Revenue decline of 12% confirms ‘difficult year’ for Kering.

Full-year results for 2024 show revenues of €17.2 billion for luxury group Kering, down by 12% compared to the previous year. By Leatherbiz.

Chief executive, François-Henri Pinault, said he was confident changes the group made in the course of “a difficult year” had now brought Kering “to a point of stabilisation”. He said that, from this position, the group would “gradually resume our growth trajectory”.

Revenues at the group’s biggest brand, Gucci, were €7.7 billion, down by 23% year on year. Kering announced the immediate departure of Gucci’s creative director, Sabato De Sarno, on February 6.

The group said on confirming the full-year results that the performance of new leathergoods lines at the brand, as well as of “iconic Gucci lines such as the Jackie handbag and its new interpretations” had been “highly encouraging”.

At Yves Saint Laurent, revenues were €2.9 billion, a decline of 9% year on year. Again, Kering said new leathergoods products and reinterpretations of Yves Saint Laurent’s “iconic handbags” had been “very well received”.

There was positive news from Bottega Veneta, where revenues reached €1.7 billion, an increase of 4%. The brand’s leathergoods offer “remains highly successful”, Kering said, underscoring “the immense desirability of Bottega Veneta”.