“At Kering, we’re embracing a vision of Luxury that is modern, creative, responsible and inspiring.”


This integrated report tells the story of our value creation journey, and how we have continued in 2019 to create and share value with all of our stakeholders. As we release this report, the Covid-19 pandemic crisis that we are enduring since the beginning of 2020 is a reminder of our absolute shared priority to consider the health of each and every person above anything else. From this perspective, Kering has of course worked to protect the health and safety of its teams worldwide. The Group has readily played its part in the global effort against the pandemic in China, Italy and France particularly, rolling out several initiatives tailored to each country’s circumstances. In these complicated times we know how important it is to stay true to our values and ethical principles. We also know it is essential to continue to report on the responsible way we intend to conduct our business.

Kering’s 2019 results once again illustrate the strength of our business model, the talent and dedication of our 38,000 people around the world and our disciplined financial stewardship. Our revenue, which reached €15.9 billion combined with a record recurring operating margin that topped 30% for the first time ever, reflects another year of sustained and profitable growth.

Gucci generated an additional €1.3 billion in sales compared with 2018 and Saint Laurent delivered a sales performance exceeding the €2 billion mark. Meanwhile, Bottega Veneta’s new Creative Direction is showing signs of success, as demonstrated by its accelerated sales growth. The same can be said of the Group’s other Houses that achieved sustained growth momentum throughout the year. This excellent performance was led by Balenciaga and Alexander McQueen. Together, these performances testify to our mid-term- and long-term growth potential, thereby confirming our confidence in our business model.

We want our value creation to be integrated and shared. This is part of our vision for a bold and modern Luxury that supports all what we undertake.We do not separate economic imperatives from the vision that drives us and that goes beyond financial performance. We work towards a responsible business approach which is our daily focus as we look to the future. At Kering, our ambition is to be the world’s most influential Luxury group in terms of creativity, sustainability and long-term economic performance. Complying with the ethical values and culture of integrity that form the cornerstone of our business practices, we are crafting tomorrow’s Luxury as we establish an ongoing dialogue and continuously interact with our stakeholders. We repeatedly reaffirm our determination to play our part as a responsible corporate citizen and as a committed player in all our locations to address global challenges to our society and our planet as well as our economy.

This past year has once again demonstrated the vitality of our commitment through initiatives such as the launch of the Fashion Pact, of which we are a founding member, or the carbon neutrality we have achieved across all our operations and supply chains. This milestone was achieved as a response to the critical challenge of climate change, which is impacting our livelihoods and those of future generations. Such efforts were boosted by our commitment to promoting ever-greater diversity, gender equality and inclusiveness, as well as our fair and forward-thinking parental and work policies, such as Baby Leave, effective at the beginning of 2020. Lastly, our lonstanding commitment to prevent violence against women, led with great determination by the Kering Foundation for more than 10 years, reminds us how the role of women remains a constant concern for Kering and its Houses, requiring all our vigilance.

Each and every one of our decisions is entirely aligned with our strategic choices. And all our results contribute to the fulfilment of our vision for tomorrow’s Luxury, as exemplified by this report.

Signature FHP

François-Henri Pinault
Chairman and Chief Executive Officer