KERING

What you will find inside:

1. Why the 12.8% margin is not the +40bps the headline claims: two 2025 bases, a gross margin down 1.1pts, and the difference between cost discipline and pricing power.

2. How Gucci narrowed to -2% with 19 fewer stores and 13% fewer people, and why desire per door, not reach, is the measure that separates a pulse from a turn.

3. The €4bn earmark the release does not headline: where the Valentino commitment sits, why it stays outside net debt, and what it quietly does to €4.7bn of deleveraging.

4. The October reading, when the new offer stops being a minority of the assortment and the 2025 base stops flattering, and the strategic read on what to price before the applause.