The Group attributed much of this progress to stronger momentum across its Houses and renewed success in leather goods, a category at the heart of its turnaround strategy.

A negative currency effect of 5% weighed on reported results. By channel, retail sales were down 6% on a comparable basis, an improvement from -16% in Q2, while wholesale revenue fell 2%.

For the first nine months of 2025, Kering generated €11 billion in revenue, down 14% as reported and 12% comparably.

Gucci

Gucci, Kering’s flagship brand and a pillar of its leather heritage, posted €1.3 billion in third-quarter revenue, a decline of 18% as reported and 14% comparably. Retail sales were down 13%, though new Leather Goods collections drove stronger performance in North America and Western Europe. Wholesale revenue fell 25%.

Yves Saint Laurent

Yves Saint Laurent reported €620 million in Q3 revenue, down 7% as reported and 4% on a comparable basis. Retail sales dropped 2%, representing a major sequential improvement, with growth returning in North America. The brand achieved double-digit growth in Ready-to-Wear and Shoes, while the ongoing refresh of its Leather Goods offer is starting to pay off. Wholesale revenue declined 16%, in line with Saint Laurent’s move toward selective distribution.

Bottega Veneta

At Bottega Veneta, revenue totalled €393 million, down 1% as reported but up 3% on a comparable basis. Retail sales rose 5%, driven by double-digit growth in North America and strong demand for handcrafted leather accessories. The launch of the Campana bag delivered standout results, while Ready-to-Wear and Shoes continued to strengthen. Wholesale revenue declined 9%.

Other Houses

Revenue from Other Houses, including Balenciaga, Alexander McQueen, Brioni and Kering’s Jewellery brands, reached €652 million, down 5% as reported but up 1% comparably. Retail sales were stable, and wholesale revenue increased 5%.

Balenciaga posted improving trends across categories, while McQueen benefited from renewed demand in women’s ready-to-wear. Brioni achieved strong retail growth in Western Europe, North America and Japan.

Strategic developments

Recent months have been marked by leadership changes and strategic moves reinforcing Kering’s focus on creative and operational renewal. In September, shareholders approved all resolutions at the Group’s General Meeting, including Luca de Meo’s appointment as Director, formalising the separation of CEO and Chairman roles. On September 17, Francesca Bellettini, known for her commercial success at Saint Laurent, was appointed President and CEO of Gucci, signalling a sharpened focus on reviving Gucci’s leather goods leadership. In addition, the European Commission’s €119.7 million fine related to historic Gucci practices was resolved and fully provisioned.