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French luxury goods conglomerate owning Gucci, Saint Laurent, Bottega Veneta and other fashion houses.
French luxury goods conglomerate owning Gucci, Saint Laurent, Bottega Veneta and other fashion houses.
Sells its own brands' handbags, shoes and clothing mostly through stores it owns, so what customers pay is set by the brand, and Gucci is the largest by a wide margin. The Pinault family controls the group through its holding company Artemis, and a new chief executive arrived in 2025 to attempt a turnaround.
Moat: wide (brand, IP / patents, distribution). Portfolio of heritage luxury fashion houses with strong brand equity and global retail distribution.
Headquarters: Paris, France · Founded: 1963 · Employees: 43,731
Size Kering (KER.PA) is a France Consumer Staples company (Consumer Sundries) with a market value of $25.7B, the 28th largest of 206 France companies the cockpit tracks. Shares closed at €187.20 on 6 Nov 2026.
Performance Over six months the shares fell 23.4%, against +1.8% for the median peer and -0.4% for the France market (cap-weighted) — lowest of 7 in its peer set.
Growth Revenue fell 9.2% over the last twelve months (peer median +3.0%); the operating margin is 11.1% (peer median 9.7%).
Valuation It trades at 30.9× forward earnings against a peer median of 15.6× (2nd most expensive of 6).
Price implies For today's price to make sense, revenue must grow about 12% a year for seven years (Req g). Recent delivered growth is +2%, so the hurdle is +10 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 4.7 points below its cost of capital (9.3% WACC).
Credit Kering has 14 bonds outstanding ($11.6B), rated BBB+ by the agencies and trading like A at a weighted spread of 90 bp.
Next results Next results expected around 17 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €14.3B | €14.7B | €16.9B | €19.6B | €20.4B |
| Revenue growth | — | -13% | -14% | -4% | — |
| Gross profit | €10.3B | €10.7B | €12.4B | €14.9B | €15.2B |
| EBITDA | €3.60B | €3.67B | €4.55B | €6.57B | €7.25B |
| Net income | -€213M | €72.0M | €1.13B | €2.98B | €3.61B |
| Free cash flow | €2.83B | €1.93B | €1.16B | €1.86B | €3.20B |
| Capital expenditure | €569M | €830M | €3.31B | €2.61B | €1.07B |
| Total debt | n/a | €18.6B | €20.1B | €17.8B | €11.9B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Kering KER.PA | $25.7B | -23% | -9% | 11% | 30.9× | 12.2% |
| LVMH Moet Hennessy Louis Vuitton MC.PA | $226B | -11% | -4% | 22% | 18.6× | 10.2% |
| Compagnie Financiere Richemont CFR.SW | $122B | +10% | +2% | 21% | 24.8× | 10.5% |
| Hermes International SCA RMS.PA | $160B | -14% | +3% | 42% | 30.9× | 17.9% |
| Moncler MONC.MI | $13.8B | -11% | +3% | 29% | 19.5× | 10.8% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | KER.PA | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -9.4% | +6.5% | lowest of 7 |
| 6-month return | -23.4% | +1.8% | lowest of 7 |
| Distance from 52-week high | -42.5% | -19.0% | lowest of 7 |
| Revenue growth (TTM) | -9.2% | +3.0% | lowest of 7 |
| Operating margin | 11.1% | 9.7% | 3rd highest of 7 |
| Forward P/E | 30.9× | 15.6× | 2nd most expensive of 6 |
| Growth the price implies (Req g, 7 yrs) | 12.2% | -3.4% | 2nd most demanding of 7 |
| Growth delivered (Del g) | +2.3% | +13.2% | lowest of 7 |
| Hurdle (Req g minus delivered) | +9.9 pp | -14.7 pp | 2nd most demanding of 7 |
| ROIC minus cost of capital | -4.7 pp | +4.7 pp | lowest of 7 |
| EV / EBITDA | 9.2× | 7.9× | 2nd most expensive of 5 |
| Net debt / EBITDA | 2.6× | 1.0× | most indebted of 5 |
| Bond spread | 90 bp | n/a | — |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Kering KER.PA | France | $25.7B | -23% | -9% | 11% | 30.9× | 12.2% | +2.3% |
| Prada 1913.HK | Hong Kong | $13.1B | +1% | +15% | 20% | 15.6× | -6.4% | +18.6% |
| Christian Dior CDI.PA | France | $89.3B | +2% | -4% | 22% | n/a | -0.3% | +12.6% |
| Shanghai M&G Stationery 603899.SS | China | $3.21B | -4% | +5% | 6% | 15.6× | -2.8% | +13.8% |
| Central Garden & Pet CENT | United States | $2.64B | +25% | -1% | 9% | 16.0× | -4.0% | +3.0% |
| Welspun Living WELSPUNLIV.NS | India | $2.41B | +82% | +5% | 8% | 35.5× | 32.4% | +5.0% |
| Anhui Korrun 300577.SZ | China | $678M | -11% | +1% | 10% | 12.1× | -4.3% | +20.3% |
Kering has 14 bonds outstanding with $11.6B face value. The agencies rate it BBB+; its bonds trade like A. Weighted yield 4.16%, a spread of 90 bp over government bonds.