Kering, owner of luxury brands such as Gucci and Yves Saint Laurent, has reported third-quarter (Q3) 2025 revenue of €3.4bn ($3.94bn), a 10% decline on a reported basis and a 5% decrease on a comparable basis. 

For the first nine months of 2025, Kering reported total revenue of €11bn, down 14% as reported and 12% on a comparable basis. 

Sales from the group’s directly operated retail network fell 6% on a comparable basis, while wholesale and other revenue dipped 2%. 

Gucci recorded revenue of €1.3bn in the third quarter, a drop of 18% on a reported basis and 14% on a comparable basis.  

Sales through its directly operated stores were down 13%, and wholesale revenue decreased 25%.  

The decline represents a marked improvement from the previous quarter, supported by stronger performance in North America and Western Europe, especially in leather goods. 

Yves Saint Laurent generated €620m in revenue, falling 7% as reported and 4% on a comparable basis.  

Its retail sales were down 2%, returning to growth in North America and recording only a slight decline in Western Europe.  

Wholesale revenue decreased 16%, in line with the brand’s ongoing distribution streamlining. 

Bottega Veneta posted revenue of €393m, a 1% decline as reported but a 3% increase on a comparable basis.  

Its retail sales grew 5%, led by double-digit growth in North America. Ready-to-wear and footwear were the best-performing categories, while wholesale revenue declined 9%. 

Other houses recorded €652m in revenue, down 5% as reported but up 1% on a comparable basis.  

Retail sales remained stable, and wholesale revenue increased 5%.  

Balenciaga’s performance improved across product categories, McQueen’s decline moderated due to increase in women’s ready-to-wear sales and Brioni reported growth in Western Europe, North America and Japan.  

Kering’s jewellery brands, including Boucheron, Pomellato and Qeelin, continued to show strong momentum. 

Kering Eyewear and corporate revenue totalled €448m, an increase of 2% on a reported basis and 6% on a comparable basis.  

Kering Eyewear’s revenue rose 7% during the quarter, supported by growth across all major regions and brands such as Maui Jim and Lindberg.  

The segment also announced a partnership with Valentino, beginning with the spring/summer 2026 collection. 

Kering Beauté recorded a 3% increase in revenue on a comparable basis, driven by the launch of Balenciaga’s first fragrance line and Creed’s Oud Zarian perfume. 

Kering CEO Luca de Meo said: “Kering’s third-quarter performance, while representing a clear sequential improvement, remains far below that of the market.  

“This reinforces my determination to work on all dimensions of the business to return our houses and the group to the prominence they deserve. We are working relentlessly on our turnaround, as shown by our recent decisions.”