyewear rose 4% on a comparable basis. Kering now plans at least 125 net store closures in 2026 after completing 105 in the first nine months, exceeding its previous full-year target of 100. Management retained its objective of improving the 2026 recurring operating margin through efficiency measures while continuing brand investment. Prior-year comparisons were restated to exclude Kering Beauté, and the figures do not establish a completed Gucci turnaround.

Sources:

• GlobeNewswire