Kering's Luxury Portfolio: Gucci to Balenciaga

The Other French Luxury Giant

Gucci alone is responsible for roughly half of Kering's revenue. That single fact explains almost everything about the French luxury group's recent struggles and the decisions it is making to recover.

While LVMH dominates the headlines with Bernard Arnault's 75-plus brand portfolio, France's second luxury conglomerate quietly owns some of the most culturally influential names in fashion: Gucci, Yves Saint Laurent, Balenciaga, Bottega Veneta, and Alexander McQueen, plus fine jewelry and watchmaking houses. The group trades on Euronext Paris under ticker KER and is controlled by the Pinault family through their holding company Artémis.

In 2025, Kering reported revenues of 14.7 billion euros, down 13% from the prior year. Gucci's prolonged slowdown drove most of that decline. We tracked Kering's brand-by-brand performance across our database, and the concentrated exposure to Gucci's cycle is clearer now than at any point in the group's recent history. This guide maps every major brand in the Kering portfolio and explains exactly how the group is structured.

Kering: Company Overview

Founded: 1962 (as Pinault S.A., timber and building materials) Headquarters: Paris, France Stock Exchange: Euronext Paris: KER Founder: François Pinault CEO: François-Henri Pinault (son of founder, since 2005) 2025 Revenue: 14.7 billion euros Employees: Approximately 47,000

Kering began as a timber business in Brittany, France, founded by François Pinault. The company moved into retail in the 1990s, acquiring Fnac, Conforama, and the Printemps department store chain, then shifted into luxury in 1999 with the acquisition of Gucci Group.

François-Henri Pinault took over as CEO in 2005 and completed the transformation of Kering from a diversified retail conglomerate into a pure-play luxury goods group. Non-luxury assets were sold off throughout the 2000s and 2010s. In 2018, Kering sold its 40.9% stake in Puma, the German sportswear brand. That sale freed capital and management focus for luxury exclusively.

The Pinault family controls Kering through Artémis, their holding company, which holds approximately 42% of Kering's share capital and 58% of voting rights as of early 2026. This ownership structure is typical for European luxury groups and reduces exposure to short-term shareholder pressure.

The Fashion Houses

Gucci: The Crown Jewel Under Pressure

Gucci is Kering's largest brand by revenue and has historically been one of the most profitable luxury brands in the world. The Florentine fashion house was founded in 1921 by Guccio Gucci and has passed through several ownership transitions before becoming part of the Kering group.

Kering acquired full control of Gucci Group in 2004 after a prolonged corporate battle in the late 1990s in which Kering's predecessor, PPR, built a stake specifically to block a hostile takeover attempt by LVMH. That defensive move became one of the most consequential deals in luxury history.

Under creative director Alessandro Michele, who served from 2015 to 2022, Gucci saw revenues rise from approximately 3.9 billion euros in 2015 to a peak of 9.7 billion euros in 2022. Sabato De Sarno succeeded Michele as creative director in 2023. The transition coincided with a broader luxury slowdown in China and a consumer shift away from Gucci's maximalist aesthetic.

Gucci's 2025 revenues declined significantly from peak levels. The brand remains Kering's largest contributor, accounting for roughly 45 to 50% of group revenue. That concentration means Gucci's challenges carry an outsized weight on consolidated results. Kering has been investing in Gucci's retail network and product repositioning as part of a multi-year recovery effort.

Yves Saint Laurent: Stable Premium Performer

Yves Saint Laurent (YSL) is Kering's second-largest fashion house by revenue. The brand came to Kering as part of the Gucci Group acquisition and has been one of the group's most consistent performers. YSL 2025 revenues were approximately 2.6 billion euros, down 8% year over year, in line with the broader luxury demand contraction.

Anthony Vaccarello has served as creative director since 2016. He has positioned YSL as a more restrained, elegant counterpoint to Gucci's bolder aesthetic. The brand competes directly with Chanel and Celine at the upper tier of French luxury fashion.

Balenciaga: Controversy and Reinvention

Balenciaga was acquired by Kering in 2001 for an undisclosed sum. The Spanish fashion house, originally founded by Cristóbal Balenciaga in San Sebastián in 1919, was largely dormant commercially before Kering invested in its revival.

Under Demna Gvasalia (creative director from 2015), Balenciaga became one of the most culturally influential fashion brands in the world, known for deconstructivist designs, streetwear-influenced collections, and high-profile collaborations. The brand's 2022 advertising controversy, in which campaign images featuring children drew widespread criticism, caused significant reputational damage. Kering and Balenciaga responded with public apologies, termination of advertising partnerships, and a repositioning effort that continued through 2025.

Balenciaga's revenues fell following the controversy but the brand remains a meaningful contributor to Kering's group results. Its trajectory reflects both cultural reach and the reputational risks of consistently provocative creative strategies.

Bottega Veneta: Quiet Luxury Leader

Bottega Veneta is an Italian leather goods and fashion house acquired by Kering in 2001 for approximately $148 million. Founded in Vicenza in 1966, the brand is known for its intrecciato woven leather technique and sits at the highest tier of accessible luxury.

Under creative director Matthieu Blazy, who joined in 2021, Bottega Veneta has become the reference point for quiet luxury, a consumer preference that gained real commercial traction in 2022 and 2023. The brand carries no visible logos on most products. Craftsmanship and material quality are the signals. That positioning has produced revenue growth counter to the trend, with Bottega Veneta outperforming while other Kering brands faced headwinds.

