{"id":83218,"date":"2026-07-29T00:05:50","date_gmt":"2026-07-29T00:05:50","guid":{"rendered":"https:\/\/english.saigonbiz.com\/vn\/kering-2026-first-half-results-back-to-growth-performance-improvement-strategy-execution-on-track\/"},"modified":"2026-07-29T00:05:50","modified_gmt":"2026-07-29T00:05:50","slug":"kering-2026-first-half-results-back-to-growth-performance-improvement-strategy-execution-on-track","status":"publish","type":"post","link":"https:\/\/english.saigonbiz.com\/vn\/kering-2026-first-half-results-back-to-growth-performance-improvement-strategy-execution-on-track\/","title":{"rendered":"Kering – 2026 First-half results: back to growth, performance improvement & strategy execution on track"},"content":{"rendered":"
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\u00a0Kering – H1 26 – Press Release – 28 07 26<\/a><\/p>\n\n\n\n
PRESS RELEASE<\/b><\/td>\n<\/tr>\n
July 28, 2026<\/p>\n

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\u00a0<\/td>\n<\/tr>\n<\/table>\n

2026 FIRST-HALF RESULTS: <\/b>
BACK TO GROWTH,<\/b>
PERFORMANCE IMPROVEMENT &<\/b>
STRATEGY EXECUTION ON TRACK<\/b><\/p>\n

First-half revenue <\/b>at \u20ac7,220 million<\/b>, +1%<\/b> on a comparable basis
Sequential improvement with Q2 revenue <\/b>at \u20ac3,652 million<\/b>,
+2%<\/b> on a comparable basis
with a marked acceleration at Gucci, in retail: +7pts <\/p>\n

Enhanced operating performance with recurring operating margin<\/b>
at 12.8% <\/b>of revenue; \u20ac921 million<\/b><\/p>\n

All key execution levers on track or ahead of plan<\/p>\n

Net debt:<\/b> \u20ac3.3 billion reduced by \u20ac4.7 billion
since December 31, 2025<\/p>\n

\u201cKering delivered improved performance in the second quarter, with revenue returning to growth. Across the Group, we are seeing early signs of progress in brand desirability, commercial momentum and operating performance. The quarter also showed sequential acceleration, including at Gucci, driven by the actions taken over recent months.<\/i>
These first-half results demonstrate the positive impact of the decisive measures we have taken to reinforce the distinctiveness of our brands, simplify our organization and increase effectiveness across the Group. We are also advancing the rollout of our Group platforms, leveraging technology to enhance efficiency, strengthen client engagement and support stronger execution across our Houses. While the market environment remains demanding, we are focused on delivering our roadmap with discipline and consistency, creating the foundations for sustainable growth and long-term value creation.\u201d<\/i><\/p>\n

Luca de Meo, CEO of Kering<\/b><\/p>\n

Kering revenue in the second quarter of 2026 <\/b>was \u20ac3,652 million, up 1% as reported and up 2% on a comparable basis. The change in revenue as reported includes a negative currency effect of around 1 percentage point. <\/p>\n

Sales from the directly operated retail network increased by 2% on a comparable basis, improving sequentially, representing an increase of 4 percentage points compared to the first quarter. Wholesale and Other revenues increased by 3% on a comparable basis. <\/p>\n

Kering revenue in the first half of 2026<\/b> reached \u20ac7,220 million, down 3% as reported and up 1% on a comparable basis. <\/p>\n

Sales from the directly operated retail network were flat on a comparable basis. Wholesale and Other revenues increased by 5% on a comparable basis. <\/p>\n

This performance is particularly noteworthy as it was achieved alongside the ongoing optimization of our store network. Following the 75 net closures completed in 2025, 84 net closures were completed in the first semester (a reduction of 5% of our directly operated stores as of December 31, 2025) out of the 100 targeted for the 2026 full year. <\/p>\n

The Group\u2019s recurring operating income<\/b> was \u20ac921 million in the first half of 2026. Recurring operating margin<\/b> reached 12.8%, a 40-basis points improvement compared with the first half of 2025. <\/p>\n

