Kering

Note: This is a daily stock update and the information stands true as of 19/12/25, 09:00 CET.

Company Update:
Kering announced the staged acquisition of Raselli Franco Group, one of the largest independent luxury jewelry manufacturers in Europe, marking a further step in the group’s long-term jewelry strategy. The transaction starts with a 20% stake for €115m in Q1 26 and includes a clearly defined pathway to full ownership by 2032, subject to customary closing conditions.

Raselli Franco Group brings deep industrial expertise across the entire jewelry value chain, from raw material sourcing and stone setting to R&D, prototyping, production and quality control. The move strengthens Kering’s vertical integration and secures critical manufacturing capabilities for its jewelry Houses. While Kering does not disclose jewelry performance separately, with the activity embedded in Other Houses and historically driven by Balenciaga, we estimate jewelry contributes a high single-digit % of group revenues. The acquisition underlines Kering’s ambition to structurally accelerate jewelry growth over the medium term.

Expert Opinion:
This is an interesting move in my opinion. Diversifying out of fashion into hard luxury looks like a strategically sound over the long run. We don't have details on the financing of the deal but we believe they pay in cash rather than in shares which is a shame considering the recent massive rally of the name. Our expert reiterates his cautious stance on Kering. The market already paid for the expected recovery from the restructuring (Luca De Meo plan) and from an improvement in demand. If you want to be exposed to luxury, our expert believes LVMH offers a MUCH better risk/reward profile in view of the quality of the underlying assets and the experience of its management team.


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