Kering Q3 revenue slips 1% as Gucci decline deepens to 6%

Revenue for the three months ended Sept. 30 was flat at reported exchange rates, according to the group. On a comparable basis the 1 percent decline was milder than the 1.3 percent organic drop analysts had forecast.

Gucci, the group's largest brand and main profit engine, posted a 6 percent sales decline at constant exchange rates, steeper than the 5.4 percent fall expected. The result followed a 2 percent drop in the second quarter, when Kering reported its first comparable sales increase in three years as part of an ongoing turnaround.

Chief executive Luca de Meo had cautioned that the recovery would not follow a straight line, saying the third quarter could be flat because of tougher comparisons with 2025. In a statement released after the market close on Thursday, he said the period's revenue reflected "the phasing we anticipated, in a softer macroeconomic environment."

"The recovery of Gucci remains our defining priority," de Meo said. "We are steadily strengthening desirability and advancing our product development at pace."

Kering maintained its full-year guidance. The group said it continues to target an improvement in its recurring operating margin in 2026, supported by efficiency measures under way and sustained investment in the desirability of its houses.