{"id":2066979,"date":"2026-08-05T18:16:10","date_gmt":"2026-08-05T16:16:10","guid":{"rendered":"https:\/\/www.luxsure.fr\/2026\/08\/05\/kerings-comeback-begins-outside-of-gucci\/"},"modified":"2026-08-05T18:17:56","modified_gmt":"2026-08-05T16:17:56","slug":"kerings-comeback-begins-outside-of-gucci","status":"publish","type":"post","link":"https:\/\/www.luxsure.fr\/en\/2026\/08\/05\/kerings-comeback-begins-outside-of-gucci\/","title":{"rendered":"Kering’s comeback begins outside of Gucci"},"content":{"rendered":"\n

For the first time since late 2023, Kering has returned to quarterly growth. The most telling sign, however, is not just the slowing decline at Gucci, but the way in which jewelry, eyewear, and several secondary brands are beginning to rebalance the Group. <\/p>\n\n

In the luxury sector, a return to growth is never just a number. It often signals that a commercial, creative, and financial system is simultaneously ceasing to contract. In the second quarter of 2026, Kering\u2019s revenue reached 3.65 billion euros, up two percent on a like-for-like basis. This trend brings an end to twelve consecutive quarters of decline and provides the first measurable results of the ReconKering plan unveiled this spring. <\/p>\n\n

Attention naturally turns to Gucci. The brand remains the Group\u2019s center of gravity, given its significance in both sales and earnings. Its second-quarter revenue stood at around 1.41 billion euros. The decline, which is limited to a few percentage points depending on the source, is significantly less pronounced than the 8 percent drop recorded in the first quarter. North America plays a decisive role here, driven by stronger demand and a more positive reception of new leather goods lines, particularly men\u2019s bags. <\/p>\n\n

But to reduce this half-year to Gucci alone would be to miss the most interesting development. Kering is beginning to show that its trajectory no longer depends exclusively on turning around a single brand. Saint Laurent is returning to growth. The jewelry segment is growing strongly, particularly thanks to Boucheron, while Kering Eyewear is maintaining a more consistent momentum than fashion and leather goods. This diversification does not yet represent a shift in scale, but it does alter the assessment of risk: the Group is seeking to rebuild a structure in which multiple business segments can support its performance. <\/p>\n\n

Jewelry holds a special place in this restructuring. It meets a more resilient demand\u2014one that is less dependent on the rapid turnover of styles and more grounded in perceived value, materials, and heritage. For Kering, whose portfolio has long been defined by Gucci\u2019s dominance, the growth of Boucheron, Pomellato, DoDo, and Qeelin adds both cultural and financial depth. It brings the Group closer to a model in which artisanal excellence and the enduring nature of the pieces partially offset the volatility of ready-to-wear. <\/p>\n\n

The balance sheet is the other key development. Net debt was reduced from approximately 8 billion to 3.3 billion euros, primarily due to the sale of the beauty businesses to L\u2019Or\u00e9al. This transaction gives Kering greater clarity in its execution capabilities. It also makes it possible to distinguish between results stemming from operational recovery and those resulting from financial restructuring. The first half of the year posted a recurring operating profit of 921 million euros and a margin of 12.8 percent, slightly higher than the previous year\u2019s. <\/p>\n\n

At the same time, the Group closed eighty-four stores in the first half of the year. This figure might seem defensive. Rather, it reflects a commitment to restoring the network\u2019s productivity, reducing exposure to underperforming locations, and reinvigorating stores capable of offering a truly exclusive experience. In a market where growth through physical expansion has reached its limits, streamlining has itself become a strategic move. <\/p>\n\n

The return to growth remains fragile. China continues to lag behind, geopolitical tensions are affecting tourist flows, and Gucci has not yet regained full momentum. The question of creativity also remains open: the new collections under Demna\u2019s leadership have yet to translate their visibility into lasting desire and repeat sales. <\/p>\n\n

This half-year therefore does not mark the completion of a turnaround, but rather the moment when that turnaround becomes credible. Kering is beginning to move beyond a narrative dominated by the urgency surrounding Gucci and enter a more complex phase: rebuilding a Group where fashion, jewelry, eyewear, and financial discipline advance in unison. What happens next will depend less on a spectacular rebound than on the ability to make this new structure sustainable. <\/p>\n\n

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For the first time since late 2023, Kering has returned to quarterly growth. The most telling sign, however, is not just the slowing decline at Gucci, but the way in which jewelry, eyewear, and several secondary brands are beginning to rebalance the Group. <\/p>\n","protected":false},"author":214,"featured_media":2066981,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[78988,30776,52709],"tags":[80166,54442,80167],"class_list":["post-2066979","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-luxury-studies","category-mode-en","category-thefashion","tag-2026-results","tag-gucci","tag-reconkering"],"_links":{"self":[{"href":"https:\/\/www.luxsure.fr\/en\/wp-json\/wp\/v2\/posts\/2066979","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.luxsure.fr\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.luxsure.fr\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.luxsure.fr\/en\/wp-json\/wp\/v2\/users\/214"}],"replies":[{"embeddable":true,"href":"https:\/\/www.luxsure.fr\/en\/wp-json\/wp\/v2\/comments?post=2066979"}],"version-history":[{"count":0,"href":"https:\/\/www.luxsure.fr\/en\/wp-json\/wp\/v2\/posts\/2066979\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.luxsure.fr\/en\/wp-json\/wp\/v2\/media\/2066981"}],"wp:attachment":[{"href":"https:\/\/www.luxsure.fr\/en\/wp-json\/wp\/v2\/media?parent=2066979"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.luxsure.fr\/en\/wp-json\/wp\/v2\/categories?post=2066979"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.luxsure.fr\/en\/wp-json\/wp\/v2\/tags?post=2066979"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}