Kering stock steadies as Gucci decline tests turnaround
Published on 11/03/2026 at 12:03 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWSGucci remains Kering's test
- Group revenue was stable as reported but fell 1% on a comparable basis in the third quarter.
- Gucci's own retail sales declined 9% on a comparable basis as lower traffic weighed on Asia Pacific, Mainland China and Japan.
- Kering plans at least 125 net store closures in 2026 and continues to target recurring operating margin improvement.
Kering's third-quarter revenue held broadly steady, but a renewed setback at Gucci kept pressure on the luxury group's turnaround plan. In its October 22 trading update, Kering reported revenue of EUR 3,345 million for the quarter ended September 30, 2026, stable on a reported basis and down 1% on a comparable basis.
The result reflected a positive currency effect and no scope impact, while Kering cited a tougher comparison base, softer macroeconomic conditions and the expected phasing of the second half. Traffic remained the main constraint across the portfolio, although conversion, average price and average ticket improved across most Houses.
Gucci remains the central challenge
Gucci generated EUR 1,291 million in third-quarter revenue, down 4% as reported and 6% on a comparable basis. The brand faced a more demanding comparison with the prior year and a weaker contribution from new collections than in the second quarter. Directly operated retail sales fell 9% on a comparable basis, with lower traffic weighing particularly on Asia Pacific, Mainland China and Japan.
North America was Gucci's most resilient market. Kering said conversion, average price and average ticket improved as new collections were rolled out, while wholesale and other revenue rose 35% on a comparable basis. Wholesale revenue reached EUR 120 million, or 9% of quarterly Gucci sales, supported by a low comparison base and order-book effects.
The wider Fashion and Leather Goods division produced EUR 2,743 million of revenue, down 3% on a comparable basis. Excluding Gucci, retail sales in the division increased 2%, driven by Saint Laurent, Bottega Veneta and Brioni. Kering Jewelry added 11% on a comparable basis to EUR 239 million, while Kering Eyewear grew 4% to EUR 373 million.
Margin target stays in focus
For the first nine months, Kering revenue reached EUR 10,565 million, down 2% as reported and stable on a comparable basis. The group completed 105 net store closures during the period and raised its full-year objective to at least 125 net closures.
Chief Executive Luca de Meo described Gucci's recovery as the group's defining priority and said the transformation would require several seasons. Kering continues to target an improvement in recurring operating margin in 2026, supported by efficiency measures while maintaining investment in brand desirability.
Kering stock traded at 181.82 euros on Lang & Schwarz at 12:00 CET on Tuesday, November 3, 2026.
Investors will focus next on evidence that Gucci's product and retail changes can improve traffic without weakening pricing and brand appeal. The performance of Saint Laurent, Bottega Veneta, jewelry and eyewear remains important because growth in those businesses helps broaden Kering's earnings base.
For broader European market context, see the CAC 40 market reports.
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Kering stock at a glance
- Company: Kering S.A.
- ISIN: FR0000121485
- Trading venue: Lang & Schwarz
- Quote: 181.82 euros on Tuesday, November 3, 2026, at 12:00 CET
- Third-quarter revenue: EUR 3,345 million, stable as reported and down 1% on a comparable basis
- Gucci comparable revenue: Down 6% in the third quarter of 2026
