This report examines the anatomy of a crisis: executive and creative leadership changes, the divestiture of strategic assets, and the high-stakes appointment of Demna Gvasalia as Gucci's new Artistic Director. It includes a critical analysis of the AI-generated teaser campaign for the Primavera show (Milan, February 2026), developing the argument that the fundamental question for luxury is not whether to use AI, but whether the governance exists to use it without destroying brand authority.

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.

This report maps, case by case, how the leading luxury brands and groups are deploying artificial intelligence, and articulates the distinction the sector has not yet formalised: AI as a backstage tool versus AI as a public-facing brand deliverable. Covering fourteen brands, five conglomerate frameworks, and 36 specialist sources, it includes the Gucci/Demna AI campaign controversy as the sector's most consequential governance failure to date.