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Perth Now
24-04-2025
- Business
- Perth Now
Demna to deliver 'hint' of new Gucci collection in September
Demna will deliver the first 'hint' of his Gucci creations in September. The Balenciaga artistic director will take over the creative direction of the Italian fashion house in July after a decade in his previous role and will be in charge of menswear, womenswear and accessories and he is expected to share some of his first collection in September. Speaking after it was revealed that Kering had reported a 14 percent drop in first-quarter revenues, Kering executive Francesca Bellettini told WWD: 'Demna is going to build on the vision of the brand. He's going to bring desirability and fashionability, but it's a build-up, not a cancelation.' Bellettini added that Gucci's Emblem, B Bag and Softbit handbag lines were performing well 'giving us a lot of confidence in the appeal of novelties'. She added: 'We are pushing even more on our supply chain to decrease the time to market for novelties. This is going to be the focus. Demna for sure will be reinterpreting the icons.' Meanwhile, after his new role was announced, Demna said in a statement: 'I am truly excited to join the Gucci family … a house that I deeply respect and have long admired. "I look forward to writing a new chapter of Gucci's amazing story with Stefano and the whole team.' Gucci were keen to bring in a "strong and opinionated" designer following the sudden departure of Sabato De Sarno. Stefano Cantino, Gucci's chief executive, told the New York Times newspaper: 'Gucci stands for fashion authority. This is what we want to bring back. 'We were looking for a strong and opinionated designer. Demna is one of the few." He explained that, as well as design skills, Demna also offers "an understanding of contemporary culture, of what is luxury today and a deep understanding of the new generation.' Parent company Kering praised the designer for having "redefined modern luxury, earning global recognition and cementing his authority on the industry.''
Fibre2Fashion
24-04-2025
- Business
- Fibre2Fashion
France's Kering reports 14% drop in Q1 revenue amid Gucci's struggles
French luxury group Kering has reported a revenue of €3.9 billion (~$4.25 billion) in the first quarter (Q1) of 2025, reflecting a 14 per cent decline both on a reported and comparable basis. The group's flagship brand, Gucci, saw a revenue decrease of 24 per cent as reported, and a 25 per cent drop on a comparable basis, reaching €1.6 billion. The wholesale revenue of the group was down 33 per cent on a comparable basis. Kering has reported a 14 per cent decline in Q1 2025 revenue, reaching €3.9 billion (~$4.25 billion). Gucci saw a significant revenue drop of 24 per cent, while Bottega Veneta's revenue rose by 4 per cent. The group closed 25 stores, reducing its directly operated network to 1,788 units. Wholesale revenue declined by 33 per cent, and overall sales from the group's other houses dropped by 11 per cent. Sales from the directly operated retail network fell by 16 per cent on a comparable basis. Trends in Asia-Pacific were down 25 per cent in line with those of the fourth quarter of 2024, while Western Europe saw a decline of 13 per cent, North America's declined by 13 per cent and Japan by 11 per cent witnessing a sequential deceleration. In the first quarter, the group closed 25 stores on a net basis, bringing its directly operated network to a total of 1,788 units, Kering said in a press release. The wholesale and other revenue of the group was down 9 per cent. Wholesale revenue dropped 23 per cent on a comparable basis, due to the ongoing strengthening of their distribution's exclusivity. Brand-wise, Gucci's revenue from the directly operated retail network was down 25 per cent on a comparable basis in the quarter, against a backdrop of low store traffic. Gucci further strengthened and updated its product range, and its new handbag lines are well received, including a promising launch for the new Softbit line. Bottega Veneta's revenue totalled €405 million in Q1 2025, up 4 per cent as reported and on a comparable basis. Sales in the House's directly operated retail network rose by 7 per cent on a comparable basis, on top of a high comparison base. Sales were up across all product categories. Bottega Veneta's outstanding performance, supported by the brand's cultural resonance and desirability, was driven by double-digit sales increases in Western Europe, North America and the Middle East. Wholesale revenue was down 13 per cent on a comparable basis. Revenue from the group's other houses totalled €733 million in Q1 2025, down 11 per cent both as reported and on a comparable basis. A key event of the quarter was the appointment of Demna as Gucci's artistic director. 