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Kering
French multinational corporation From Wikipedia, the free encyclopedia
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Kering S.A. (French: [kɛːʁiŋ]) is a French multinational holding company specializing in luxury goods, headquartered in Paris. It owns the brands Gucci, Yves Saint Laurent, Balenciaga, Bottega Veneta, Creed, Maui Jim, and Alexander McQueen, among others.
The timber-trading company Pinault S.A. was founded in 1962, by François Pinault. After the company was quoted on Euronext Paris in 1988, it became the retail conglomerate Pinault-Printemps-Redoute (PPR) in 1994. The luxury group was rebranded Kering in 2013. It has been a constituent of the CAC 40 since 1995. François-Henri Pinault has been President of Kering since 2005, and Luca de Meo CEO since September 2025. In 2024, the group's revenue reached €17.2 billion.
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History
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Timber (1962-1988)
In 1962, François Pinault opened the Établissements Pinault in Brittany (France) specialized in timber trading with a 100,000-franc loan from the bank.[4] His business grew rapidly by acquiring many local timber operations and building its own import bridges, turning Pinault S.A. into a leading timber trader in France in the 1980s. By 1988, the group owned 180 companies and 33 factories for an annual revenue of 10 billion francs.[5]
Retail (1988-2013)
In 1988, Pinault S.A. was listed on the Paris Stock Exchange and started a new period of growth in the retail sector through major acquisitions.[4] In 1989, Pinault S.A. purchased 20% of CFAO, a French distribution conglomerate active throughout Africa. In 1990, Pinault S.A. and CFAO merged, and François Pinault became head of the newly formed group which acquired Conforama (French furniture retailer) in 1991, Printemps (French department stores) in 1992, which also owned 54% of La Redoute (French mail-order shopping retailer), and Fnac (French bookstore, multimedia and electronics retailer) in 1994. The group was renamed Pinault-Printemps-Redoute in 1994.[4]
In 1999, Pinault-Printemps-Redoute purchased a controlling 42% stake of the Gucci group for $3 billion, and 100% of Yves Saint Laurent.[6][7][8] Those investments marked the cornerstone of the group's shift towards luxury. Through Gucci, Pinault-Printemps-Redoute acquired Boucheron in 2000,[9] Bottega Veneta[10] and Balenciaga in 2001,[11] and signed partnerships with Alexander McQueen[12] and Stella McCartney.[13]
In 2003, François-Henri Pinault, son of the founder François Pinault, became general manager of Artémis, the family holding company that controlled Pinault-Printemps-Redoute. In 2005, he was named president and CEO of Pinault-Printemps-Redoute,[14] a year after the group had reached a 99.4% ownership of Gucci.[15] The group continued acquiring luxury brands: Sowind Group (watch company owner of Girard-Perregaux)[16] and Brioni (Italian tailor) in 2011 ;[17] Pomellato Group (jewelry company owner of Pomellato and Dodo)[18] and Qeelin (jewelry) in 2012 ;[19] Christopher Kane (British fashion house)[20] and Richard Ginori (porcelain) in 2013 ;[21] Ulysse Nardin (watches) in 2014.[22] The group also sold its retail assets: Le Printemps in 2006 ;[23] Conforama in 2011 ;[24] CFAO in 2012 ;[25] Fnac in 2012 ; La Redoute in 2013.[26] PPR developed a 'sport & lifestyle' portfolio with the acquisition of Puma in 2007,[14] Cobra Golf in 2010,[27] and Volcom in 2011,[28] all of which were sold the following decade.[29]
Luxury (since 2013)
In March 2013, PPR changed its name to Kering.[30] Bottega Veneta hit the billion-dollar sales mark in 2012.[31] In 2014, Kering created its own eyewear production arm, Kering Eyewear (1.5 billion euros revenue in 2023),[32] and acquired the eyewear brands Lindberg in 2021[33] and Maui Jim in 2022.[34] Balenciaga was turned into a disruptive fashion house[35] and Yves Saint Laurent hit the 2-billion dollar sales mark in 2019.[36] From 2015 to 2022, the group's revenue was essentially driven by Gucci's year-on-year high performance, the latter hitting the 10-billion dollars sales mark in 2022.[37] The group divested its interests in Stella McCartney in 2018,[38] Christopher Kane in 2019,[39] and its watch division (Girard-Perregaux and Ulysse Nardin) in 2022.[40] Since 2015, Kering has been hosting the program Women in Motion in partnership with the Cannes Festival to highlight and reward women's contribution to cinema.[41]
In 2023, Kering's annual results declined to 19.6 billion (-4%), mainly caused by the deceleration of Gucci's streak.[42] That same year, Kering acquired the fragrance company Creed,[43] 30% of the fashion house Valentino,[44] and Kering Beauté was launched to manage in-house the development of beauty products for the group's brands.[45] In 2025, Luca de Meo was appointed CEO to give a new impetus to the luxury group.[46][47]
In October 2025, the Wall Street Journal reported Kering was in talks to sell its beauty business, which includes Creed, to L'Oreal in a deal that values the segment at approximately $4 billion.[48]
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Activities
Kering's headquarters are located in the former Hôpital Laennec in the 7th arrondissement of Paris. The parent holding company of Kering is Groupe Artémis. In 2024, Kering made 17.2 billion euros in revenue, and managed 47,000 employees and 1,813 stores.[3]
Kering fully or partially owns the following brands:
Kering also owns Kering Eyewear (luxury eyewear production arm)[32] and Kering Beauté (cosmetics division).[45]
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Governance
- Chairman: François-Henri Pinault (since 2005)[14]
- CEO: Luca de Meo (since 2025)[46]
Financial data
See also
References
External links
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