Gucci sales fall 6%, more than analysts forecast
Weak demand in mainland China and Japan weighed on Kering’s largest brand, and the group’s shares fell 10.7% in early Paris trading.
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Weak demand in mainland China and Japan weighed on Kering’s largest brand, and the group’s shares fell 10.7% in early Paris trading.
Gucci’s third-quarter revenue fell 6%, against analysts’ forecast decline of 2.8%, according to Financial Times reporting carried by CNA on October 23. The report attributed the fall to weak demand in mainland China and Japan. Gucci is Kering’s largest brand by both sales and profits, making its performance central to the luxury group’s recovery.
Kering had returned to growth in the preceding quarter for the first time in three years. In the three months through September, group sales fell 1% from a year earlier on an organic basis, which excludes currency movements and changes in the businesses included in the comparison. Revenue totalled €3.3 billion, roughly in line with analysts’ expectations.
The results were released after the market closed on Thursday, October 22. Kering shares fell 10.7% in early Paris trading on October 23.
Kering said retail sales at its other brands rose 2%, excluding Gucci. The FT also reported growth in jewellery and eyewear, but those gains did not prevent an overall sales decline.
| Business | Measure | Change |
|---|---|---|
| Gucci | Revenue | −6% |
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| Organic sales |
| −1% |
| Other brands, excluding Gucci | Retail sales | +2% |
| Jewellery | Sales | +11% |
| Eyewear | Sales | +4% |
Kering retained its commitment to improve recurring operating margin—a measure of operating profit relative to sales—in 2026, while citing a more challenging economic environment affecting short-term revenue trends. The FT reported that the quarterly release did not mention Kering’s previous objective of returning to revenue growth this year.
Chief executive Luca de Meo said Gucci’s recovery remained the group’s defining priority. His restructuring includes integrating parts of production, sharpening brand identities and centralising some decisions across Kering’s brands.
Chief financial officer Armelle Poulou told analysts that closures of underperforming stores were ahead of schedule. Kering had shut 105 locations and planned to close another 20 before the end of 2026.
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