'As we had anticipated, Kering faced a difficult start to the year. In this environment, we are fully focused on executing on our action plans to reach our strategic and financial objectives and strengthen the positioning of our Houses on all our markets. We are increasing our vigilance to weather the macroeconomic headwinds our industry faces, and I am convinced that we will come out stronger from the present situation,' said Francois-Henri Pinault, chairman and chief executive officer (CEO ) at Kering. Fibre2Fashion News Desk (SG)
Yahoo
23-04-2025
- Business
- Yahoo
Kering - Press Release - First-quarter 2025 revenue
Kering - Press Release - Q1 revenue 2025 - 23 04 25 PRESS RELEASE April 23, 2025 FIRST-QUARTER 2025 REVENUE Group first-quarter revenue: €3,883 million,down 14% as reported and on a comparable basis 'As we had anticipated, Kering faced a difficult start to the year. In this environment, we are fully focused on executing on our action plans to reach our strategic and financial objectives and strengthen the positioning of our Houses on all our markets. We are increasing our vigilance to weather the macroeconomic headwinds our industry faces, and I am convinced that we will come out stronger from the present situation.'François-Henri Pinault, Chairman and CEO Group revenue amounted to €3.9 billion in the first quarter of 2025, down 14% both as reported and on a comparable basis. Sales from the directly operated retail network fell by 16% on a comparable basis. Trends in Asia-Pacific (-25%) were in line with those of the fourth quarter of 2024, while Western Europe (-13%), North America (-13%) and Japan (-11%) saw a sequential deceleration. In the first quarter, the Group closed 25 stores on a net basis, bringing its directly operated network to a total of 1,788 units. Wholesale and Other revenue was down 9%. Wholesale revenue of the Group's Houses dropped 23% on a comparable basis, due in particular to the ongoing strengthening of their distribution's exclusivity. Wholesale revenue from Kering Eyewear and Kering Beauté rose by 2%, while Royalties and Other revenue was up 11%. Revenue(In € millions) Q1 2025 Q1 2024 Reported change Comparable change(1) Gucci 1,571 2,079 -24% -25% Yves Saint Laurent 679 740 -8% -9% Bottega Veneta 405 388 +4% +4% Other Houses 733 824 -11% -11% Kering Eyewear and Corporate 558 536 +4% +3% Eliminations(63) (63) — — KERING 3,883 4,504 -14% -14%On a comparable scope and exchange rate basis. Gucci In the first quarter of 2025, Gucci's revenue amounted to €1.6 billion, down 24% as reported and down 25% on a comparable basis. Revenue from the directly operated retail network was down 25% on a comparable basis in the quarter, against a backdrop of low store traffic. Gucci further strengthens and updates its product range, and its new handbag lines are well received, including a promising launch for the new Softbit line. Wholesale revenue was down 33% on a comparable basis. A key event of the quarter was the appointment of Demna as Gucci's Artistic Director. Yves Saint Laurent Yves Saint Laurent's revenue in the first quarter of 2025 amounted to €679 million, down 8% as reported and down 9% on a comparable basis. In its directly operated retail network, sales were down 8% on a comparable basis in the quarter. Sales rose in the Middle East, while the American and European markets were resilient. Wholesale revenue was down 24% on a comparable basis, while Royalties and Other revenue were up sharply (+20% on a comparable basis). Bottega Veneta Bottega Veneta's revenue totaled €405 million in the first quarter of 2025, up 4% as reported and on a comparable basis. Sales in the House's directly operated retail network rose by 7% on a comparable basis, on top of a high comparison base. Sales were up across all product categories. Bottega Veneta's outstanding performance, supported by the brand's cultural resonance and desirability, was driven by double-digit sales increases in Western Europe, North America and the Middle East. Wholesale revenue was down 13% on a comparable basis. Other Houses Revenue from the Group's