Kering is a French luxury group run by Luca de Meo since September 15, 2025; Gucci is its largest house by revenue. In the first half of 2026 the group posted 7.22 billion euros in sales (+1% comparable), including 2.76 billion for Gucci (−5%). On October 22, 2026, Kering published third-quarter revenue of 3.35 billion euros (−1% comparable). This page collects the figures from official press releases, the current leadership and dated transactions.
At a glance
- Leadership: Luca de Meo has been Kering’s chief executive since September 15, 2025; François-Henri Pinault chairs the board of directors.
- Gucci: Francesca Bellettini has been president and CEO since September 17, 2025; Demna has been artistic director since July 2025.
- 2025 results: €14.7bn in sales (−13% reported, −10% comparable), including €5.99bn for Gucci (−19% comparable).
- First half of 2026: €7.22bn in sales (+1% comparable) and €921M in recurring operating income.
- Nine months of 2026: €10.57bn in sales (flat comparable), including €4.05bn for Gucci (−5%).
- Control: Groupe Artémis, the Pinault family holding company, owns about 42% of the capital and about 59% of the voting rights.
Kering and Gucci in 10 dates
Kering’s houses in 2026
Since the first quarter of 2026, Kering has reported its results in four segments. Kering Beauté, sold to L’Oréal, is no longer part of them.
| Segment | Houses |
|---|---|
| Fashion and leather goods | Gucci, Saint Laurent, Bottega Veneta, Balenciaga, Alexander McQueen, Brioni |
| Jewelry (Kering Jewelry) | Boucheron, Pomellato, DoDo, Qeelin, with the manufacturer Raselli Franco Group |
| Eyewear (Kering Eyewear) | Lindberg, Maui Jim |
| Corporate and other | Ginori 1735 (porcelain) |
| Minority stake | Valentino (30%) |
Kering created Kering Jewelry in March 2026 to bring its jewelry houses together. Jean-Marc Duplaix, the group’s chief operating officer, is its chief executive and keeps his role; the heads of the jewelry houses report to him.
Who runs Kering and Gucci in October 2026
| Role | Name | In post since |
|---|---|---|
| Chairman of Kering’s board of directors | François-Henri Pinault | Chairman and CEO roles separated since September 15, 2025 |
| Chief executive of Kering | Luca de Meo | September 15, 2025 (appointment announced June 16, 2025) |
| President and CEO of Gucci | Francesca Bellettini | September 17, 2025 |
| Artistic director of Gucci | Demna | July 2025 (appointment announced March 13, 2025) |
| CEO of Bottega Veneta | Romain Spitzer | September 1, 2026 |
Francesca Bellettini succeeds Stefano Cantino, who left Gucci. She was previously Kering’s deputy CEO, a post that has been eliminated. Demna succeeds Sabato De Sarno. His first Gucci show, titled “Primavera”, took place in Milan on February 27, 2026.
On October 9, 2026, Saint Laurent announced the departure of its creative director, Anthony Vaccarello, who had held the post since 2016. The release gives neither an effective date nor a successor.
Kering results: 2025, first half and third quarter of 2026
Kering published its annual results on February 10, 2026, its first-half results on July 28, 2026 and its third-quarter revenue on October 22, 2026. The 2024 and first-half 2025 figures are restated: Kering Beauté, now sold, is classified as a discontinued operation. “Comparable” change adjusts for currency and scope effects.
| In €M | 2024 | 2025 | H1 2025 | H1 2026 |
|---|---|---|---|---|
| Revenue | 16,874 | 14,675 | 7,439 | 7,220 |
| Change, reported / comparable | −13% / −10% | −3% / +1% | ||
| Recurring operating income | 2,440 | 1,631 | 920 | 921 |
| Recurring operating margin | 14.5% | 11.1% | 12.4% | 12.8% |
| Recurring net income (continuing operations) | 1,206 | 532 | 404 | 355 |
| Net income, Group share (with discontinued operations) | 1,133 | 72 | 474 | 189 |
Net debt went from €8.0bn on December 31, 2025 to €3.3bn on June 30, 2026. Over the half-year, Kering counts €4.0bn generated by the completion of the Kering Beauté sale.
