With the drop in sales, the Kering group takes a jacket – Liberation

The percentage makes you dizzy: – 14 % to 3.88 billion euros, it is the accounts in the Red in the first quarter of 2025 that François -Henri Pinault, CEO of the French group, and its financial director, Armelle Poulou. Kering undergoes the drop in Gucci’s turnover (from 24 % to 1.57 billion euros) over the first three months of the year, while the Italian brand represents 44 % of the group’s sales and two thirds of its operational profitability. « Gucci continues to work on the strengthening and renewal of its offer, with a good reception of the new lines of handbags »says Kering.

The group appointed head of the house, founded in Florence in 1921, Demna, from Balenciaga. The announcement, on March 13, of the arrival of the Georgian designerknown for his radicality – he declared to Release in 2023 that « Make an acceptable or accessible fashion (L) ‘Interesting (Ait) » – The markets tremble and back down the 11 %Kering action. It is an understatement to say that the pressure on the creator’s shoulders is enormous. Kering pursues his policy of enhancing his brands there by first focusing on the work of a director, and more rarely of a director Artistic (DA), to whom the group gives all freedom. The marketing director of a fashion house, owned by a competitor group, sees here a risk: “The group capitalizes on the designer rather than on the brand. When it works, it is a hit, but when it doesn’t work anymore, everything is likely to collapse. For Kering, the interpretation of the Da prevails, where LVMH imposes specifications on its designers, and highlights the codes of a house, its historical anchoring, and the storytelling that goes with it. ”

Impossible for the other brands of the group led by François-Henri Pinault to catch up, while the sales of Saint Laurent are down 8 % to 679 million euros, and that the « Other houses »of which Balenciaga and Alexander McQueen fell 11 % to 733 million euros. Those of Bottega Veneta from which the artistic director has just changed, Matthieu Blazy leaving for Chanel and Louise Trotter Taking the brand’s reins, it increases from 4 % to 405 million euros.

The Chinese markets, where Kering has a very strong exposure, which some consider excessive, and American, key territory for all French luxury groups, Lvmh and Kering in mind, are preparing to undergo a significant drop, a consequence of The trade war hired by Donald Trump with the increase in customs duties. François-Henri Pinault says « Redouble (r) of vigilance to overcome macroeconomic turbulence ». The Kering group announced that the drop in the first quarter was particularly marked in Asia -Pacific, at -25 %.