Kering stock stays focused on Gucci recovery after Q3 update

Kering’s third-quarter revenue was stable on a reported basis but declined on a comparable basis, leaving the recovery of Gucci as the central issue for investors. The French luxury group published the figures on Thursday, October 22, 2026, in a release on its Kering website.

Kering stock traded at 191.80 euros on Lang & Schwarz at 12:08 CET on Thursday, November 12, 2026.

Gucci remains the key recovery test

Group revenue reached 3,345 million euros in the third quarter, unchanged on a reported basis and down 1 percent at comparable exchange rates and scope. A positive currency effect contributed one percentage point to the reported performance, while Kering said there was no scope impact.

Gucci generated 1,291 million euros. Its revenue fell 4 percent on a reported basis and 6 percent on a comparable basis. Directly operated retail sales declined 9 percent on a comparable basis, with lower traffic weighing particularly on Mainland China and Japan. North America was the brand’s most resilient region.

Kering said conversion, average price and average ticket improved further as new collections were introduced. Wholesale and other revenue at Gucci rose 35 percent on a comparable basis, while wholesale revenue alone increased 45 percent to 120 million euros. The comparison base and the timing of newness nevertheless kept the brand’s overall performance under pressure.

Portfolio growth offsets part of weakness

The Fashion and Leather Goods division posted revenue of 2,743 million euros, down 1 percent as reported and 3 percent on a comparable basis. Excluding Gucci, directly operated retail sales increased 2 percent, supported by Saint Laurent, Bottega Veneta and Brioni.

Kering Jewelry was a stronger contributor, with revenue of 239 million euros, up 12 percent as reported and 11 percent on a comparable basis. Kering Eyewear generated 373 million euros, up 6 percent as reported and 4 percent on a comparable basis. The figures show the benefit of a broader portfolio, although Gucci remains the group’s defining earnings and brand-recovery challenge.

Margin target remains in focus

Revenue for the first nine months reached 10,565 million euros, down 2 percent on a reported basis and stable on a comparable basis. Kering completed 105 net store closures during the period and raised its full-year 2026 target to at least 125 net closures after exceeding the previous objective of 100.

Chief Executive Luca de Meo described the Gucci recovery as the group’s defining priority and said Kering was strengthening desirability, product development and execution. The company confirmed its objective of improving recurring operating margin in 2026 while continuing to invest in the desirability of its Houses. Management also characterized the transformation as a multi-season effort, which points to a recovery timeline extending beyond one quarterly report.

Investors can follow the broader French market through current CAC 40 market reports.

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