Kering stock sinks 12% as Gucci sales keep falling
The move
Kering reported third-quarter 2026 revenue of 3.35 billion euros on Oct. 22, roughly flat and in line with estimates, but sales at its largest brand, Gucci, fell 6% on a comparable basis, with Gucci's retail sales down 9%; shares slid in early trading as investors weighed the cost and pace of the Gucci turnaround.
Why it matters
Gucci drives most of Kering's profit, so another quarter of weak sales there raises doubts about the pace of the turnaround Pinault's family is counting on.
The bear case
Kering's jewelry and eyewear divisions grew strongly, so the group isn't shrinking everywhere, and management said October trends were in line with the quarter.
What to watch
Kering's full-year 2026 results and any update on Gucci's turnaround plan.