Kering

History

Timber (1962-1988)

Main article: François Pinault

In 1962, François Pinault opened the Établissements Pinault in Brittany (France) specialized in timber trading with a 100,000-franc loan from the bank. His business grew rapidly by acquiring many 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.

Retail (1988-2013)

In 1988, Pinault S.A. was listed on the Paris Stock Exchange and started a new period of growth in the retail sector through major acquisitions. 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 (French department stores) 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.

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

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, a year after the group had reached a 99.4% ownership of Gucci. The group continued acquiring luxury brands: Sowind Group (watch company owner of Girard-Perregaux) and Brioni (Italian tailor) in 2011 ; Pomellato Group (jewelry company owner of Pomellato and Dodo) and Qeelin (jewelry) in 2012 ; Christopher Kane (British fashion house) and Richard Ginori (porcelain) in 2013 ; Ulysse Nardin (watches) in 2014. The group also sold its retail assets: Le Printemps in 2006 ; Conforama in 2011 ; CFAO in 2012 ; Fnac in 2012 ; La Redoute in 2013. PPR developed a 'sport & lifestyle' portfolio with the acquisition of Puma in 2007, Cobra Golf in 2010, and Volcom in 2011, all of which were sold the following decade.

Luxury (since 2013)

In March 2013, PPR changed its name to Kering. Bottega Veneta hit the billion-dollar sales mark in 2012. In 2014, Kering created its own eyewear production arm, Kering Eyewear (1.5 billion euros revenue in 2023), and acquired the eyewear brands Lindberg in 2021 and Maui Jim in 2022. Balenciaga was turned into a disruptive fashion house and Yves Saint Laurent hit the 2-billion dollar sales mark in 2019. From 2015 to 2022, the group's revenue was essentially driven by Gucci's year-on-year high performance, the latter hitting the 10-billion dollars sales mark in 2022. The group divested its interests in Stella McCartney in 2018, Christopher Kane in 2019, and its watch division (Girard-Perregaux and Ulysse Nardin) in 2022. Since 2015, Kering has been hosting the program Women in Motion in partnership with the Cannes Festival to highlight and reward women's contribution to cinema, a program that was extended to the Rencontres d’Arles photography festival in 2019.

In 2023, Kering's annual results declined to 19.6 billion (-4%), mainly caused by the deceleration of Gucci's streak. That same year, Kering acquired the fragrance company Creed, 30% of the fashion house Valentino, and Kering Beauté was launched to manage in-house the development of beauty products for the group's brands. In 2025, Luca de Meo was appointed CEO to give a new impetus to the luxury group. One of his priority focus was to address the group's financial dependency on Gucci. In October 2025, Kering sold its beauty division, which includes Creed, to L'Oréal in a deal that values the segment at approximately $4 billion.

Activities

Kering's headquarters are located in the former Hôpital 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.

Kering fully or partially owns the following brands:

Kering also owns Kering Eyewear (luxury eyewear production arm) and Kering Beauté (cosmetics division).

Governance

• Chairman: François-Henri Pinault (since 2005)
• CEO: Luca de Meo (since 2025)

