French luxury group Kering reported a drop in first-quarter sales for 2026, while pointing to signs of gradual improvement ahead of a planned strategy update aimed at reviving growth.<\/p>\n
The group posted revenue of \u20ac3.56bn ($4.19bn) for the period, down 6% on a reported basis but flat on a comparable basis versus the same quarter last year.<\/p>\n
Performance was notably impacted by Gucci, within the fashion and leather goods segment, where revenue reached \u20ac1.34bn, representing a decline of 14% as reported and 8% on a comparable basis.<\/p>\n
Overall, the fashion and leather goods division generated \u20ac2.85bn in revenue, decreasing 9% on a reported basis and 3% on a comparable basis, indicating sequential improvement during the quarter.<\/p>\n
Kering CEO Luca de Meo said: \u201cIn the first quarter of 2026, group revenue stabilised, marking an important first step in our recovery and a further sequential improvement. This performance reflects the first tangible effects of our actions, despite a challenging geopolitical environment.<\/p>\n
\u201cGucci remains our top priority. A comprehensive turnaround is underway, with decisive actions across client, distribution and, above all, the offer.\u201d<\/p>\n
Sales from directly operated stores, including e-commerce, edged down 2% on a comparable basis, reflecting varied regional trends.<\/p>\n
Wholesale revenue, however, increased by 6%, supported partly by continued momentum in eyewear.<\/p>\n
Within the fashion and leather goods division, growth was recorded at Saint Laurent, Bottega Veneta, Balenciaga and Brioni, driven by demand in North America.<\/p>\n
Meanwhile, Alexander McQueen continued its \u201crationalisation\u201d efforts.<\/p>\n
The group\u2019s jewellery division reported \u201crecord\u201d quarterly revenue of \u20ac269m, rising 14% as reported and 22% on a comparable basis.<\/p>\n
Boucheron led performance while Pomellato, DoDo and Qeelin also delivered growth.<\/p>\n
Kering Eyewear recorded revenue of \u20ac489m, up 3% on a reported basis and 7% on a comparable basis, marking its \u201chighest\u201d quarterly result to date.<\/p>\n