In the third quarter of 2026, sales reached €3,345M, flat as reported and down 1% on a comparable basis. Over nine months they stand at €10,565M (−2% reported, flat comparable). The group recorded 105 net store closures over nine months (128 closures, 23 openings), after 75 in 2025.
| In €M | Q3 2026 | Reported / comparable | 9M 2026 | Reported / comparable |
|---|---|---|---|---|
| Fashion and leather goods | 2,743 | −1% / −3% | 8,543 | −4% / −2% |
| of which Gucci | 1,291 | −4% / −6% | 4,048 | −7% / −5% |
| Jewelry | 239 | +12% / +11% | 760 | +14% / +17% |
| Eyewear | 373 | +6% / +4% | 1,338 | +5% / +7% |
| Corporate and other | 27 | −5% / −5% | 92 | −6% / −1% |
| Kering (after intragroup eliminations) | 3,345 | 0% / −1% | 10,565 | −2% / 0% |
For scale, LVMH posted 80.8 billion euros in sales in 2025 (press release of January 27, 2026). See Bernard Arnault: biography, net worth and LVMH.
Gucci results
Gucci generated €5,992M in sales in 2025, about 41% of the group’s revenue (calculated from the two figures in the release). Directly operated stores account for 92% of its sales. Gucci’s recurring operating margin is 16.1% in 2025 (−4.9 points) and 17.0% in the first half of 2026 (+1 point).
| In €M | 2024 | 2025 | H1 2025 | H1 2026 |
|---|---|---|---|---|
| Revenue | 7,650 | 5,992 | 3,027 | 2,757 |
| Change, reported / comparable | −22% / −19% | −9% / −5% | ||
| Recurring operating income | 1,605 | 966 | 486 | 468 |
| Quarter | Gucci sales (€M) | Reported | Comparable |
|---|---|---|---|
| Q4 2025 | 1,622 | −16% | −10% |
| Q1 2026 | 1,347 | −14% | −8% |
| Q2 2026 | 1,410 | −3% | −2% |
| Q3 2026 | 1,291 | −4% | −6% |
For the first half of 2026, Kering describes Gucci’s strongest sequential acceleration in several quarters, with North America as the main driver and Mainland China still difficult. In the third quarter, sales in directly operated stores fell 9% comparable, with lower traffic in Mainland China and Japan. Wholesale rose 45% to €120M, from a low base according to Kering. In the October 22, 2026 release, Luca de Meo says Gucci’s recovery remains the group’s priority.
Kering Beauté, L’Oréal and Gucci’s beauty licence
On October 19, 2025, Kering and L’Oréal announced an agreement valued at 4 billion euros, payable in cash at closing. It covers the sale of Kering Beauté, including the Creed house, exclusive 50-year licences for fragrance and beauty at Bottega Veneta and Balenciaga, and an equivalent licence for Gucci that starts when the licence held by Coty expires. The two groups also planned a 50/50 joint venture in wellness and longevity.
The transaction was completed on March 31, 2026.
On July 7, 2026, Gucci and L’Oréal signed Gucci’s beauty licence one year ahead of the end of the Coty licence, which was due to expire on June 30, 2028. It is expected to take effect in mid-2027, subject to regulatory approvals and the early buyout of Coty’s licence.
The ReconKering plan
At its investor day in Florence on April 16, 2026, Kering presented a three-phase plan called ReconKering: “reset” by the end of 2026, “rebuild” by the end of 2028 and “reclaim” by the end of 2030. For Gucci, the group announces a refocus on its identity and creative direction, a rework of the offer across categories, higher quality standards, more targeted local strategies and an optimized distribution model.
Timeline, 2025 to 2026
| Date | Event |
|---|---|
| March 13, 2025 | Kering announces the appointment of Demna as artistic director of Gucci (in post in July). |
| June 16, 2025 | Kering announces Luca de Meo as chief executive and the separation of the chairman and CEO roles. |
| September 15, 2025 | Luca de Meo takes up his role as Kering’s chief executive. |
| September 17, 2025 | Francesca Bellettini is named president and CEO of Gucci. |
| October 19, 2025 | Kering and L’Oréal announce a €4bn agreement: sale of Kering Beauté and beauty licences. |
| February 10, 2026 | 2025 results: €14,675M in sales, including €5,992M for Gucci. |
| February 27, 2026 | Demna’s first Gucci show, in Milan. |
| March 2026 | Creation of Kering Jewelry (Boucheron, Pomellato, DoDo, Qeelin). |
| March 31, 2026 | Completion of the Kering Beauté sale to L’Oréal. |
| April 16, 2026 | Investor day in Florence: the ReconKering plan is presented. |
| July 7, 2026 | Gucci and L’Oréal sign an exclusive 50-year beauty licence. |
| July 15, 2026 | Romain Spitzer is named CEO of Bottega Veneta (in post on September 1). |
| July 28, 2026 | First half: €7,220M in sales, including €2,757M for Gucci. |
| October 9, 2026 | Saint Laurent announces the departure of Anthony Vaccarello, its creative director. |
| October 22, 2026 | Third quarter: €3,345M in sales, including €1,291M for Gucci. |
Who owns Kering
| Shareholder | Capital | Voting rights |
|---|---|---|
| Groupe Artémis (Pinault family) | about 42% | about 59% |
| Public | 56.86% | 40.46% |
These percentages come from Kering’s 2025 universal registration document, published on April 21, 2026, as cited by Wikipedia (English version). The measurement date is not specified there. On October 15, 2026, the capital consists of 123,420,778 shares and 176,815,752 theoretical voting rights (Kering’s monthly statement).
