Kering

Note: This is a daily stock update and the information stands true as of 11/02/25, 09:00 CET.

Company update:
For the fiscal year, revenue decreased by 12% to EUR 17.2 billion, aligning with market expectations.

Sales for Gucci were disappointing, registering a 24% decline in Q4, falling short of the market's anticipated 19% drop. In contrast, Bottega Veneta outperformed consensus expectations. Overall, Q4 sales experienced a 12% year-over-year decline, totaling €4.4 billion, slightly better than the consensus estimate of -13.3%.

For the fiscal year, recurring income fell to €2.6 billion, reflecting a significant 46% decrease compared to the prior year. This figure was below the consensus estimate of €2.82 billion but marginally exceeded our own expectations.
Kering recognizes the uncertain economic and geopolitical landscape and is implementing strategies to foster the growth and development of its brands. The group has announced a cost-saving initiative, which includes a hiring freeze. Additionally, Kering plans to secure more partnerships with property funds to mitigate debt levels. 

Expert opinion:
Yesterday, the group dismissed Gucci’s head designer following his inability to revitalize the brand. We do not foresee Kering outperforming until there are clear signs of recovery at Gucci, the group's flagship brand. At this juncture, there is no compelling reason to invest in the stock.

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