Gucci owner Kering recorded third-quarter (Q3) 2026 revenue of €3.34bn ($3.73bn), stable on a reported basis, and down 1% on a comparable basis, citing reduced traffic and softer macroeconomic conditions.

Kering said the reported result included a positive currency effect of one percentage point, with no scope impact.

Directly operated retail sales, including e-commerce, declined 3% on a comparable basis, while wholesale and other revenue increased 3%.

Kering fashion and leather goods generated revenue of €2.74bn, down 1% as reported and 3% on a comparable basis.

Gucci reported revenue of €1.29bn, down 4% as reported and 6% on a comparable basis.

Kering said Gucci continued to implement its product transformation plan, focusing on “product and pricing architecture, enhancing quality and improving time to market”.

Handbags remained a priority, with ready-to-wear and shoes identified as further areas of focus.

Kering jewellery reported revenue of €239m, up 12% as reported and 11% on a comparable basis.

Kering eyewear generated revenue of €373m, up 6% as reported and 4% on a comparable basis, with growth across all regions.

Revenue from the corporate and other segment was €27m, down 5% on both a reported and comparable basis, primarily due to the end of rental income following real estate transactions.

For the first nine months of 2026, Kering generated revenue of €10.56bn, down 2% as reported and stable on a comparable basis.

The company completed 105 net store closures during the period, comprising 128 closures and 23 openings, exceeding its full-year target of 100 net closures.

Kering now expects to close at least 125 net stores during 2026.

It reiterated its objective of improving its recurring operating margin in 2026, supported by efficiency measures while continuing to invest in its brands.

Kering CEO Luca de Meo said: “The recovery of Gucci remains our defining priority. We are steadily strengthening desirability and advancing our product development at pace.”