Kering owns Gucci, Saint Laurent, Bottega Veneta, Balenciaga, McQueen and Brioni in fashion and leather goods, Boucheron, Pomellato, DoDo and Qeelin in jewelry, Kering Eyewear and the porcelain house Ginori 1735, according to its 2025 Universal Registration Document. The Paris-listed group, founded by François Pinault in 1963 as a timber business, is controlled by the Pinault family’s holding Artémis and made revenue of €14,675 million in 2025, 41% of it from Gucci; it sold its beauty arm, including Creed, to L’Oréal on 31 March 2026.
In 2025 Gucci made €5,992 million of revenue and €966 million of recurring operating income, down 22% and 40% from 2024 as reported.
02
Saint Laurent and Bottega Veneta
Yves Saint Laurent made €2,643 million of revenue and €529 million of recurring operating income in 2025; Bottega Veneta made €1,706 million and €267 million.
03
The smaller houses
Other Houses (Balenciaga, McQueen, Brioni and the jewelers) made €2,900 million of revenue but a recurring operating loss of €112 million in 2025. Kering Eyewear, sold only through wholesale, had a 15.8% recurring operating margin.
Kering ran 1,719 directly operated stores at 31 December 2025. Group recurring operating income fell 33% to €1,631 million, an 11.1% margin.
What changed in 2025-26
Beauty sold to L'Oréal
Kering agreed in October 2025 to sell Kering Beauté, including fragrance house Creed, to L’Oréal and to license several house names for beauty. The deal closed on 31 March 2026 and brought in €4.0 billion of cash.
A new CEO and a new plan
Luca de Meo became chief executive on 15 September 2025, with François-Henri Pinault staying chairman, and presented the ReconKering plan at a Capital Markets Day on 16 April 2026.
From 16 March 2026 Kering reports Fashion & Leather Goods, Jewelry, Eyewear and Corporate & Other. First-half 2026 revenue was €7,220 million, down 3% as reported and up 1% on a comparable basis.
Kering’s plan builds a shared technology hub using cloud systems, agentic AI and digital twins, uses machine-learning forecasts to limit unsold stock, and on 17 March 2026 added a Chief Digital, AI and IT Officer to its executive committee.
Kering's houses by segment (2026 presentation)
Fashion & Leather Goods
HousesGucci, Saint Laurent, Bottega Veneta, Balenciaga, McQueen, Brioni
Latest reported figureH1 2026 revenue €5,800 million
of which Gucci
HousesGucci
Latest reported figureH1 2026 revenue €2,757 million
Jewelry
HousesBoucheron, Pomellato, DoDo, Qeelin
Latest reported figureH1 2026 revenue €521 million
Eyewear
HousesKering Eyewear (incl. Lindberg, Maui Jim)
Latest reported figureH1 2026 revenue €965 million
Corporate & Other
HousesGroup services, Ginori 1735
Latest reported figureH1 2026 revenue €65 million
What it means for you
For investors: treat Kering as a Gucci recovery story first; Gucci was 41% of 2025 revenue.
For analysts: use the 2026 segments, and note 2025 figures are restated without Kering Beauté.
For brand builders: study how Kering moved beauty to L'Oréal through licences instead of running it itself.
For operators: watch the shared group platform, where data, AI and industrial hubs serve every house.
Check older brand lists: Girard-Perregaux and Ulysse Nardin were sold in 2022, and Creed left with Kering Beauté in 2026.
The Business Engineer lens
Kering’s reset turns a collection of houses into houses on one platform, with shared data, AI and supply chains behind distinct creative identities. The Business Engineer view is that luxury scale now comes from the platform, while desirability still has to be earned house by house.
Gucci, Saint Laurent, Bottega Veneta, Balenciaga, McQueen, Brioni, Boucheron, Pomellato, DoDo, Qeelin, Kering Eyewear and Ginori 1735, as listed in its 2025 Universal Registration Document.
Is Alexander McQueen owned by Kering?
Yes. McQueen is one of Kering's houses and is reported within Kering Fashion & Leather Goods from 2026.
Who controls Kering?
The Pinault family, through Artémis, which held 42.3% of the capital and 59.3% of the actual voting rights at 31 December 2025.
Does Kering still own Creed?
No. Creed was part of Kering Beauté, which Kering sold to L'Oréal in a deal that closed on 31 March 2026.
