Q1 results confirm difficult start to 2025 for Kering
Paris-based luxury group Kering has reported first-quarter revenues of nearly €3.9 billion. This represents a decline of 14% compared to the same quarter last year.
Its main brand, Gucci, saw revenues fall by 24% to reach €1.6 billion. At Yves Saint Laurent, the fall was less steep, with revenues reducing by 8% to reach €679 million.
At Bottega Veneta, however, growth continued. The group said the Italian leathergoods brand’s “cultural resonance and desirability” helped it increase revenues by 4% to reach €405 million.
Group chief executive, François-Henri Pinault, said he had been anticipating “a difficult start to the year”, but insisted the group would emerge from “the macroeconomic headwinds our industry faces” in a stronger position.
Actions Kering took during the first quarter included reducing its store-count by 25. It now has 1,788 stores around the world.
