Kering Group: 2025 Results & Strategic Outlook

Intelligence Reports
Written By Rafael Carlesso

Kering posted revenue of €14.7 billion in 2025, down 13% year on year. Recurring operating income collapsed 33%, and the group reported a net loss of €29 million on continuing operations. This report delivers a forensic reading of Kering's press release, identifying specific contradictions between management's recovery narrative and the underlying data. It benchmarks the group against LVMH, Hermès and Richemont, and includes a dedicated annex on AI governance positioning.

Rafael Carlesso

I write about luxury as a cultural and economic system: image, desire, pricing and perceived value before the numbers. Coverage includes LVMH, Kering, Richemont, Prada, Armani, Moncler, Brunello Cucinelli, Zegna and Dolce & Gabbana. Cited by Reuters on LVMH and aspirational pricing trust. Author of an SSRN paper on governing AI-generated imagery in luxury. Trained as an architect, with an MBA in marketing, branding and growth. Based in Milan.

https://www.rafaelcarlesso.com
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