Kering
ReconKering, 2026 to 2030
True Luxury is our mission, and Next Luxury is our horizon
ReconKering
Kering’s revenue fell 13% in 2025, to €14.7 billion, and its recurring operating margin to 11.1%, from 14.5%. In April 2026 its chief executive, Luca de Meo, presented ReconKering, a plan to reignite desirability, reinforce operational excellence, and lead the next era of luxury, in three phases: reset by the end of 2026, rebuild by the end of 2028, and reclaim by the end of 2030.
Reignite desirability
Brand strategies that put desirability first, for each House.
- IGucciRefocus Gucci on what makes it unmistakably Gucci, reshaping its products from leather goods to ready-to-wear, shoes, and jewellery.
- IISaint Laurent and Bottega VenetaWiden Saint Laurent’s daywear and men’s offer with a focus on Asia, and take Bottega Veneta beyond leather goods into a full wardrobe.
- IIIMeasuring desirabilityTrack each House’s desirability with a framework built with an external institution, on visibility, appeal, and image strength.
28 July 2026Gucci’s store sales improved by 7 points in the second quarter of 2026 on the first, though its revenue was still down 2% on a comparable basis.
28 July 2026Saint Laurent returned to growth in the first half of 2026, and Bottega Veneta outperformed again.
28 July 2026Gucci’s recurring operating margin rose a point, to 17.0%, in the first half.
Kering aims to more than double its 2025 recurring operating margin in the mid-term
The margin was 11.1% in 2025 and 12.8% in the first half of 2026. Kering also aims for a return on capital employed above 20%, reinvests 5–6% of revenue, and pays out about half of recurring net income. The plan runs in three phases to the end of 2030.,,
Reset
By year-end 2026
A structural reset of financial discipline, operational efficiency, and strategic clarity, while the Houses reignite desirability.
- 84 of 100 store closures planned for 2026 made by June
- Kering Beauté sold to L’Oréal for €4.0 billion
- Net debt down from €8.0 billion to €3.3 billion
Rebuild
By year-end 2028
Renewed, sustainable growth, with the Group platform fully working and improvements in profitability and returns.
Reclaim
By year-end 2030
Leadership regained as the reference player in Next Luxury.
The walk is drawn to time, from the Capital Markets Day in April 2026; the lit part runs to the first-half results.
Kering’s jewellery grew 20% in the first half of 2026 while Gucci’s revenue fell 5%
Changes are on a comparable basis. Gucci is still Kering’s largest House, with €2.8 billion of revenue in the half, and its store sales improved through the half. Eyewear grew 8%.
Each bag’s face is as large in area as the half-year’s revenue. 2025 figures are restated without Kering Beauté; the other fashion Houses are worked out as the Fashion and Leather Goods segment less Gucci.
Date the phases, not only the end.
ReconKering runs in three named phases, each with a date: reset by the end of 2026, rebuild by the end of 2028, and reclaim by the end of 2030. We recommend splitting a long turnaround into phases with deadlines, so that people know which job comes first and can see when one stage is finished.
Measure the thing you most need to change.
Kering’s first financial ambition is not a sales figure but desirability, tracked for each House through a framework built with an outside institution on visibility, appeal, and image strength. We recommend finding a way to measure the cause a plan depends on, not only the results that follow from it, because results arrive too late to steer by.
Share what scale helps, keep what makes each brand different.
Kering’s Group platform pools industry, client data, technology, sustainability, and support functions across its Houses, while each House keeps its own creative direction. We recommend deciding explicitly which work a group does once for everyone and which each business must keep for itself.
Sources
- 1. Kering SA (2026). 2025 results: Sequential improvement, unlocking the next phase of sustainable & profitable growth. Results statement, 10 February 2026. globenewswire.com
- 2. Kering SA (2026). Capital Markets Day: Kering unveils its strategic vision. Press release, 16 April 2026. globenewswire.com
- 3. Kering SA (2026). 2026 First-half results: back to growth, performance improvement & strategy execution on track. Results statement, 28 July 2026. globenewswire.com
Headwater is not connected with Kering SA. Kering, Gucci, Saint Laurent, Bottega Veneta, Balenciaga, McQueen, Brioni, Boucheron, Pomellato, DoDo, Qeelin, and Ginori 1735 are trade marks of their owners. Updated 5 October 2026.