Financial data

References

References

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2. "Kering". Euronext Paris.
3. [https://www.globenewswire.com/news-release/2025/02/11/3023901/0/en/Kering-Press-release-2024-Annual-Results.html 2024 annual results], 11 February 2025.
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5. Guardian Staff. (1999-04-03). "From timber merchant to corporate axeman". The Guardian.
6. (20 March 1999). "Gucci Group Agrees to Sell 40% Stake to French Retailer".
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8. (27 May 1999). "Gucci fades on court ruling".
9. (2000-05-24). "GUCCI BUYS AGAIN: DEAL FOR BOUCHERON BOOSTS JEWELRY UNIT".
10. (2001-02-08). "GUCCI STRIKES AGAIN: BUYS MAJORITY SHARE OF BOTTEGA VENETA".
11. Finch, Julia. (2001-07-07). "Gucci liked the designer so much it bought Balenciaga". The Guardian.
12. Bellafante, Ginia. (2000-12-05). "Gucci secures a deal with Alexander McQueen". The New York Times.
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16. (2011-07-05). "PPR becomes majority shareholder of Sowind Group". Reuters.
17. Christina Passariello. (8 November 2011). "PPR Buys Menswear Brand Brioni".
18. Luisa Zargani, Miles Socha. (24 April 2013). "Kering Acquires Pomellato".
19. (9 December 2012). "PPR acquires majority stake in Chinese Qeelin".
20. Ella Alexander. (15 January 2013). "PPR Buys Majority Stake In Christopher Kane".
21. Elizabeth Doerr. (30 July 2014). "Kering (Previously PPR, Gucci Group) Acquires Ulysse Nardin".
22. Sara Gay Forden, Jacqueline Simmons. (20 June 2006). "As sales fall, PPR works to unload Printemps".
23. (9 December 2010). "PPR Looks to Sell Conforama".
24. (26 July 2012). "Toyota Tsusho to buy PPR stake in CFAO".
25. (2013-06-18). "PPR says in talks to sell La Redoute by year-end". Reuters.
26. (10 May 2010). "Puma acquires Cobra Golf and announces becoming Cobra-Puma Golf".
27. Chris V. Nicholson. (2 May 2011). "PPR to Buy Volcom, a Sportswear Maker".
28. Beth Wright. (16 May 2018). "Kering officially spins off Puma".
29. Jolly, David. (22 March 2013). "PPR to Show Breton Roots With Rebranding as Kering".
30. Zargani, Luisa. (2013-02-22). "Sales, Profits Up at Bottega Veneta in 2012".
31. Zargani, Luisa. (2024-02-09). "Kering Eyewear 2023 Sales Reach 1.5B Euros".
32. Mira, Nicola. (July 9, 2021). "Kering Eyewear buys 100% stake in Danish brand Lindberg".
33. (2022-03-14). "Kering Eyewear acquires Hawaiian eyewear brand Maui Jim".
34. Jess Cartner-Morley. (2 October 2016). "Demna Gvasalia reinvigorates Balenciaga with strategic disrespect".
35. Guyot, Olivier. (17 February 2020). "Saint Laurent franchit la barre des 2 milliards d'euros".
36. Garnier, Juliette. (2023-09-22). "After undergoing intense reinvention, Gucci searches hard for a second coming". Le Monde.fr.
37. Ben Stevens. (29 March 2018). "Kering offloads entire stake in Stella McCartney".
38. Agnew, Harriet. (2018-06-21). "Christopher Kane in talks to buy back brand from Kering".
39. Sudip Kar-Gupta, Mimosa Spencer and Silke Koltrowitz, [https://www.reuters.com/world/europe/luxury-goods-group-kering-sell-girard-perregaux-ulysse-nardin-divisions-2022-01-24/ Luxury goods group Kering to sell watches division], ''Reuters.com'', 24 January 2022
40. (22 May 2025). "Inside Kering’s 10-year partnership with Cannes Film Festival".
41. Diderich, Joelle. (2019-03-13). "Kering Partners With Rencontres d’Arles Photography Festival".
42. Danziger, Pamela N.. "Trouble In The House Of Gucci: Kering Struggles To Revive The Brand's Sparkle".
43. (2023-07-09). "Kering paid €3.5bn for fragrance company Creed".
44. Guilbault, Laure. (2023-02-03). "Kering enters beauty with new entity led by former Estée Lauder exec".
45. Guilbault, Laure. (2025-09-09). "Kering’s Luca de Meo era begins".
46. Elizabeth Paton. (16 June 2025). "French Luxury Giant Kering Taps Auto Executive as Its New Leader". The New York Times.
47. Klasa, Adrienne. (19 November 2025). "Kering must kick Gucci habit, chief Luca de Meo tells staff".
48. Kostov, Ben Dummett, Lauren Thomas and Nick. (2025-10-18). "Exclusive {{!}} Gucci Owner Kering Nears $4 Billion Sale of Beauty Unit to L’Oréal".
49. (2013-04-05). "Gucci offers to buy Richard Ginori porcelain maker for 13 million euros". Reuters.
50. (28 July 2023). "Kering acquisisce il 30% di Valentino per 1,7 miliardi di euro". ilsole24ore.com.