A seasonal version of the Marmont Belt. Image screen shotted from Gucci's official website.
Kering reported a 15% drop in Q2 sales, down to €3.7 billion, led by Gucci’s continued decline, with a 25% fall to €1.46 billion—its second consecutive quarterly plunge. Operating income fell 39% in the first half of 2025.
According to Vogue Business, Saint Laurent dipped 10%, while Bottega Veneta edged up 1%, though the latter’s momentum slowed due to reduced tourism. Other houses including Balenciaga and McQueen declined 16%. By region, Asia-Pacific and Japan saw the steepest drops.
Despite market headwinds, Kering has been restructuring. Chair François-Henri Pinault announced Renault’s Luca de Meo as incoming CEO, while creative refreshes are underway at three major brands. Gucci’s new director Demna will preview a full collection this September ahead of his runway debut in March 2026. Louise Trotter will present her first Bottega collection that same month.
Kering’s downturn contrasts with peers: LVMH fell just 4%, Richemont rose 6%, while HSBC projects growth for Hermès and Prada. CFO Armelle Poulou noted slight improvements for Gucci and stability in other houses heading into Q3. Executives maintain optimism, describing recent shifts as foundational for future growth.
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