The complete explainer, cleaned up and reformatted for mobile.
In short
Balenciaga’s parent company is Kering, the French luxury group controlled by the Pinault family through Artémis (42.3% of the capital, 59.3% of the votes). Kering made €14.7 billion of revenue in 2025: Gucci €6.0 billion, Yves Saint Laurent €2.6 billion, Bottega Veneta €1.7 billion, Other Houses (Balenciaga, Alexander McQueen, Boucheron, Pomellato, Brioni, DoDo, Qeelin) €2.9 billion, and Kering Eyewear €1.6 billion.
Sources: Kering 2025 results release and 2025 Universal Registration Document (kering.com). Analysis by The Business Engineer.
How we source: figures on this page come from the company’s own filings (SEC 10-K, 10-Q and earnings releases, or its annual report), with the period stated next to each number. Last refreshed October 2026. Our methodology.
Video: Kering, explained in about a minute. Tap for sound. Built from the company’s own filings.
Kering is a luxury goods multinational based in France and founded by François Pinault in 1963.
Kering brands refers to the 12 luxury fashion houses owned by French multinational corporation Kering. According to Kering's July 2026 half-year results release, its Houses span couture and ready-to-wear, leather goods, jewelry and eyewear: Gucci, Saint Laurent, Bottega Veneta, Balenciaga, McQueen, Brioni, Boucheron, Pomellato, Dodo, Qeelin, Ginori 1735, as well as Kering Eyewear.
The company, which initially specialized in timber trading, grew via acquisitions and was listed on the Paris Stock Exchange in 1988.
Key numbersChecked 6 October 2026
€14.7 billionKering generated revenue of €14.7 billion and employed 44,000 people in 2025.mfn.se
€7,220 millionKering revenue in the first half of 2026 reached €7,220 million, down 3% as reported and up 1% on a…mfn.se
€3,652 millionKering revenue in the second quarter of 2026 was €3,652 million, up 1% as reported and up 2% on a…mfn.se
€921 millionKering's recurring operating income was €921 million in the first half of 2026, a recurring operating…mfn.se
In one lineKering brands refers to the 12 luxury fashion houses owned by French multinational corporation Kering.
FourWeekMBABusiness EngineerAt a glance
Kering generated revenue of €14.7 billion and employed 44,000 people in 2025. mfn.se
Gucci revenue in the first half of 2026 amounted to €2,757 million, down 9% as reported and down 5% on a comparable basis. mfn.se
Layout and figures refreshed 6 October 2026. Sources are listed at the end of the article.
Why it mattersFrom the article
Kering completed the sale of Kering Beauté to L’Oréal on March 31, 2026, generating €4.0 billion of cash. mfn.se
Two years later, Kering merged with a French conglomerate with interests in furniture, department stores, and bookstores.
The shift toward luxury brands started in 1999 after Kering, then known as Pinault-Printemps-Redoute, purchased 42% of Gucci and 100% of Yves Saint Laurent for $3 billion.
Updated 6 October 2026: we refreshed 10 figures on this page, now taken from mfn.se. Anything we could not check against a current source keeps its original year, so you can see how old it is.
Latest figures · checked 6 October 2026
Kering generated revenue of €14.7 billion and employed 44,000 people in 2025. mfn.se
Kering revenue in the first half of 2026 reached €7,220 million, down 3% as reported and up 1% on a comparable basis. mfn.se
Kering revenue in the second quarter of 2026 was €3,652 million, up 1% as reported and up 2% on a comparable basis. mfn.se
Kering’s recurring operating income was €921 million in the first half of 2026, a recurring operating margin of 12.8%. mfn.se
Gucci revenue in the first half of 2026 amounted to €2,757 million, down 9% as reported and down 5% on a comparable basis. mfn.se
Kering completed the sale of Kering Beauté to L’Oréal on March 31, 2026, generating €4.0 billion of cash. mfn.se
Kering’s net debt amounted to €3.3 billion at 30 June 2026, down from €8.0 billion as of December 31, 2025. mfn.se
Kering Fashion & Leather Goods segment revenue amounted to €5,800 million in the first half. mfn.se
To see what else Kering now owns, please read on!
Bottega Veneta
Bottega Veneta is an Italian fashion house in Milan, Italy, with a focus on shoes, accessories, fragrances, jewelry, and handbags for men and women.
