Kering’s profit collapses, especially Gucci weighing

The group of luxury goods Kering has announced a drop of 12% of sales and a 62% collapse of the net profit in 2024, still weighed down by its Punta Gucci brand which recently announced the end of the collaboration with the Its creative director, the stylist Saturday De Sarno.

“Our efforts must remain supported and we are confident of having brought Kering to a stabilization point, from which we will gradually resume our growth trajectory,” said CEO Francois-Henri Pinault, mentioned in the press release. The turnover was 17.19 billion euros and the net profit of 1.13 billion euros.

“Focusing on what we can control, we made the decisions necessary to improve our situation, gradually restore Gucci’s health and face the challenges and problems that our homes and the group face,” said CEO Francois -Henri Pinault presenting the results to analysts.

“We are certainly still far from the lens that we have set ourselves, but we are convinced that we have reached an inflexion point and that, after a year of stabilization in 2025, we will gradually return to a trajectory of stable and increasingly profitable growth”, has. Added. Sales collapsed by 12% in 2024 to 17.19 billion euros, while net profit stood at 1.13 billion euros. The current operating margin was 14.9%, compared to 24.3% of 2023. Sales of the Gucci brand only dropped by 23% to 7.65 billion euros in 2024.