Alexander McQueen and Others

Alexander McQueen is a British luxury fashion house acquired by Kering (then operating as PPR) in 2000. After the death of founder Alexander McQueen in 2010, Sarah Burton led the creative direction until 2023, when Seán McGirr was appointed. The brand operates in the premium fashion segment with revenues well below those of Gucci and YSL.

Brioni is an Italian menswear house acquired by Kering in 2011. The brand specializes in made-to-measure suits and represents Kering's entry into the luxury menswear segment.

Fine Jewelry and Watchmaking

Kering's jewelry and watchmaking portfolio is smaller than that of LVMH or Richemont, but it includes several brands with genuine heritage and market position.

[Boucheron](/brands/boucheron) is the oldest of Kering's jewelry houses, founded in 1858 in Paris. Kering acquired Boucheron in 2000. The brand competes with Van Cleef and Arpels and Cartier in the haute joaillerie segment.

[Pomellato](/brands/pomellato) is an Italian jewelry brand known for its colored gemstone designs and accessible luxury positioning. Kering acquired Pomellato in 2013.

[Qeelin](/brands/qeelin) is a Hong Kong-based fine jewelry brand with a focus on Chinese cultural motifs, acquired by Kering in 2012. The brand has been developed as part of Kering's strategy to strengthen presence in Chinese luxury markets.

[Ulysse Nardin](/brands/ulysse-nardin) is a Swiss watchmaking brand founded in 1846, acquired by Kering in 2014 for an undisclosed sum. The brand specializes in marine and technical timepieces.

[Girard-Perregaux](/brands/girard-perregaux) is one of the oldest Swiss watch manufacturers, founded in 1791 and acquired by Kering in 2011. The brand competes in high complication watchmaking. Kering has publicly stated plans to divest or spin off its watch brands as part of a portfolio simplification strategy. No transaction had been completed as of early 2026.

The Kering vs. LVMH Comparison

Kering and LVMH represent two structurally different bets on what a luxury portfolio should look like.

LVMH is significantly larger and more diversified. Kering's portfolio concentrates in fashion and leather goods, with limited exposure to wines and spirits, perfumes, and cosmetics. That concentration makes Kering's results more sensitive to fashion cycle shifts and to the creative performance of individual houses.

For a full side-by-side analysis of the two groups' portfolio strategies, see LVMH vs. Kering: Two Approaches to Luxury.

Kering's Financial Position in 2026

The luxury sector ran on two tracks between 2023 and 2025. Ultra-high-net-worth consumers kept spending at the absolute top of the market; Hermès and Chanel showed that clearly. The aspirational luxury segment, which covers a large part of Gucci's and Balenciaga's customer base, pulled back as post-pandemic normalization and weak Chinese consumer confidence reduced demand.

Kering posted a net loss in 2024, its first in decades, reflecting impairment charges on the Gucci brand and steep declines in comparable store sales. According to Kering's FY2025 results, fourth-quarter revenues fell only 9%, an improvement over the steeper declines in earlier quarters. François-Henri Pinault described 2025 as a year of repositioning, with investments directed at brand elevation, retail upgrades, and management changes across several houses.

Frequently Asked Questions

Who owns Gucci? Gucci is owned by Kering S.A., which trades on Euronext Paris under ticker KER. Kering acquired full control of Gucci through the Gucci Group acquisition completed in 2004. The Pinault family controls Kering through their holding company Artémis, which holds approximately 58% of voting rights as of early 2026.

Is Kering publicly traded? Yes. Kering S.A. trades on Euronext Paris under ticker KER. Artémis holds approximately 42% of share capital and 58% of voting rights, meaning the Pinault family retains effective control despite the public listing.

What brands does Kering own? Kering's major brands include Gucci, Yves Saint Laurent, Balenciaga, Bottega Veneta, Alexander McQueen, Brioni, Boucheron, Pomellato, Qeelin, Ulysse Nardin, and Girard-Perregaux. The group sold its 40.9% Puma stake in 2018, making luxury goods the full scope of the portfolio.

Why has Kering's revenue been declining? Kering's revenue fell between 2023 and 2025 primarily because of Gucci, which accounts for roughly half of group revenue. Gucci's slowdown reflects the transition between creative directors, a consumer shift away from the maximalist aesthetic associated with Alessandro Michele's tenure, and weak Chinese luxury demand. Kering has been executing a multi-year recovery strategy at Gucci and working to reduce its overall dependence on a single brand.

Explore Related Brands

• Gucci - Florentine fashion house, Kering's largest brand
• Yves Saint Laurent - French luxury fashion, Kering's second-largest brand
• Balenciaga - Avant-garde fashion house, acquired by Kering in 2001
• Bottega Veneta - Italian leather goods, quiet luxury positioning
• Alexander McQueen - British luxury fashion, Kering since 2000
• Boucheron - Parisian haute joaillerie, founded 1858, Kering since 2000

Browse all fashion and luxury brands on WhoBrands

Sources

• Kering 2025 Annual Results — https://www.kering.com/en/news/2025-results-sequential-improvement-unlocking-the-next-phase-of-sustainable-and-profitable-growth/
• Kering Investor Relations — https://www.kering.com/en/finance/
• Euronext Paris: KER — https://live.euronext.com/en/product/equities/FR0000121485-XPAR
• Reuters: Kering Financial Results Coverage — https://www.reuters.com
• WWD: Kering Portfolio Coverage — https://wwd.com

All brand ownership data verified through WhoBrands.com research methodology. Last updated: March 3, 2026.