PARIS, Feb 10, 2026, 11:03 CET — Regular session
- Kering jumped in Paris trading after the Gucci parent posted its 2025 results.
- Investors are watching for any indication that Gucci’s decline might be slowing and margins could find a floor.
- Kering’s management is set to outline its roadmap at the Capital Markets Day on April 16, marking the next key date.
Kering jumped roughly 11% in early Paris trading, with shares moving up to about 289 euros after investors took in the luxury group’s 2025 results. 1
This is significant—Kering’s working to persuade doubters that Gucci, its flagship, has stopped sliding. Luca de Meo, still new to luxury, faces pressure: deliver money from operations, but also invest enough to overhaul the brands.
Kering reported that 2025 revenue dropped 10% on a comparable basis, coming in at 14.675 billion euros. Fourth-quarter revenue declined 3%, also on a comparable basis. Recurring operating income—stripping out one-offs—reached 1.631 billion euros. The company’s net debt totaled 8 billion euros. Kering is proposing an ordinary dividend of 3.00 euros per share and an exceptional dividend of 1.00 euro per share. de Meo said the roadmap will be unveiled at Capital Markets Day slated for April 16. 2
Gucci continued to weigh on Kering. The group posted fourth-quarter revenue of roughly 3.9 billion euros, a 3% decline on a constant currency basis. That was better than analysts had forecast, sending shares up as much as 13% at one point. De Meo described the rebound as “early” and “fragile.” Over at Deutsche Bank, analysts said the print should at least remind investors of the “direction of travel.” Hopes for a turnaround? Still pinned to Gucci, as the brand’s new creative director is set to step onto the Milan runway later this month. 3
Kering’s rebound gave a boost to European luxury stocks, putting the sector ahead while the broader market barely budged. Hermes and LVMH shares moved up as well, Reuters reported in its market wrap. 4
Investors are keeping an eye on how Kering handles profit streams tied to Gucci beyond its main business. Asked on Tuesday if Kering wants to reclaim the Gucci beauty licence from Coty ahead of the 2028 contract end, de Meo wouldn’t elaborate, saying he’d rather speak about it privately with Coty. 5
Still, there’s a clear snag in the rally—Gucci’s sales are slipping, and after a couple years marked by steep discounting throughout the industry and patchy demand in important regions, margins have already suffered. Should the product overhaul fall flat in boosting foot traffic or pricing muscle, that bounce in the shares might not stick for long.
Eyes are on early 2026 trading over the next few weeks, as traders look for signs that tighter costs and a leaner store portfolio might finally lift cash flow. Then there’s the beauty deal with L’Oréal—details on timing and terms are still in focus, with the closing targeted for the first half of 2026.
Dividends are in focus, too. Shareholders need to sign off at the annual meeting scheduled for May 28, and part of the payout is tied to proceeds from the deal, according to the company.
Kering’s got April 16 circled—that’s when the company plans to lay out its strategy and financial goals. But eyes turn first to Gucci’s Milan show coming up later in February, as investors pick apart the presentation for any sign that the creative overhaul is delivering more than just tentative hints in the numbers.
