Kering was hit by the realities of the luxury sector in 2025—slowing global growth, rising inflation, tariffs, and perpetual shifts in consumer behaviors—with revenue amounting to €3.9 billion in the first quarter of 2025, down 14% as reported and on a comparable basis. Kering Beauté bucked the trend, generating revenue of €71 million, up 6%, and wholesale revenue also grew 2% in the quarter.

François-Henri Pinault, Chairman and CEO, said of the results, “As we had anticipated, Kering faced a difficult start to the year. In this environment, we are fully focused on executing on our action plans to reach our strategic and financial objectives and strengthen the positioning of our Houses on all our markets. We are increasing our vigilance to weather the macroeconomic headwinds our industry faces, and I am convinced that we will come out stronger from the present situation.”

The global, family-led luxury group consists of Gucci, Saint Laurent, Bottega Veneta, Balenciaga, McQueen, Brioni, Boucheron, Pomellato, Dodo, Qeelin, Ginori 1735, as well as Kering Eyewear and Kering Beauté.

Yves Saint Laurent: Revenue €679 million, down 8% and down 9% on a comparable basis. Wholesale revenue was down 24% on a comparable basis, while royalties and other revenue were up sharply (+20% on a comparable basis).

Bottega Veneta: Revenue totaled €405 million, which is up 4% and on a comparable basis. Wholesale revenue was down 13% on a comparable basis.

Other Houses: Revenue totaled €733 million in the first quarter, down 11% both as reported and on a comparable basis. In the directly operated retail network, revenue was down 9% on a comparable basis. The Other Houses' wholesale revenue was down 17% on a comparable basis.

Kering created the beauty division in 2023 following the appointment of Raffaella Cornaggia as CEO, and the acquisition of Creed in an all-cash deal valued at €3.5 billion ($3.8 billion) telegraphed the company was serious about Beauty. The positive Q1 growth was attributed to “the very balanced development of Creed,” including the “promising” launch of the feminine fragrance Eladaria. Earlier this month, the group appointed Nathalie Berger-Duquene as CEO of Creed, replacing Sarah Rotheram, who departed the fragrance brand at the end of October.

Kering created the division to develop the beauty arms of its Bottega Veneta, Balenciaga, Alexander McQueen, Pomellato and Qeelin houses. In October 2024, the division launched its first fragrance collection for Bottega Veneta with Creative Director Matthieu Blazy. In its presentation to investors, Kering noted that it is “working on an upcoming Balenciaga launch” in the beauty division.

Last year, Kering also made its first minority investment in a beauty brand, taking a stake in a niche fragrance house called Matiere Premiere.