Yesterday, Kering has released its financial results for the first half of 2025, reporting group revenue of €7.6 billion, a decline of 16% as reported and 15% on a comparable basis. The downturn reflects ongoing challenges in key markets, continued streamlining efforts, and currency headwinds. In the second quarter alone, revenue reached €3.7 billion, down 18% as reported and 15% on a comparable basis, with a negative currency effect of 3%.
Sales from Kering’s directly operated retail network declined by 16% on a comparable basis, consistent with the first quarter’s trend. Regionally, performance varied: while North America (-10%) and Asia-Pacific (-19%) showed signs of improvement, Western Europe (-17%) and Japan (-29%) saw further weakening, largely due to a sharp drop in tourist activity. Wholesale and other revenue fell by 12% on a comparable basis.
The Group’s recurring operating income for the first half came in at €969 million, resulting in a recurring operating margin of 12.8%—a year-on-year decrease of 470 basis points. Net income attributable to the Group totaled €474 million.
The Kering Eyewear and Corporate segment, which includes Kering Beauté, delivered €1.1 billion in total revenue, up 2% as reported and 3% on a comparable basis. Kering Beauté contributed €150 million in first-half revenue, marking a 9% increase both as reported and on a comparable basis. The second quarter saw a 12% revenue boost, largely driven by strong sales of Creed’s women’s fragrances.
Kering Eyewear recorded recurring operating income of €186 million, compared to €196 million in the same period last year. However, after accounting for Kering Beauté’s performance and lower corporate costs, the segment’s combined recurring operating income rose by 25% to €126 million.
Commenting on the results, François-Henri Pinault, Chairman and outgoing CEO, acknowledged the difficult market conditions but emphasized the strategic steps taken to strengthen the Group’s foundations.
“Though the numbers we are reporting remain well below our potential, we are certain that our comprehensive efforts of the past two years have set healthy foundations for the next stages in Kering’s development,” he said. As part of its governance evolution, Kering has appointed Luca de Meo as CEO, with Pinault continuing as Chairman.