Net income attributable to the Group<\/b> was \u20ac189 million in the first half of 2026. Net income from continuing operations (excluding non-recurring items) attributable to the Group<\/b> was \u20ac355 million in the first half of 2026.<\/p>\n

In the first half of 2026, the Group’s free cash flow from operations<\/b> was \u20ac2.6 billion, including \u20ac497 million from real estate net proceeds, and \u20ac300 million from Gucci Beauty agreement. Excluding these items, free cash flow from operations amounted to \u20ac1.8 billion.<\/p>\n

Net debt<\/b> amounted to \u20ac3.3 billion down \u20ac4.7 billion, from \u20ac8.0 billion as of December 31, 2025. <\/p>\n

Cash and cash equivalents <\/b>totaled \u20ac8.5 billion, including \u20ac4.0 billion generated from the completion of the Kering Beaut\u00e9 sale to L\u2019Or\u00e9al on March 31, 2026. <\/p>\n

FINANCIAL INDICATORS<\/b><\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
(in \u20ac million)<\/i><\/td>\n\u00a0<\/td>\nH1 2026<\/b><\/td>\nH1 2025<\/b><\/td>\nChange<\/b><\/p>\n

\u00a0<\/td>\n<\/tr>\n

Revenue<\/b><\/td>\n\u00a0<\/td>\n7 220<\/b><\/td>\n7 439<\/b><\/td>\n-3%<\/b><\/td>\n<\/tr>\n
\u00a0\u00a0 Comparable change (1)<\/sup><\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n+1%<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Recurring operating income<\/b><\/td>\n\u00a0<\/td>\n921<\/b><\/td>\n920<\/b><\/td>\n+0%<\/b><\/td>\n<\/tr>\n
\u00a0\u00a0 % of revenue<\/i><\/td>\n\u00a0<\/td>\n12.8%<\/i><\/td>\n12.4%<\/i><\/td>\n+0.4pts<\/i><\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Recurring EBITDA<\/b><\/td>\n\u00a0<\/td>\n1,935<\/b><\/td>\n1,955<\/b><\/td>\n-1%<\/b><\/td>\n<\/tr>\n
\u00a0\u00a0 % of revenue<\/i><\/td>\n\u00a0<\/td>\n26.8%<\/i><\/td>\n26.3%<\/i><\/td>\n+0.5pts<\/i><\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net income from continuing operations attributable to the Group<\/b><\/td>\n\u00a0<\/td>\n189 <\/b><\/td>\n474<\/b><\/td>\n-60%<\/b><\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Recurring net income from continuing operations attributable to the Group <\/b>(2)<\/sup><\/td>\n\u00a0<\/td>\n355<\/b><\/td>\n404<\/b><\/td>\n-12%<\/b><\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

