Kering’s Eyewear and Corporate segment, which includes Kering Beauté, proved a small bright spot in an otherwise difficult year for the company.
Eyewear and Corporate’s 2024 revenue amounted to €1.9bn, an increase of 24% in reported terms and up 8% on a comparable basis.
Of this, Kering Beauté’s revenue was €323m, with the 2023 acquisition of luxury perfume house Creed consolidated over the full year.
The French luxury group reported total 2024 revenue of €17.2bn, down 12% both as reported and on a comparable basis.
Of the brand’s core fashion pillars – Gucci, Yves Saint Laurent and Bottega Veneta – only Bottega Veneta enjoyed a revenue uptick.
“In a difficult year, we accelerated the transformation of several of our houses and moved determinedly to strengthen the health and desirability of our brands for the long term,” commented Kering Chairman and CEO François-Henri Pinault.
“We secured our organisation, made key hirings, sped up execution and intensified the efficiency of our operations.
“Our efforts must remain sustained and we are confident that we have driven Kering to a point of stabilisation, from which we will gradually resume our growth trajectory.”
Kering created its beauty division in 2023 to develop the beauty arms of its Bottega Veneta, Balenciaga, Alexander McQueen, Pomellato and Qeelin houses.
It acquired luxury fragrance house Creed in June that year for a reported US$3.8bn, according to the Financial Times.
In October 2024, the division launched its first fragrance collection for Bottega Veneta, comprising five fragrances from the Venetian fashion house’s Creative Director Matthieu Blazy.
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