2026 first-quarter revenue: gradual improvement and focus on execution

Kering completed major transactions in beauty, jewelry and real estate, sharpening the Group’s focus while strengthening its balance sheet

On April 16, Kering will present 
the Group’s strategy at its Capital Markets Day in Florence
 

Revenue: €3,568 million
stable on a comparable basis
 

“In the first quarter of 2026, Group revenue stabilized, marking an important first step in our recovery and a further sequential improvement. This performance reflects the first tangible effects of our actions, despite a challenging geopolitical environment. Nearly all our Houses delivered growth during the quarter, with a particularly strong contribution from jewelry.
Gucci remains our top priority. A comprehensive turnaround is underway, with decisive actions across client, distribution and, above all, the offer. We have reset the product architecture and strengthened category focus, with new collections rolling out progressively in stores throughout the year. 
The first quarter of 2026 marked continued progress, as we executed with pace and focus. We have launched a Group platform designed to support the growth of our Houses and enhance efficiency, while also taking decisive steps across beauty, jewelry and real estate that have reinforced our balance sheet. 
I look forward to meeting you on April 16 at our Capital Markets Day, where we will present the Kering strategic roadmap: ReconKering.”
Luca de Meo, CEO of Kering

-    Kering 2026 First-Quarter revenue amounted to €3,568 million, down 6% as reported and stable on a comparable basis compared with the same period last year.

-    By channel, in the first quarter:
o    Sales from the directly operated retail network, including e-commerce, declined by 2% on a comparable basis year on year, remaining uneven across regions and Houses.
o    Wholesale revenue was up 6% on a comparable basis, notably with a continuing good momentum in eyewear. 
 

Kering Fashion & Leather Goods 
In the first quarter, the Fashion & Leather Goods segment’s revenue amounted to €2,852 million, down 9% as reported and 3% on a comparable basis year-on-year, reflecting further sequential improvement. 
Sales from the directly operated retail network were down 4% on a comparable basis. Saint Laurent, Bottega Veneta, Balenciaga and Brioni delivered year‑on‑year growth in the quarter, notably led by North America. Saint Laurent recorded a very strong performance in shoes and ready‑to‑wear, combined with the successful rollout of new products, including the Mombasa handbag. Bottega Veneta showed solid trends in Asia‑Pacific, underpinned by a robust product pipeline and sustained brand desirability. Balenciaga delivered another quarter of growth, supported by sustained demand in leather goods, building on the success of the City and Rodeo lines. Brioni confirmed a very positive momentum. As expected, McQueen continued its rationalization, in line with the actions undertaken to reset the brand. 
Wholesale revenue of the segment increased by 2%.

of which Gucci
Gucci recorded revenue of €1,347 million in the first quarter, down 14% on a reported basis and 8% on a comparable basis year on year.
Sales from the directly operated retail network declined by 9% on a comparable basis. North America delivered a solid performance, up 8% year‑on‑year, providing initial confirmation that the strategic reset is starting to gain traction. This was not sufficient to offset declining trends in Asia‑Pacific and Western Europe.
The quarter was execution‑driven, marked by decisive actions across the offer, distribution and client engagement. The product architecture reset is underway, with new collections rolling out through the year, forming the base for recovery.
Wholesale revenue increased by 2%.

Kering Jewelry
In the first quarter, Kering Jewelry delivered an outstanding performance, reaching a record level 
at €269 million. Sales were up 14% as reported and 22% on a comparable basis. In the directly operated retail network, sales grew by 28%, while wholesale revenue increased by 14%.
Performance was broad based across key regions, with standout demand in Japan and Asia Pacific. Brand traction was particularly solid at Boucheron, which delivered the strongest growth in the Group this quarter. Pomellato also posted sound growth, driven by Japan and the success of its key collections. DoDo extended several quarters of sustained growth while Qeelin recorded a strong performance, driven by Asia.

Kering Eyewear 
In the first quarter, Kering Eyewear delivered a landmark performance, marking the highest quarter in its history. Sales amounted to €489 million, up 3% as reported and 7% on a comparable basis versus last year at the same period, reflecting robust demand across the portfolio.
Performance was supported by high‑profile product launches, including the first Valentino Eyewear collection developed by Kering Eyewear, successful sales campaigns and impactful marketing and communication initiatives.

Corporate & Other
In the first quarter, revenue from Corporate & Other amounted to €30 million, down 7% on a reported basis, while up 10% on a comparable basis compared with the same period in 2025.

Update on the Middle East

Since the end of February, the conflict in the Middle East has remained an area of heightened attention for the Group. The safety of our teams is our priority and, to date, none of our employees has been directly affected. The region has approximately 1,100 employees, 79 stores and represents around 5% of our retail revenue. 
A crisis unit was immediately activated and continues to monitor the situation in real time. While some areas experienced temporary disruptions, the total retail network is operational today. 
In the first quarter, retail revenue in the region declined by 11%, following growth over the first two months of the year.
Beyond the localized impact, which we continue to monitor closely, the broader consideration going forward relates to potential impacts on global tourism trends and the macroeconomic backdrop.

Outlook

In a still uncertain geopolitical and macroeconomic environment, the Group places a strong emphasis on agility and flawless execution, equipping each House with sharper, more sustainable brand strategies and the operational support required to accelerate progress.
As Kering progresses through 2026, its objective remains to return to growth and improve margins.
The Capital Markets Day on April 16, 2026, will present in detail the roadmap that will guide this next phase in the transformation of Kering.

About Kering

Kering is a global, family-led luxury group, home to people whose passion and expertise nurture creative Houses across couture and ready-to-wear, leather goods, jewelry, eyewear and beauty: Gucci, Saint Laurent, Bottega Veneta, Balenciaga, McQueen, Brioni, Boucheron, Pomellato, Dodo, Qeelin, Ginori 1735, as well as Kering Eyewear. Inspired by their creative heritage, Kering Houses design and craft exceptional products and experiences that reflect the Group’s commitment to excellence, sustainability and culture. This vision is expressed in our signature: Creativity is our Legacy. In 2025, Kering employed 44,000 people and generated revenue of €14.7 billion.

Contacts
Press
Emilie Gargatte    +33 (0)1 45 64 61 20    emilie.gargatte@kering.com      
Pénélope Linage        +33 (0)6 76 09 42 10    penelope.linage-ext@kering.com  
        
Analysts/investors
Philippine de Schonen    +33 (0)6 13 45 68 39    philippine.deschonen@kering.com   
Victoria Gerard    +33 (0)6 79 39 85 16    victoria.gerard@kering.com