Kering's revenue for Q3 2024 reached €3.8 billion, marking a 15 per cent decline as reported and 16 per cent on a comparable basis. This downturn includes a 1 per cent negative currency effect and a 2 per cent positive scope effect, driven by the Creed consolidation. François-Henri Pinault, Chairman and CEO, emphasized the group’s focus on long-term sustainable growth despite unfavorable market conditions impacting short-term performance.

Retail sales were down 17 per cent, largely due to reduced store traffic, particularly in Asia-Pacific and Japan. North America and Western Europe showed mixed results across Kering’s portfolio, while wholesale revenue dropped 12 per cent.

Gucci saw a steep 26 per cent decline in revenue, down to €1.6 billion, with retail sales falling 25 per cent due to tough market conditions, especially in Asia-Pacific. Gucci’s wholesale revenue fell 38 per cent, reflecting its strategic realignment.

Yves Saint Laurent reported a 13 per cent revenue drop to €670 million. Retail sales decreased 12 per cent, and wholesale sales fell 20 per cent, despite continued success in its leather goods and fashion shows.

In contrast, Bottega Veneta grew its revenue by 4 per cent to €397 million, with a 9 per cent increase in retail sales driven by strong performance in North America and Western Europe. Wholesale sales, however, were down 10 per cent.

Other Kering Houses, including Balenciaga and Alexander McQueen, generated €686 million in revenue, down 15 per cent. Balenciaga’s leather goods performed well, while Alexander McQueen’s rebranding received positive reception.

Kering Eyewear and Corporate segment revenue rose by 32 per cent, driven by a 4 per cent growth in eyewear sales and contributions from Kering Beaute and Creed.

Amid economic uncertainty, Kering expects its 2024 operating income to reach approximately €2.5 billion. The group remains focused on optimizing costs and driving long-term growth for its luxury brands.