OPERATING<\/b> PERFORMANCE<\/b>
2025 figures have been restated to exclude the contribution of Kering Beaut\u00e9.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Revenue<\/b> \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0 (in \u20ac million)<\/i><\/td>\n\u00a0<\/td>\nQ2 2026<\/b><\/td>\nQ2 2025<\/b><\/td>\nReported change <\/b><\/td>\nComparable change<\/b>(1)<\/b><\/sup><\/td>\nH1 2026<\/b><\/td>\nH1 2025<\/b><\/td>\nReported change<\/b><\/td>\nComparable change<\/b>(1)<\/b><\/sup><\/td>\n<\/tr>\n
Kering Fashion & Leather Goods<\/td>\n\u00a0<\/td>\n2,948<\/td>\n2,986<\/td>\n-1%<\/td>\n+0%<\/td>\n5,800<\/td>\n6,115<\/td>\n-5%<\/td>\n-1%<\/td>\n<\/tr>\n
\u00a0\u00a0\u00a0\u00a0\u00a0 of which Gucci<\/td>\n\u00a0<\/td>\n1,410<\/td>\n1,456<\/td>\n-3%<\/td>\n-2%<\/td>\n2,757<\/td>\n3,027<\/td>\n-9%<\/td>\n-5%<\/td>\n<\/tr>\n
Kering Jewelry<\/td>\n\u00a0<\/td>\n252<\/td>\n219<\/td>\n+15%<\/td>\n+18%<\/td>\n521<\/td>\n455<\/td>\n+14%<\/td>\n+20%<\/td>\n<\/tr>\n
Kering Eyewear<\/td>\n\u00a0<\/td>\n476<\/td>\n445<\/td>\n+7%<\/td>\n+8%<\/td>\n965<\/td>\n921<\/td>\n+5%<\/td>\n+8%<\/td>\n<\/tr>\n
Corporate & Other<\/td>\n\u00a0<\/td>\n35<\/td>\n38<\/td>\n-7%<\/td>\n-6%<\/td>\n65<\/td>\n71<\/td>\n-7%<\/td>\n+1%<\/td>\n<\/tr>\n
Eliminations<\/i><\/td>\n\u00a0<\/td>\n(59)<\/i><\/td>\n(62)<\/i><\/td>\nN\/A<\/i><\/td>\nN\/A<\/i><\/td>\n(131)<\/i><\/td>\n(123)<\/i><\/td>\nN\/A<\/i><\/td>\nN\/A<\/i><\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
KERING<\/b><\/td>\n\u00a0<\/td>\n3,652<\/b><\/td>\n3,626<\/b><\/td>\n+1%<\/b><\/td>\n+2%<\/b><\/td>\n7,220<\/b><\/td>\n7,439<\/b><\/td>\n-3%<\/b><\/td>\n+1%<\/b><\/td>\n<\/tr>\n<\/table>\n

<\/p>\n\n\n\n\n\n\n\n\n\n\n
Recurring operating income <\/b>
(in \u20ac million)<\/i><\/td>\n		\u00a0<\/td>\nH1 2026<\/b><\/td>\nH1 2025<\/b><\/td>\nReported change<\/b><\/td>\n<\/tr>\n
Kering Fashion & Leather Goods<\/td>\n\u00a0<\/td>\n828<\/td>\n832<\/td>\n-1%<\/td>\n<\/tr>\n
of which Gucci<\/td>\n\u00a0<\/td>\n468<\/td>\n486<\/td>\n-4%<\/td>\n<\/tr>\n
Kering Jewelry<\/td>\n\u00a0<\/td>\n32<\/td>\n16<\/td>\n+106%<\/td>\n<\/tr>\n
Kering Eyewear<\/td>\n\u00a0<\/td>\n222<\/td>\n186<\/td>\n+19%<\/td>\n<\/tr>\n
Corporate & Other<\/td>\n\u00a0<\/td>\n(152)<\/td>\n(111)<\/td>\nN\/A<\/td>\n<\/tr>\n
Eliminations<\/i><\/td>\n\u00a0<\/td>\n(9)<\/i><\/td>\n(3)<\/i><\/td>\nN\/A<\/i><\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
KERING<\/b><\/td>\n\u00a0<\/td>\n921<\/b><\/td>\n920<\/b><\/td>\n+0%<\/b><\/td>\n<\/tr>\n<\/table>\n

(1) Change on a comparable scope and exchange rate basis. <\/p>\n

(2) Recurring net income attributable to the Group: net income from continuing operations attributable to the Group, excluding non-recurring items.<\/p>\n

Kering Fashion & Leather Goods <\/b><\/p>\n

In the second quarter of 2026, Kering Fashion & Leather Goods revenue<\/b> amounted to
\u20ac2,948 million, down 1% as reported and flat on a comparable basis year-on-year, marking another step in its sequential improvement, with 3 percentage points increase compared to the first quarter. <\/p>\n

Gucci performance, which is part of this segment, is detailed in in a dedicated section.<\/p>\n

Saint Laurent, Bottega Veneta and Brioni continued to improve sequentially, with performance accelerating compared to the first quarter. <\/p>\n

Sales from the directly operated retail network were flat on a comparable basis. <\/p>\n