Kering

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Template:Short description Template:Use dmy dates Script error: No such module "Infobox".Template:Template otherScript error: No such module "Check for conflicting parameters".Script error: No such module "Check for unknown parameters". Kering S.A. (Script error: No such module "IPA".) is a French multinational holding company specializing in luxury goods, headquartered in Paris. It owns the brands Yves Saint Laurent, Gucci, Balenciaga, Bottega Veneta, Creed, Maui Jim, and Alexander McQueen.

The timber-trading company Pinault S.A. was founded in 1962, by François Pinault. After the company was quoted on Euronext Paris in 1988, it became the retail conglomerate Pinault-Printemps-Redoute (PPR) in 1994. The luxury group was rebranded Kering in 2013. It has been a constituent of the CAC 40 since 1995. François-Henri Pinault has been President and CEO of Kering since 2005. In 2024, the group's revenue reached €17.2 billion.

History

Timber (1962-1988)

Template:Main article In 1962, François Pinault opened the Établissements Pinault in Brittany (France) specialized in timber trading with a 100,000 francs loan from the bank.[1] His business grew rapidly by acquiring many failing local timber operations and building its own import bridges, turning Pinault S.A. into a leading timber trader in France in the 1980s. By 1988, the group owned 180 companies and 33 factories for an annual revenue of 10 billion francs.[2]

Retail (1988-2013)

In 1988, Pinault S.A. was listed on the Paris Stock Exchange and started an era of growth in the retail sector through major acquisitions.[1] In 1989, Pinault S.A. purchased 20% of CFAO, a French distribution conglomerate active throughout Africa. In 1990, Pinault S.A. and CFAO merged, and François Pinault became head of the newly formed group which acquired Conforama (French furniture retailer) in 1991, Printemps (department stores in France) in 1992, which also owned 54% of La Redoute (French mail-order shopping retailer), and Fnac (French bookstore, multimedia and electronics retailer) in 1994. The group was renamed Pinault-Printemps-Redoute in 1994.[1]

In 1999, Pinault-Printemps-Redoute purchased a controlling 42% stake of the Gucci group for $3 billion and 100% of Yves Saint Laurent.[3][4][5] Those investments marked the cornerstone of the group's shift towards luxury. Through Gucci, Pinault-Printemps-Redoute acquired Boucheron in 2000,[6] Bottega Veneta in 2001,[7] Balenciaga in 2001,[8] and signed partnerships with Alexander McQueen[9] and Stella McCartney.[10]

In 2003, François-Henri Pinault, son of the founder François Pinault, became general manager of Artémis, the family holding company that controlled Pinault-Printemps-Redoute. In 2005, he was named president and CEO of Pinault-Printemps-Redoute,[11] a year after the group had reached a 99.4% ownership of Gucci.[12] The group continued acquiring luxury brands: Sowind Group (watch company owner of Girard-Perregaux)[13] and Brioni (Italian tailor) in 2011,[14] Pomellato Group (jewelry company owner of Pomellato and Dodo)[15] and Qeelin (jewelry) in 2012,[16] Christopher Kane (British fashion house)[17] and Richard Ginori (porcelain) in 2013,[18] Ulysse Nardin (watches) in 2014.[19] The group also sold its retail assets: Le Printemps in 2006,[20] Conforama in 2011,[21] CFAO in 2012,[22] Fnac in 2012, and La Redoute in 2013.[23] PPR developed a Sport & Lifestyle portfolio with the acquisition of Puma in 2007,[11] Cobra Golf in 2010,[24] and Volcom in 2011,[25] all of which were sold the following decade.[26]

Luxury (since 2013)

In March 2013, PPR changed its name to Kering.[27] The leather-weaver Bottega Veneta was transformed into a "quiet luxury" icon, hitting the billion-dollar mark in sales in 2012.[28] In 2014, Kering created its own eyewear production arm, Kering Eyewear, growing its revenue to 1.5 billion euros in 2023, and acquired the eyewear brands Lindberg in 2021[29] and Maui Jim in 2022.[30] The traditional Balenciaga house was turned into a disruptive fashion house[31] and Yves Saint Laurent hit the 2-billion dollar sales mark in 2019.[32] However, from 2015 to 2022, the group's revenue was essentially driven by Gucci's year-on-year high performance, hitting the 10-billion dollars sales mark in 2022.[33] The group divested its interests in Stella McCartney in 2018,[34] Christopher Kane in 2019,[35] and its entire watch division (Girard-Perregaux and Ulysse Nardin) in 2022.[36]

In 2023, Kering's annual results declined to 19.6 billion (-4%), mainly caused by the deceleration of Gucci's streak, a transition phase according to the group's executives.[37] That same year, Kering acquired the fragrance company Creed,[38] 30% of the fashion house Valentino,[39] and Kering Beauté was launched to manage in-house the development of beauty products for the group's brands.[40] In June 2025, Kering appointed Luca de Meo as the group's new CEO beginning in September 2025, replacing François-Henri Pinault who will remain Chairman of Kering.[41][42]

Activities

Kering's headquarters are located in the former Hopital Laennec in the 7th arrondissement of Paris. The parent holding company of Kering is Groupe Artémis. In 2024, Kering made 17.2 billion euros in revenue, and managed 47,000 employees and 1,813 stores.[43]

Kering fully or partially owns the following brands:

Brand Acquisition Year Country
Gucci 1999[3] File:Flag of Italy.svg Italy
Yves Saint Laurent 1999[4] File:Flag of France.svg France
Boucheron 2000[6] File:Flag of France.svg France
Bottega Veneta 2001[7] File:Flag of Italy.svg Italy
Balenciaga 2001[8] File:Flag of Spain.svg Spain
Alexander McQueen 2001[9] File:Flag of the United Kingdom.svg United Kingdom
Brioni 2011[14] File:Flag of Italy.svg Italy
Qeelin 2012[16] File:Flag of the People's Republic of China.svg China
Pomellato 2012[15] File:Flag of Italy.svg Italy
Dodo 2012[15] File:Flag of Italy.svg Italy
Ginori 1735

(formerly Richard Ginori)

2013[18] File:Flag of Italy.svg Italy
Lindberg 2021[29] File:Flag of Denmark.svg Denmark
Maui Jim 2022[30] File:Flag of the United States.svg United States
Creed 2023[38] File:Flag of the United Kingdom.svg United Kingdom
Valentino (30%) 2023[39] File:Flag of Italy.svg Italy

Kering also owns Kering Eyewear (luxury eyewear production arm)[44] and Kering Beauté (cosmetics division).[40]

Governance

Financial data

Results (in € millions)
Year 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2023 2024
Sales 17 931 17 761 20 201 16 525 11 008 12 227 9 736 9 748 10 037 11 584 12 385 15 478 13 665.2 15 883.3 13 100.2 19 566 17 194
Net results 680 1 058 924 985 965 986 1 048 50 528.9 696 814 1 786 3 714.9 3 211.5 1 972.2 2 983 1 133

Commitments

The Kering Foundation was created in 2008 to combat violence against women. Kering was one of the first companies to endorse the Women's Empowerment Principles of the UN Women.[45] In 2015, Kering became an official partner of the Cannes Film Festival and launched the diversity program Women in Motion[46] which was extended to the Rencontres d'Arles photography festival[47] and the Tokyo Film Festival in 2019.[48] In 2015, the group also released the environmental profit and loss account (EP&L).[49] Kering launched the Regenerative Fund for Nature in 2021 to finance the transition to regenerative farming practices[50] and the Climate Fund for Nature in 2022 to finance nature conservation and restoration initiatives.[51] In 2021, Kering announced that all of its fashion brands would phase out fur by the end of 2022.[52] In 2023, the Kering Foundation and the National Children's Alliance (NCA) launched a partnership as part of a program supporting children's mental health.[53][54][55] This initiative followed the scandal surrounding the Balenciaga advertising campaign involving children [56] in 2022.

See also

References

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  7. ↑ a b Script error: No such module "citation/CS1".
  8. ↑ a b Script error: No such module "citation/CS1".
  9. ↑ a b Script error: No such module "citation/CS1".
  10. ↑ Script error: No such module "citation/CS1".
  11. ↑ a b Script error: No such module "citation/CS1".
  12. ↑ Script error: No such module "citation/CS1".
  13. ↑ Script error: No such module "citation/CS1".
  14. ↑ a b Script error: No such module "citation/CS1".
  15. ↑ a b c Script error: No such module "citation/CS1".
  16. ↑ a b Script error: No such module "citation/CS1".
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  20. ↑ Script error: No such module "citation/CS1".
  21. ↑ Script error: No such module "citation/CS1".
  22. ↑ Script error: No such module "citation/CS1".
  23. ↑ PPR says in talks to sell La Redoute by year-end
  24. ↑ Script error: No such module "citation/CS1".
  25. ↑ Script error: No such module "citation/CS1".
  26. ↑ Script error: No such module "citation/CS1".
  27. ↑ Script error: No such module "citation/CS1".
  28. ↑ Script error: No such module "citation/CS1".
  29. ↑ a b Script error: No such module "citation/CS1".
  30. ↑ a b Script error: No such module "citation/CS1".
  31. ↑ Script error: No such module "citation/CS1".
  32. ↑ Script error: No such module "citation/CS1".
  33. ↑ Script error: No such module "citation/CS1".
  34. ↑ Script error: No such module "citation/CS1".
  35. ↑ Script error: No such module "citation/CS1".
  36. ↑ Sudip Kar-Gupta, Mimosa Spencer and Silke Koltrowitz, Luxury goods group Kering to sell watches division, Reuters.com, 24 January 2022
  37. ↑ Script error: No such module "citation/CS1".
  38. ↑ a b Script error: No such module "citation/CS1".
  39. ↑ a b Script error: No such module "citation/CS1".
  40. ↑ a b Script error: No such module "citation/CS1".
  41. ↑ Script error: No such module "citation/CS1".
  42. ↑ Script error: No such module "citation/CS1".
  43. ↑ Cite error: Script error: No such module "Namespace detect".Script error: No such module "Namespace detect".
  44. ↑ Script error: No such module "citation/CS1".
  45. ↑ Script error: No such module "citation/CS1".
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  47. ↑ Script error: No such module "citation/CS1".
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  50. ↑ Script error: No such module "citation/CS1".
  51. ↑ Script error: No such module "citation/CS1".
  52. ↑ Script error: No such module "citation/CS1".
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  54. ↑ Script error: No such module "citation/CS1".
  55. ↑ Script error: No such module "citation/CS1".
  56. ↑ Script error: No such module "citation/CS1".

External links

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