Other Houses totaled €733 million in the first quarter, down 11% both as reported and on a comparable basis. In the directly operated retail network, revenue was down 9% on a comparable basis. The performance of Balenciaga's leather goods lines was very solid, against an ongoing drop in store traffic. Sales were down at McQueen. Brioni maintained its growth, with sales in its directly operated retail network up double digits, mainly driven by Western Europe and North America. The Group's Jewelry Houses pursued their development. Boucheron achieved a robust performance over a high comparison base, Pomellato had an excellent quarter, driven in particular by new pieces in its Nudo line, and Qeelin achieved outstanding growth. The Other Houses' Wholesale revenue was down 17% on a comparable basis. Kering Eyewear and Corporate In the first quarter of 2025, Kering Eyewear's revenue amounted to €476 million, up a solid 2% on a comparable basis, supported by good performances in Europe and in the Optical Beauté generated revenue of €71 million, up 6% on a comparable basis, due to the very balanced development of Creed, which added new feminine fragrances to its revenue from the Kering Eyewear and Corporate segment amounted to €558 million, up 4% as reported and up 3% on a comparable ANNOUNCEMENTS SINCE JANUARY 1, 2025 Agreement with Ardian regarding prime real estate assets in Paris As part of its selective real estate strategy, on January 15, 2025, Kering signed an investment agreement with Ardian, a world-leading private investment house, regarding three prestigious real estate properties in Paris. Kering has transferred these assets to a newly created joint venture. Ardian now holds 60% of this unique prime real estate portfolio, while Kering has retained a 40% stake. The transaction resulted in net proceeds of €837 million for Kering. Kering's stake in the joint venture has been accounted for using the equity method since March 27, 2025, date on which the transaction was completed. Completion of the sale of The Mall Luxury Outlets to Simon On January 30, 2025, Kering and Simon® announced that Kering had completed its sale of 100% of The Mall Luxury Outlets to Simon, a US real estate investment company that owns premier shopping, dining, and entertainment destinations. The Mall, created in 2001, operates two outlet destinations in Italy. The sale of this non-strategic asset will generate net proceeds of around €350 million for Kering. Kering's brands will maintain their presence in these two high-end shopping destinations, in line with the Group's strategy of gradually concentrating its outlet presence to a small number of highly exclusive venues. Gucci ends its collaboration with Sabato De Sarno and appoints Demna as its Artistic DirectorOn February 6, 2025, Gucci announced the end of its collaboration with its Creative Director Sabato De Sarno. On March 13, 2025, Kering and Gucci announced that Demna would become the House's Artistic Director as of early July. Kering included in the (Climate/Water/Forests) for the second consecutive yearOn February 7, 2025, for the second year in a row, Kering was included in the Carbon Disclosure Project's prestigious Triple A List, emphasizing once again the Group's deep commitment to transparency and environmental An audiocast for analysts and investors will be held at 6:00pm (CEST) on Wednesday, April 23, 2025. The audiocast will be accessible here. The slides (in PDF format) will be available ahead of the audiocast at A replay of the webcast will also be available at About Kering Kering is a global, family-led luxury group, home to people whose passion and expertise nurture creative Houses across ready-to-wear and couture, leather goods, jewelry, eyewear and beauty: Gucci, Saint Laurent, Bottega Veneta, Balenciaga, McQueen, Brioni, Boucheron, Pomellato, Dodo, Qeelin, Ginori 1735, as well as Kering Eyewear and Kering Beauté. Inspired by their creative heritage, Kering's Houses design and craft exceptional products and experiences that reflect the Group's commitment to excellence, sustainability and culture. This vision is expressed in our signature: Creativity is our Legacy. In 2024, Kering employed 47,000 people and generated revenue of €17.2 billion. Contacts Emilie Gargatte +33 (0)1 45 64 61 20 Marie de Montreynaud +33 (0)1 45 64 62 53 Claire Roblet +33 (0)1 45 64 61 49 Attachment Kering - Press Release - Q1 revenue 2025 - 23 04 25Sign in to access your portfolio
