Overview

• Kering’s net profit tumbled 46% to €474 million in the first half due to a 15% slide in second-quarter revenues to €3.7 billion.
• Gucci sales plunged 25% in Q2 to €1.46 billion, marking its worst quarterly performance in over two years.
• Saint Laurent revenue fell 10% and the “other houses” segment dropped 16%, while Bottega Veneta managed a 1% sales increase.
• Net debt decreased to €9.5 billion and the group plans to close around 80 stores this year as part of broader cost-cutting measures.
• Former Renault chief Luca de Meo is set to take the CEO role on September 15 to spearhead Kering’s turnaround efforts.