Kering stock: Gucci sales fall 6% as turnaround remains under pressure
Published on 11/05/2026 at 12:16 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWSGucci Recovery Remains Central
- Kering kept its 2026 recurring operating-margin improvement objective despite a softer luxury market.
- Jewelry, eyewear and several fashion houses provided support as Gucci remained the main drag.
- The group plans at least 125 net store closures in 2026 after completing 105 in the first nine months.
Kering's third-quarter revenue held at EUR 3,345 million on a reported basis, while comparable revenue declined 1% year on year. Gucci remained the main pressure point: revenue at the flagship brand fell 6% on a comparable basis to EUR 1,291 million. The figures were released on October 22, 2026, and the group said traffic remained the main constraint.
In its official revenue release, Kering said conversion, average price and average ticket remained supportive across most Houses. Directly operated retail sales, including e-commerce, fell 3% on a comparable basis, while wholesale and other revenue rose 3%.
Portfolio Strength Offsets Gucci Pressure
Kering Fashion & Leather Goods revenue fell 3% on a comparable basis to EUR 2,743 million. Excluding Gucci, retail sales in the segment increased 2%, supported by Saint Laurent, Bottega Veneta and Brioni. Wholesale and other revenue in the segment rose 4% on a comparable basis.
Kering Jewelry generated EUR 239 million of third-quarter revenue, up 11% on a comparable basis, while Kering Eyewear revenue rose 4% on that basis to EUR 373 million. Those businesses are becoming more important to the investment case as management works to reduce the group's reliance on Gucci.
Store Network Reset Accelerates
Kering completed 105 net store closures in the first nine months of 2026, including 128 closures and 23 openings. That exceeded the original full-year target of 100 net closures, prompting the group to raise its objective to at least 125 net closures for the year.
Gucci's directly operated retail revenue declined 9% on a comparable basis. Kering said lower traffic weighed on performance in Asia Pacific, particularly Mainland China, and Japan, while wholesale revenue benefited from a low comparison base and order-book effects.
Management described Gucci's recovery as its defining priority and said the transformation would be a multi-season undertaking. Kering maintained its objective of improving recurring operating margin in 2026, with efficiency measures intended to support profitability while investment in brand desirability continues.
The real-time quote of Kering stock stood at EUR 189.57 on Lang & Schwarz at 12:10:42 CET on Thursday, November 5, 2026.
Kering stock at a glance
- Company: Kering S.A.
- ISIN: FR0000121485
- Quote: EUR 189.57 on Lang & Schwarz, Thursday, November 5, 2026, 12:10:42 CET
- Third-quarter revenue: EUR 3,345 million, stable as reported and down 1% on a comparable basis
- Gucci third-quarter revenue: EUR 1,291 million, down 6% on a comparable basis
French luxury stocks remain sensitive to consumer demand in China and to the pace of brand-specific recoveries. Current CAC 40 market reports provide the broader setting for the Paris-listed group.
More news and analyses on Kering stock will follow the next updates on Gucci traffic, store productivity and margin progress.