The company was founded in 1966 and was an instant success thanks to a leather weaving technique known as intrecciato.
Unlike some competitors, Bottega Veneta does not show visible logos on its products and instead relies on its weaving technique to give the brand a premium feel.
Most products are hand-made, which further enhances the luxury of the brand and shows Bottega Veneta’s commitment to fine craftsmanship.
The Business Engineer view: Kering is still a Gucci company
Source: Kering 2025 results release and 2025 Universal Registration Document (kering.com). Analysis by The Business Engineer.
Kering’s portfolio looks diversified, but its results move with one house. Gucci was 41% of revenue in 2025, and Kering’s revenue fell 13% (10% on a comparable basis) while recurring operating income fell 33% to €1.6 billion, an 11.1% margin.
The best margins sit elsewhere. Yves Saint Laurent earned 20.0% and Kering Eyewear 15.8%, close to Gucci’s 16.1%. Other Houses, where Balenciaga sits, lost €112 million. Kering says Balenciaga’s retail sales turned positive in the fourth quarter, but soft performance at Balenciaga and losses at Alexander McQueen weighed on the segment.
The response is a reset at the top and a sale. Luca de Meo became CEO while François-Henri Pinault stayed Chairman, and Kering agreed to sell Kering Beauté, including the House of Creed, to L’Oréal in a deal valued at €4 billion.
The compression: Kering is a Gucci turnaround with a portfolio attached; the beauty sale buys time, not a new engine. Compare with LVMH, where one business group also earns most of the profit, but from several houses at once.
Pomellato
Pomellato is an Italian jewelry company that was founded in 1967 by Pino Rabolini.
Acquired by Kering in 2013, Pomellato introduced the idea that jewelry could be worn at any time of day and was not just a status symbol.
Pomellato is also renowned for its colorful gemstones and innovative stone cutting and setting processes.
FourWeekMBABusiness EngineerTimeline, as stated in the article
1945
Brioni was founded in Rome in 1945 by master tailor Nazareno Fonticoli and his business partner Gaetano Savini.
1966
The company was founded in 1966 and was an instant success thanks to a leather weaving technique known as intrecciato.
1999
The shift toward luxury brands started in 1999 after Kering, then known as Pinault-Printemps-Redoute, purchased 42% of Gucci and 100% of Yves Saint Laurent for $3 billion.
1999
The company was acquired by the Gucci Group (later acquired by Kering) in 1999 after it purchased owner Sanofi Beaute.
2001
Alexander McQueen was acquired by Kering in 2001.
2021
Lindberg was acquired by Kering in 2021 for an undisclosed price.
Alexander McQueen
Alexander McQueen is an English fashion house that was founded by Lee Alexander McQueen in 1992.
The house is famous for its critically acclaimed collections that are born from an unbridled and uncompromising expression of creativity.
Fashion pieces celebrate nature, the British countryside, craftsmanship, and a sense of community and there is often a juxtaposition between masculine and feminine elements.
Alexander McQueen was acquired by Kering in 2001.
Girard-Perregaux
Girard-Perregaux is a Swiss watch manufacturer with considerable pedigree.
The company, which was founded in 1791 by Jean-François Bautte and Constant Girard, was the first to handle the entire manufacturing process from watch engineering to final assembly and polishing.
Girard-Perregaux is also an expert in watch movements with over 80 related patents filed.
It released a watch with the first high-frequency mechanical movement in 1965 and another that was the first to be equipped with a quartz moment in 1970.
Boucheron
Boucheron is a luxury jewelry and watchmaker based in Paris, France, and founded in 1858 by Frédéric Prudent Boucheron.
Like Girard-Perregaux, Boucheron can claim several innovative firsts in its industry.
The company’s Jodhpur necklace was the first to offer the same marble featured in the Taj Mahal, while the 1947 Reflet watch marked the first instance of a jeweler patenting an interchangeable watch bracelet system.
Brioni
Brioni is an Italian luxury menswear brand that specializes in shoes, perfume, eyewear, ready-to-wear, and leather products. Brioni was founded in Rome in 1945 by master tailor Nazareno Fonticoli and his business partner Gaetano Savini.
The partnership combined Savini’s entrepreneurial flair and Fonticoli’s technical skill, with Brioni rapidly establishing itself as the sartorial destination of choice for Italy’s elite. The pair held the first men’s fashion show in 1952 and introduced Roman tailoring to the world, among other achievements.
