Overview

• Kering's Q1 2025 revenue dropped 14% year-on-year to €3.88 billion, falling short of analyst expectations.
• Gucci, accounting for nearly half of Kering's revenue, saw a 25% sales decline, driven by weak store traffic and wholesale performance.
• Sales fell across all major regions, with Asia-Pacific down 25%, Western Europe and North America both declining 13%, and Japan dropping 11%.
• The group has closed 25 underperforming stores this year and is focusing on operational efficiencies to address ongoing challenges.
• Demna Gvasalia, set to officially take over as Gucci's creative director in July, is tasked with revitalizing the brand as it faces intensifying competition and shifting consumer preferences.