All articles tagged with #kering
Originally Published 2 months ago — by Bloomberg.com
Kering is selling its beauty division to L’Oreal for €4 billion as part of a strategic move to boost growth and address challenges like declining Chinese demand and high debt, marking the first major step under CEO Luca de Meo.
Originally Published 2 months ago — by Kering
Kering and L’Oréal have announced a strategic partnership involving the acquisition of Creed by L’Oréal, licensing agreements for Gucci, Bottega Veneta, and Balenciaga, and a joint venture exploring wellness and longevity, valued at €4 billion, to enhance growth and innovation in luxury beauty and wellness sectors.
Originally Published 2 months ago — by Investing.com
Kering is close to selling its beauty division, including fragrance brand Creed and rights to develop products for its fashion labels, to L'Oreal for around $4 billion, as part of its strategy to reduce debt and revitalize sales amid challenging market conditions.
Originally Published 2 months ago — by Reuters
Kering is nearing a $4 billion sale of its beauty division, including the fragrance brand Creed and rights to develop products for fashion labels like Gucci and Balenciaga, to L'Oreal, as part of its strategy to reduce debt and revitalize sales under new CEO Luca De Meo.
Originally Published 2 months ago — by Financial Times
Kering is nearing a €4 billion deal to sell its beauty division to L’Oréal, indicating a significant strategic move in the cosmetics industry.
Originally Published 7 months ago — by Reuters
Renault CEO Luca de Meo is resigning to take a new role outside the auto industry, reportedly becoming the CEO of luxury conglomerate Kering, which owns Gucci. His departure marks a significant leadership change for both companies amid Kering's struggles to revitalize Gucci and manage debt, while Renault has seen a successful turnaround under de Meo's leadership. De Meo will leave Renault in mid-July, and his move signals a notable shift in the European corporate landscape.
Originally Published 1 year ago — by CNN
Luxury stocks in Europe, including Kering, LVMH, and Richemont, slumped after a profit warning from the owner of Gucci revealed a significant decline in high-end goods demand, particularly in China. Kering reported a nearly 20% year-on-year sales drop at Gucci in the first quarter, largely due to a steep decline in the Asia-Pacific region, raising concerns about consumer spending and China's economy. The company is focusing on reviving Gucci's fortunes with a new collection, as luxury goods companies grapple with weaker demand in one of their biggest markets.
Originally Published 1 year ago — by Bloomberg
Kering SA shares plunged after the French luxury group warned that sales at its Gucci brand have fallen about 20% in the first quarter as its brash look loses favor with Chinese shoppers, wiping more than €7.2 billion euros ($7.9 billion) from Kering’s market value.
Originally Published 1 year ago — by CNBC
Kering, the owner of Gucci, saw its shares plummet 14% after issuing a rare profit warning, citing an expected 20% decline in Gucci sales in the first quarter of 2024, particularly in the Asia-Pacific region. This forecasted drop in revenue sets Kering apart from other luxury brands like LVMH and Hermes, which have shown resilience in the face of economic challenges. The slowdown is primarily attributed to Asia, especially China, and Kering is set to release its first-quarter revenue data on April 23. The company's struggles come after Gucci's strong performance in 2021, and Kering has been investing in its brands despite lower margins.
Originally Published 1 year ago — by Financial Times
Kering, the owner of luxury fashion brand Gucci, has issued a rare profit warning for the luxury sector, citing concerns about the impact of the ongoing COVID-19 pandemic. The company's warning reflects broader challenges facing the fashion industry as consumer behavior continues to be affected by the global health crisis.
Originally Published 1 year ago — by Financial Times
Kering, the owner of luxury fashion brand Gucci, has been unable to reverse a decline in sales. The company's financial performance has been impacted by the ongoing challenges in the luxury fashion industry, including a slowdown in demand from Chinese consumers and a shift towards online shopping.
Originally Published 2 years ago — by New York Post
Gucci's parent company, Kering, has purchased a prime Fifth Avenue retail property for nearly $1 billion, signaling a potential relocation for rival fashion house Armani from its flagship location. The purchase reflects a trend of major retailers acquiring Midtown Fifth Avenue properties for their own use, with foreign companies showing interest in securing long-term interests in retail properties. The impact of the sale on Armani's current lease at the location remains uncertain, while Gucci's owner sees the acquisition as a strategic move to secure highly desirable locations for its luxury fashion houses.
Originally Published 2 years ago — by The Real Deal
Jeff Sutton, along with SL Green, sold the retail portion of 715-717 Fifth Avenue to Kering, the owner of luxury brands like Gucci, for $963 million. This sale follows Sutton's recent sales of neighboring properties to Prada, marking one of the largest deals in New York City in 2023. The sale allows Sutton to settle a foreclosure initiated by New York Life Insurance, putting behind a dispute over a defaulted loan. Sutton's early investments in Fifth Avenue have proven lucrative, making him a billionaire, and Kering's acquisition aligns with its strategy of purchasing prime assets worldwide.
Originally Published 2 years ago — by Reuters
French luxury group Kering is purchasing a 30% stake in Italian fashion label Valentino from Qatari investment fund Mayhoola for 1.7 billion euros ($1.87 billion) in cash. The deal includes an option for Kering to acquire the entire share capital of Valentino by 2028. Kering, which missed market forecasts for second-quarter sales, aims to revive its struggling brand Gucci. The purchase is part of a broader strategic partnership between Kering and Mayhoola, potentially leading to Mayhoola becoming a shareholder in Kering. Kering's North American retail revenue fell 23% in Q2, while Gucci sales only grew by 1%, compared to double-digit growth from competitors like LVMH. The stake purchase is expected to be completed by the end of the year.
Originally Published 2 years ago — by The New York Times
Gucci CEO Marco Bizzarri is stepping down after eight years as the leader of the fashion house, following a year of declining sales and the departure of Gucci's creative director, Alessandro Michele. The parent group, Kering, announced a major organizational shake-up, appointing Francesca Bellettini as the conglomerate's deputy chief executive for brand development. The management reshuffle aims to capture the growth of the global luxury market and set Kering on a path to success and profitable growth.