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.

The global personal luxury goods market closed 2025 at an estimated €358 billion, down approximately 2% from 2024. Behind that number: the industry lost roughly 60 million active consumers since 2022. This report analyses the structural conditions driving that contraction across twelve dimensions. The central conclusion is that this is not a cyclical correction. It is a structural inflection point.