Present your brand’s creations
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- A3 POSTER MOCKUP : an A3 poster template compatible with Photoshop, in .psd format.
The full Brand identity resources collection.
Frequently asked questions
Who is the chief executive of Kering?
Luca de Meo, since September 15, 2025. François-Henri Pinault chairs the board of directors since the two roles were separated.
Who runs Gucci and who is its artistic director?
Francesca Bellettini has been president and CEO of Gucci since September 17, 2025. Demna has been artistic director since July 2025; his first show took place on February 27, 2026.
What are Kering’s latest results?
In the first half of 2026, 7.22 billion euros in sales (+1% comparable) and 921 million euros in recurring operating income. In the third quarter, published on October 22, 2026, sales reached 3.35 billion (−1% comparable).
What is Gucci’s revenue?
5.99 billion euros in 2025 (−19% comparable) and 4.05 billion over the first nine months of 2026 (−5% comparable).
Which brands does Kering own?
Kering’s 2026 press releases name Gucci, Saint Laurent, Bottega Veneta, Balenciaga, Alexander McQueen, Brioni, Boucheron, Pomellato, DoDo, Qeelin, Lindberg, Maui Jim and Ginori 1735. Kering also owns 30% of Valentino. Kering Beauté was sold to L’Oréal.
Did Kering sell its beauty division?
Yes. The sale of Kering Beauté to L’Oréal, announced on October 19, 2025 in an agreement valued at 4 billion euros, was completed on March 31, 2026.
Who owns Kering?
Groupe Artémis, the Pinault family holding company, owns about 42% of the capital and about 59% of the voting rights, according to market data (abcbourse, Altss); the exact decimals are in the group’s universal registration document.
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- Bernard Arnault: biography, net worth and LVMH
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- 30 influential entrepreneurs: companies, key dates and where they stand today
Sources
- Kering, 2025 results (February 10, 2026)
- Kering, first-quarter 2026 revenue (April 14, 2026)
- Kering, ReconKering plan (April 16, 2026)
- Kering, first-half 2026 results (July 28, 2026)
- Kering, third-quarter 2026 revenue (October 22, 2026)
- Kering, completion of the alliance with L’Oréal (March 31, 2026)
- L’Oréal, completion of the Kering Beauté acquisition (March 31, 2026)
- L’Oréal, alliance with Kering (October 19, 2025)
- Kering, Gucci beauty licence with L’Oréal (July 7, 2026)
- Kering, Anthony Vaccarello leaves Saint Laurent (October 9, 2026)
- Kering, number of shares and voting rights (October 15, 2026)
- FashionUnited, Francesca Bellettini to lead Gucci (September 17, 2025)
- FashionUnited, Demna named at Gucci (March 13, 2025)
- FashionUnited, Luca de Meo named Kering CEO (June 16, 2025)
- Numero, Demna’s first Gucci show (February 27, 2026)
- Associated Press via News4JAX, Gucci show (February 27, 2026)
- Il Sole 24 Ore, Kering first half 2026 (July 28, 2026)
- Moodie Davitt Report, Kering 2025 results (February 10, 2026)
- FashionUnited, Kering third quarter 2026
- Il Sole 24 Ore, creation of Kering Jewelry (March 2026)
- LVMH, 2025 annual results (January 27, 2026)
- Wikipedia (en), Kering
- Wikipedia (fr), Kering
Updated October 22, 2026. Figures: Kering press releases, the latest published on October 22, 2026.
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