Gucci revenue decreased by 6% in 2023. Credit: bepsy via Shutterstock.com.

Kering has reported that net income attributable to the group fell by 17% to €2.98bn ($3.21bn) in the fiscal year 2023 (FY23), down from €3.61bn in FY22.  

The company, which owns luxury brands such as Gucci, Balenciaga and Yves Saint Laurent, posted a recurring operating income of €4.7bn, a 15% decline from the €5.52bn reported in 2022.  

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

Kering’s earnings before interest, taxes, depreciation and amortisation dropped by 9% to €6.56bn in FY23 from €7.25bn a year previously.

Revenue for the year was €19.56bn, a decrease of 4% compared with €20.35bn in FY22.  

Gucci saw its 2023 revenue decrease by 6% to €9.87bn, while Yves Saint Laurent’s revenue fell to €3.17bn, a 4% decrease on a reported basis. 

The company’s wholesale and other revenue declined by 11% on a comparable basis, as Kering continued to enhance the exclusivity of its distribution channels.  

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

In the fourth quarter of FY23, Kering’s overall revenue was down by 6% as reported and by 4% on a comparable basis.  

Despite the downturn, Yves Saint Laurent experienced positive performance in Asia-Pacific and Japan, while North America and Western Europe saw declines, albeit with improving trends. 

Yves Saint Laurent’s wholesale revenue also fell by 39% in the fourth quarter.  

The company ended the year with a net debt of €8.5bn.  

Kering chairman and CEO François-Henri Pinault commented on the results, stating: “In a trying year for the group, we strengthened our organisation and took significant steps to further enhance the visibility and exclusivity of our houses. 

“We are focused on revitalising Gucci, leveraging the unique blend of craftsmanship, Italian heritage and modernity that characterises this iconic house. 

In 2023, Kering completed the acquisition of a 30% shareholding in Valentino.