Is Gucci Worth Anything? Kering's Numbers in 2026 and What to Expect from the Capital Markets Day

On April 16, 2026, Kering holds its Capital Markets Day. It is the most anticipated presentation in European luxury. Not because Kering is the largest group. Because it is the one with the most urgent problem to explain

Gucci, the brand that generates over 50% of the group's revenue, lost 22% of sales in 2025. That is three consecutive years of contraction. And Demna, the creative director who arrived from Balenciaga in July 2025 to reverse the situation, presented his first collection only in February 2026.

Investors have six weeks to prepare. Weshmind Journal breaks down what to watch.

Kering's 2025 Numbers: A Difficult Picture

Kering closed 2025 with total revenues of €14.67 billion, down 13% year over year. That is the third consecutive year of decline after the peak of €20.4 billion in 2022.

The breakdown by brand tells very different stories.

Gucci generated €5.99 billion, a 22% year-over-year decline. For context: in 2023, Gucci was worth €9.8 billion. In two years, the brand lost nearly €4 billion in revenue equivalent to the entire turnover of a mid-size luxury group.

Saint Laurent held up better, with revenues of around €2.8 billion, a contained 7% decline. Anthony Vaccarello's brand maintains one of the most coherent identities in the Kering portfolio.

Bottega Veneta recorded a 5% decline to approximately €1.7 billion. The brand still suffers in comparison to the Matthieu Blazy era, who moved to Chanel in 2024.

Balenciaga does not publish separate figures, but industry estimates suggest a partial recovery after the reputational crisis of 2022–2023.

The Restructuring Plan: What Kering Has Already Done

Faced with Gucci's collapse, Kering launched a restructuring plan with three main elements.

The first is distribution network reduction. The group announced the closure of 175 stores worldwide, focusing on underperforming locations. The goal: increase revenue per square foot and shift from a volume model to an exclusivity model.

The second is the creative overhaul. The departure of Sabato De Sarno who arrived from Valentino in 2023 and stayed only eighteen months and the arrival of Demna represent Gucci's second creative bet in less than three years. Every creative director change typically takes four to six seasons to impact revenue. With the Capital Markets Day in April, Kering must explain to investors why this time will be different.

The third is operational cost reduction. Kering announced a €300 million annual efficiency program, with cuts to corporate headcount and group central functions.

Demna at Gucci: The First Collection and Market Signals

Demna's debut collection for Gucci, presented in February 2026, divided critics and analysts.

Creatively, the stylistic choice was a sharp break from the De Sarno era. Demna brought his deconstructive aesthetic, references to street culture, and a radical reworking of the house's archives. The trade press reacted with interest but also skepticism: Demna is recognizable in every collection regardless of the house he works for. The risk is that Gucci becomes Balenciaga with a G.

On the financial side, secondary market signals are encouraging. Pieces from the final De Sarno collections, which had lost resale value, have stabilized. Collectors who buy to anticipate creative direction have started accumulating key pieces from the pre-Demna era. Historically, this is a positive signal.

On the sales side, the first data will only be visible in Q2 2026 and presented in July. The April Capital Markets Day precedes these figures: Kering will present a strategy, not yet results.

Five Things to Watch at the April 16 Capital Markets Day

For anyone following Kering as an investor or luxury professional, the April 16 Capital Markets Day is the most important event of the year. Five points to monitor closely.

The first is the growth target for Gucci in 2026 and 2027. Kering needs to give investors a credible number. Too optimistic, and it loses credibility when real data arrive. Too conservative, and the stock suffers.

The second is the client retention plan. Gucci has lost millions of clients over three years. Not all will return. But Kering must show it knows how many it has lost, why, and how it plans to recover a share of them.

The third is the capital allocation model. With net debt rising and dividends under pressure, Kering must clarify priorities: debt reduction, brand investment, or dividend maintenance?

The fourth is the plan for Saint Laurent. The brand is the most solid in the portfolio but has not yet received the investment required for the next growth step. How is it positioned in the new group scenario?

The fifth is the turnaround timeline communication. Investors accept a crisis. They do not accept uncertainty about duration. Kering must provide a credible roadmap even a conservative one.

Kering vs LVMH: What Separates the Two Groups

The comparison between Kering and LVMH in 2025 is almost uncomfortable. LVMH closed the year with revenues of €85.7 billion, up 2% despite a difficult environment. Kering lost 13%.

The structural difference between the two groups explains much of this divergence.

LVMH is a group of 75 brands, with extreme diversification across fashion, wine, jewelry, cosmetics, and retail. When one sector suffers, others compensate.

Kering is a group of six to seven principal brands, with excessive concentration on Gucci — which at peak contributed 65–70% of group revenue. This concentration was an advantage during Alessandro Michele's golden years. It has become a systemic risk as Gucci lost momentum.

The Capital Markets Day must implicitly answer this question: will Kering remain a concentrated group betting on the Gucci turnaround, or will it pursue new acquisitions to diversify?

Frequently Asked Questions

Is Kering a good investment in 2026?

Kering stock (KER.PA) has lost over 50% from its all-time high. At current price levels, the market is already pricing in a scenario of prolonged difficulty. Those who believe in the Gucci turnaround see a contrarian investment opportunity. Those who fear the turnaround will take longer than expected consider the stock still risky. Weshmind Journal does not provide financial advice: consult a qualified professional.

When will Gucci return to growth?

Analyst consensus does not expect Gucci to return to growth before 2027. Demna debuted in February 2026: first collections impact revenues with a 12–18 month lag from debut. Real turnaround data will be visible in the second half of 2027.

What is Kering's Capital Markets Day?

It is a strategic presentation to financial markets in which group management outlines priorities and targets for the coming years. The next one is scheduled for April 16, 2026. It is Kering's first Capital Markets Day after three consecutive years of revenue contraction and represents a critical moment for management credibility with investors.