The net income attributable to the group was € 474 million (~ $ 549.84 million). The free cash flow stood at € 2.4 billion. Retail sales on the group directly operated from the group fell 16 percent comparable. Wholesale and other income decreased by 12 percent comparable.
Keing has reported H1 2025 revenues of € 7.6 billion (~ $ 8.82 billion), 16 percent less, with recurring operating revenues that fell 39 percent to € 969 million (~ $ 1.12 billion). The net income was € 474 million (~ $ 549.84 million). Gucci led the decline, while Bottega Veneta grew slightly. The revenues of the first quarter fell 18 percent. Keing remains committed to operational efficiency and profitable growth in the long term.
Regional trends were mixed, with North America 10 percent and Asia-Pacific dropped 19 percent, both showing a sequential improvement. In contrast, Western Europe decreased 17 percent and Japan fell by 29 percent, mainly due to the lower tourist activity, Kering said in a press release.
As for the brand, Gucci saw a drop in income from 26 percent to 3 billion euros, with a lower number of 24 percent and 42 percent lower. The operational income was reduced by half to € 486 million.
Yves Saint Laurent revenues decreased 11 percent to 1.3 billion euros. Retail and wholesale trade fell 10 percent and 17 percent respectively. The operational income was € 262 million.
Bottega Veneta revenues increased 1 percent to € 846 million, driven by a 3 percent retail increase. Operating income increased 5 percent to € 127 million.
Meanwhile, other houses saw a revenue drop from 15 percent to 1,500 million euros, with an operational loss of € 29 million, mainly due to McQueen.
In the second quarter (Q2) of 2025, revenues totaled 3.7 billion euros, 18 percent less that was reported and 15 percent in a comparable base, including a negative impact on 3 percent. Direct sales of the retail network reflected H1 trends, decreasing 16 percent comparable.
As for the brand, the second quarter saw Gucci sales by 25 percent comparable. Retail trade fell 23 percent, while wholesale fell 50 percent. Sales of new leather items, such as the Giglio Stock Exchange, served strongly. Yves Saint Laurent revenues decreased by 10 percent comparable. Retail trade fell by 12 percent, while the wholesaler fell 5 percent. Ready to use and the shoes performed well, they added the launch.
Bottega Veneta saw an increase in income of 1 percent. Retail trade was stable, with strong growth from North America. Wholesale they grew 4 percent. The income of other houses fell 16 percent. Retail trade decreased 12 percent; Whoever fell 28 percent. While Balenciaga constantly served in North America and Asia-Pacific, the rationalization of the McQueen store and slow sales in Europe and Japan affected the segment.
Despite the persistent macroeconomic and geopolitical uncertainty, Kering remains focused on improving the convenience and exclusivity of their homes. The group said it will continue to invest selectively while it improves operational efficiency and maintains strict cost and capital discipline to achieve long -term profitable growth.
“The first half of 2025 has been a period of transcendental decisions for Kering. In the governance front, I recommended to the Board of Directors, which has agreed, that we trust the role of CEO from Kering to Luca de Meo, while I will keep the presidency of the Presidency. The inheritance of all our brands,” he said Francois-Henri Pinault, president and CEO of Kering.
“On operational and financial fronts, in a particularly hard market environment, we continue to rationalize our distribution and costs, and, executing in our road map, we take decisive measures to strengthen our financial structure,” Pinault added. “Although the numbers we inform remain well below our potential, we are sure that our integral efforts of the last two years have established healthy bases for the next stages in the development of Kering.”
Fiber2Fashion News Desk (SG)
