Kering Reports 4% Revenue Decline for 2023
Kering, the luxury group, reported a 4% decrease in revenue for 2023, reaching €19.57 billion. Recurring operating income also fell significantly during the period.
Kering, the luxury goods conglomerate, announced its 2023 annual results, showing a 4% decrease in revenue to €19.57 billion. On a comparable basis, revenue was down 2%. The group's recurring operating income saw a 15% decline, totaling €4.75 billion.
Gucci, Kering's largest brand, experienced a 2% comparable revenue decrease for the full year. For the fourth quarter, Gucci's revenue declined by 4%. Chairman and CEO François-Henri Pinault described the year as challenging but highlighted organizational strengthening and enhanced brand exclusivity.
Yves Saint Laurent and Bottega Veneta maintained stable revenues, while the 'Other Houses' segment saw an 8% decrease. Kering aims to strengthen its position in the evolving luxury market, announcing the creation of Kering Beauté and the acquisition of fragrance house Creed.
Pinault acknowledged short-term pressures due to ongoing investments but expressed confidence in the company's long-term objectives. The group recommended an ordinary dividend of €14 per share.