Kering in crisis: why the group is closing its stores in 2025
The start of 2025 looks complicated for the Kering Group. Between store closures and falling sales, the French luxury goods industry is slipping, and there are some worrying signs.
Gucci, the group’s Achilles heel
The figures are brutal: -25% for Gucci in the first quarter of 2025. With sales of 1.6 billion euros, the Milanese label – historically a pillar of Kering – confirms its loss of momentum. This is a major blow, especially as Gucci accounts for almost half of the Group’s sales.
This slowdown comes despite some major creative changes. In March, the group announced the appointment of Demna – a Balenciaga defector – as artistic director, replacing Sabato de Sarno. It was an unexpected decision, intended to breathe new life into a brand losing momentum.
Saint Laurent, Bottega Veneta, McQueen… Nothing can really resist
The downward trend extends to all brands: -9% for Saint Laurent, -11% for the other Houses (Alexander McQueen, Brioni…), while only Bottega Veneta is resisting (+4%), despite the departure of Matthieu Blazy for Chanel.
Group-wide, sales fell by 14% at comparable exchange rates, to 3.9 billion euros. And the damage doesn’t stop there.
Kering, an urgent and visible refocusing
25 stores closed since January, signaling a strategic shift. Kering, which still operates 1,788 outlets worldwide, is clearly seeking to restructure in the face of an unstable economic environment, particularly in Asia-Pacific, where the decline has reached -25%.
According to François-Henri Pinault, the Group’s CEO, this difficult period was anticipated. He is now counting on the rapid implementation of action plans, in a bid to reaffirm the positioning of the Houses.
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