Kering stock: Gucci sales fall 6% as Q3 revenue stays flat

Kering reported stable third-quarter revenue on October 22, 2026, but the performance remained uneven across its luxury brands. In its third-quarter press release carried by Yahoo Finance, the group said revenue reached EUR 3,345 million, unchanged on a reported basis and down 1 percent on a comparable basis from the prior-year quarter.

The result reflected a positive currency effect of 1 percentage point, while softer macroeconomic conditions and a tougher comparison base weighed on demand. Directly operated retail sales, including e-commerce, fell 3 percent on a comparable basis. Wholesale and other revenue increased 3 percent.

Gucci Turnaround Still Under Pressure

Gucci remained the central weakness. Revenue at Kering's largest fashion house fell 4 percent as reported and 6 percent on a comparable basis to EUR 1,291 million. Directly operated retail sales declined 9 percent on a comparable basis, with weaker traffic in Asia Pacific, particularly Mainland China, and Japan.

Kering said conversion, average price and average ticket improved further as new collections were introduced. The group is refining Gucci's product and pricing architecture, improving quality and shortening time to market. Wholesale and other revenue rose 35 percent on a comparable basis, while wholesale alone increased 45 percent to EUR 120 million, reflecting a low comparison base and order-book effects.

The figures show why the Gucci recovery remains critical for investors. The brand's decline was partly offset by stronger performance elsewhere, but the comparable contraction in the core fashion and leather goods division was still 3 percent. Excluding Gucci, retail sales in that division increased 2 percent, supported by Saint Laurent, Bottega Veneta and Brioni.

Portfolio Strength Offers Partial Offset

Kering Jewelry delivered revenue of EUR 239 million, up 12 percent on a reported basis and 11 percent on a comparable basis. Kering Eyewear generated EUR 373 million, an increase of 6 percent as reported and 4 percent on a comparable basis, with growth across all regions.

For the first nine months, group revenue was EUR 10,565 million, down 2 percent as reported and stable on a comparable basis. Kering completed 105 net store closures during the period, exceeding its initial full-year target of 100. It now plans at least 125 net closures in 2026.

Management confirmed its objective of improving recurring operating margin in 2026 while continuing to invest in the desirability of its Houses. CEO Luca de Meo described Gucci's recovery as the defining priority and said the transformation would require several seasons. The comments point to an operational recovery story rather than a quick earnings rebound.

Kering stock traded at EUR 177.01 on Lang & Schwarz at 11:02 CET on Friday, October 30, 2026. The real-time quote of Kering stock provides the latest market indication.

The broader CAC 40 market environment remains relevant for European luxury stocks as investors weigh consumer demand, currency effects and regional traffic trends.

For investors tracking the brand recovery, the next focus is execution: new Gucci collections, store-network optimization and the promised margin improvement. More news and analyses on Kering stock will follow developments across the group's Houses.