Kering lifts 2026 store-closure target to at least 125

Kering raised its 2026 objective to at least 125 net store closures, up from 100, after reporting 105 net closures in the first nine months. The French luxury group reported third-quarter revenue of €3.345 billion, down 1% on a comparable basis from a year earlier. Gucci revenue was €1.291 billion, down 6% on that basis.

The group’s comparable-revenue decline was smaller than a year earlier: it eased from 5% in the third quarter of 2025 to 1% in the third quarter of 2026. Gucci’s comparable decline eased from 14% to 6%. These are year-over-year comparisons, not changes from the immediately preceding quarter.

Jewelry and eyewear grew as fashion revenue fell i

The figures show different directions across Kering’s businesses: Jewelry and Eyewear grew on a comparable basis, while Fashion & Leather Goods, which includes Gucci, declined. Directly operated retail sales, including e-commerce, fell 3% comparably; Wholesale and Other revenue rose 3%.

Kering attributed Gucci’s performance to a more demanding comparison base and a less pronounced newness effect. The company said lower traffic remained the main constraint, particularly in Asia Pacific, including Mainland China, and Japan. Those are Kering’s explanations for the results.

The revised target means at least 20 more net closures i

Kering reported 128 store closures and 23 openings in the first nine months, producing a net reduction of 105 stores. Reaching a minimum of 125 net closures for the year therefore requires at least 20 additional net closures. That does not necessarily mean exactly 20 more stores will close: any further openings would also affect the net total.

Kering reported first-nine-month revenue of €10.565 billion, down 2% as reported and stable on a comparable basis. It reiterated an objective of improving recurring operating margin in 2026, but gave no full-year revenue-growth forecast. The company did not identify locations for further closures or quantify related employment effects.

Reuters reported that Kering shares fell 16% as trading neared its close on October 23. The report did not establish that the quarterly results alone caused the decline.