Revenue for the third quarter of 2025

Group revenue: €3,415 million
down 10% as reported and down 5% on a comparable basis

“Kering’s third-quarter performance, while representing a clear sequential improvement, remains far below that of the market. This reinforces my determination to work on all dimensions of the business to return our Houses and the Group to the prominence they deserve. We are working relentlessly on our turnaround, as shown by our recent decisions.”
Luca de Meo, CEO

Group revenue in the third quarter of 2025 was €3.4 billion, down 10% as reported and down 5% on a comparable basis. The change in revenue as reported includes a negative currency effect of 5%.
The 5% decrease in comparable revenue in the third quarter represents a sharp sequential improvement (-15% in the second quarter of 2025), of which approximately one-half is due to the performance of Kering’s Houses beyond the favorable base of comparison. 
By channel, in the third quarter of 2025:

• Sales from the directly operated retail network fell 6% on a comparable basis, with all regions contributing to the sequential improvement (-16% in the second quarter of 2025).
• Wholesale and Other revenue was down 2% on a comparable basis. 
  In the first nine months of the year, the Group generated revenue of €11.0 billion, down 14% as reported and down 12% on a comparable basis.

Gucci

In the third quarter of 2025, Gucci’s revenue amounted to €1.3 billion, down 18% as reported and down 14% on a comparable basis. 
Sales from the directly operated retail network were down 13% comparable. This sharp sequential improvement compared to the second quarter, was notably driven by stronger momentum in North America and Western Europe, along with the success of new products, particularly Leather Goods. Wholesale revenue was down 25% on a comparable basis.
Towards the end of the quarter, Gucci presented its La Famiglia collection, which confirmed the House’s return to the forefront of fashion.

Yves Saint Laurent

Yves Saint Laurent’s revenue in the third quarter of 2025 was €620 million, down 7% as reported and down 4% on a comparable basis.
Sales from the directly operated retail network dropped 2% on a comparable basis, which again represented a major sequential improvement. Sales returned to growth in North America and decreased only slightly in Western Europe. New collections were enthusiastically received, and the House saw double-digit growth in Ready-to-Wear and Shoes. The refresh of Yves Saint Laurent’s Leather Goods offer is also starting to pay off.
Wholesale revenue was down 16% on a comparable basis, in line with the House’s rationalization strategy.

 
Bottega Veneta

Bottega Veneta’s revenue totaled €393 million in the third quarter of 2025, down 1% as reported and up 3% on a comparable basis. 
The increase in revenue from the House’s directly operated retail network was very solid, up 5% on a comparable basis, driven in particular by double-digit growth in North America. Ready-to-Wear and Shoes saw the strongest growth, and the launch of the Campana bag showed very promising results.
Wholesale revenue fell 9% on a comparable basis.

Other Houses

Revenue from the Group’s Other Houses totaled €652 million in the third quarter, down 5% as reported and up 1% on a comparable basis. 
Sales from the directly operated retail network were stable on a comparable basis. Wholesale revenue of the Other Houses was up 5% on a comparable basis.
Trends improved at Balenciaga across all product categories, thanks in particular to North America.   At McQueen, the decline in revenue moderated thanks to higher women’s ready-to-wear sales. Brioni maintained its growth, with a sharp increase in retail sales in Western Europe, North America and Japan.
The Jewelry Houses saw very solid momentum, with revenue up double digits. Boucheron’s development in the United States and Asia-Pacific was particularly encouraging. Revenue was up at Pomellato, whose High Jewelry line was very well received. Qeelin maintained its very positive trajectory in Asia-Pacific.

Kering Eyewear and Corporate

Revenue of the Kering Eyewear and Corporate segment totaled €448 million in the third quarter of 2025, up 2% as reported and up 6% on a comparable basis. 
Kering Eyewear’s revenue rose by 7% on a comparable basis during the quarter. Very firm growth was recorded in all key regions and across the brand portfolio, with solid performances notably from Maui Jim and Lindberg. The partnership with Valentino, announced in September and scheduled to start with the Spring-Summer 2026 collection, represents a new phase in Kering Eyewear’s development.
Kering Beauté recorded growth, with revenue up 3% on a comparable basis. Its third-quarter highlights included the launch of Balenciaga’s first fragrance collection and Creed’s new Oud Zarian perfume.

About Kering

Kering is a global, family-led luxury group, home to people whose passion and expertise nurture creative Houses across ready-to-wear and couture, 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 and Kering Beauté. Inspired by their creative heritage, Kering’s 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 2024, Kering employed 47,000 people and generated revenue of €17.2 billion.

Contacts
Press
Emilie Gargatte    +33 (0)1 45 64 61 20    emilie.gargatte@kering.com     
Caroline Bruel        +33 (0)1 45 64 62 53    caroline.bruel-ext@kering.com  
        
Analysts/investors
Claire Roblet    +33 (0)1 45 64 61 49    claire.roblet@kering.com  
Aurélie Husson-Dumoutier    +33 (0)1 45 64 60 45    aurelie.husson-dumoutier@kering.com