Gucci remains a concern for luxury group Kering

Kering, the luxury group that owns brands such as Saint Laurent, Bottega Veneta, and Balenciaga, saw its revenue decline by 6% in the first quarter of 2026. In particular, the continued weak performance of its flagship brand, Gucci, remains a concern for the company.

Recovery underway?

Kering reported revenue of 3.57 billion euros, a 6% decline, but a stable figure at constant exchange rates. The key pillar, Gucci, saw revenue drop by 14% to 1.3 billion euros. At constant exchange rates, this represents an 8% decline. As a result, revenue in the fashion and leather goods division fell by 9%, although other brands, such as Saint Laurent, Bottega Veneta, and Balenciaga, did achieve growth, particularly in North America. Kering’s jewelry division performed remarkably well with a 14% increase in revenue thanks to strong demand in Japan and the Asia-Pacific region, while the eyewear division grew by 3%.