Gucci-owner Kering reported comparable revenue growth of 1% in the first half (H1) of 2026, with revenue reaching €7.22bn ($8.23bn), while reported revenue declined 3% over the period.
In the second quarter, group revenue totalled €3.65bn, up 1% on a reported basis and 2% on a comparable basis.
The comparable increase in the quarter was supported by a 2% rise in directly operated retail sales and a 3% increase in wholesale and other revenue.
Across the six-month period, directly operated retail sales were flat on a comparable basis, while wholesale and other revenue increased 5%.
Recurring operating income for H1 was essentially flat at €921m as against €920m in the year-ago period.
Net income attributable to the group was €189m, while net income from continuing operations, excluding non-recurring items, was €355m.
During H1, the company reduced its directly operated store network by 84 outlets on a net basis, representing a 5% decline compared with the end of 2025.
It said it remains on track for 100 net closures for the full year, after 75 closures in 2025.
In fashion and leather goods, which includes Gucci, second-quarter revenue was €2.94bn, down 1% on a reported basis and flat on a comparable basis.
For the first half, revenue from the division was €5.80bn, down 5% on a reported and 1% on a comparable basis.
Saint Laurent returned to growth while Bottega Veneta accelerated, supported by leather goods.
Balenciaga had a more difficult quarter amid a change in creative direction.
Gucci generated €1.41bn in second-quarter revenue, down 3% on a reported and 2% on a comparable basis.
North America was described as the main growth driver while mainland China remained difficult, although conditions improved as the quarter went on.
For the first half, Gucci revenue was €2.75bn, down 9% and 5% on reported and comparable basis, respectively.
In the quarter, jewellery revenue increased 18% on a comparable basis to €252m.
Eyewear revenue rose 8% comparable to €476m, and its recurring operating margin increased by 2.9 points to 23%.
Kering said retail trends in the Middle East improved during the second quarter, although continuing instability in the region reduced group revenue growth by 1 percentage point in the quarter.
The company said its priority for 2026 remains a return to growth alongside improved margins, with continued emphasis on execution and agility across its houses.
Kering CEO Luca de Meo said: “These first-half results demonstrate the positive impact of the decisive measures we have taken to reinforce the distinctiveness of our brands, simplify our organisation and increase effectiveness across the group.
“While the market environment remains demanding, we are focused on delivering our roadmap with discipline and consistency, creating the foundations for sustainable growth and long-term value creation.”