Kering acquired Brioni in November 2011 for an undisclosed sum, though prior estimates put the deal at somewhere near $508 million.
DoDo
DoDo is an Italian brand of luxury charms that was founded relatively recently in 1994. According to Kering, “DoDo was the first Luxury brand to offer composable, high-end jewelry to a broader unisex audience by combining playful aesthetics and expressing a personal message.”
DoDo products are comprised of sustainably-sourced stones and precious metals infused with creative Italian design and skilled craftsmanship. In addition to charms, the company now sells bracelets, necklaces, rings, earrings, pendants, and their various components.
Qeelin
Qeelin is another jewelry brand owned by Kering that was the brainchild of Chinese designer Dennis Chan. He was inspired to create a luxury brand based on Chinese culture after visiting the Dunhuang Caves on the Silk Road in 1997.
Seven years later, Chan co-founded Qeelin with the then-head of Tag Heuer Asia Guillaume Brochard. The brand combines aspects of Chinese culture and French craftsmanship based on the founders’ belief that France is the pinnacle of jewelry craftsmanship.
The name Qeelin is derived from Qilin – a mythical and auspicious Chinese animal that symbolizes love.
Lindberg
Lindberg is a Danish eyewear brand that was founded by Poul-Jørn Lindberg in 1984. Lindberg ran an optician workshop in Aarhus and disliked the bulky frames that were prevalent in the industry at the time.
Frustrated with the trend and on a mission to develop lighter-weight glasses, Lindberg collaborated with architect Hans Dissing to create “Air Titanium” eyewear. The product, which is constructed of titanium wire frame and has won multiple awards, precipitated the formation of the company itself.
Air Titanium debuted to the public in 1986, and the brand is now an international eyewear empire known for its sleek Scandinavian design.
Lindberg was acquired by Kering in 2021 for an undisclosed price.
Yves Saint Laurent
Yves Saint Laurent – also referred to as Saint Laurent or YSL – is one of the foremost fashion houses of the twentieth century. YSL revolutionized the fashion industry in the 1960s when it introduced high-end fashion produced on a larger scale than exclusive collections.
In addition to its efforts to democratize fashion, YSL popularized various trends in the 1970s such as safari jackets, thigh-high boots, tight-fitting pants, and the beatnik look. Cosmetics and men’s and women’s fragrances followed over the late 70s, 80, and 90s.
The company was acquired by the Gucci Group (later acquired by Kering) in 1999 after it purchased owner Sanofi Beaute. Post-acquisition, prominent American fashion designer Tom Ford was brought in to collaborate on new products with Yves Saint Laurent himself.
Key takeaways
Kering is a luxury goods multinational based in France and founded by François Pinault in 1963. The company was founded as a timber trader and did not move into luxury goods until 1999.
Many Kering brands were former European companies with an extensive history of fine craftsmanship. These include Italian fashion house Bottega Veneta and jewelry company Pomellato, which is known for its colorful gems and stone setting techniques.
Kering has strategically integrated AI across its luxury portfolio to enhance both operational efficiency and customer experience. By leveraging AI insights, Gucci has improved inventory turnover rates by approximately 15% while simultaneously reducing waste—a critical achievement for a luxury brand increasingly focused on sustainability. This successful implementation has since been rolled out across other Kering brands, demonstrating the group’s commitment to digital transformation — as explored in the growing gap between AI tools and AI strategy — in luxury retail.
Gennaro Cuofano is a CRO and tech executive who has worked in AI since late 2015, starting with bringing NLP, natural-language generation, voice and chatbot products to the marketing industry. His background is in law and finance: he holds a Master's degree in Law and an International MBA with an emphasis on corporate finance (LUISS Business School and the University of San Diego, 2012), and worked as a financial analyst at a real-estate investment firm in San Diego and as an assistant controller. His work focuses on business model strategy, business engineering and, more broadly, structural analysis: how companies make money, read from their own filings. He created FourWeekMBA and leads research there and at The Business Engineer, his newsletter on AI and business strategy, with over 95,000 subscribers and more than 1,000 published analyses. His writing has also appeared on Entrepreneur (for example, How to Digitize a Family Business in Europe) and HackerNoon. Find him on LinkedIn and Substack. See how we source.
