Kering

Gucci's owner held third-quarter revenue flat as reported at €3,345m (−1% comparable): jewellery and eyewear growth offset a 6% comparable fall at Gucci. A revenue-only update with no profit figures. Kering named lower traffic in Japan, alongside Mainland China, as weighing on Gucci's own stores, while Boucheron and Pomellato cited strength in Japan.

Japan▲ +2.0%Excludes currency swings and changes in which businesses Kering owns. Before those adjustments, Japan sales fell 10%.

Gucci's owner edged back to growth — first-half revenue rose 1% on a comparable basis (−3% reported on the strong euro) and recurring operating margin improved. Group net profit fell to €0.2bn, dragged by disposal and one-off effects (continuing-operations net profit excluding those was €0.4bn); the Kering Beauté sale to L'Oréal slashed debt. Its jewellery houses cited particularly strong momentum in Japan.

• JapanJapan returned to growth: revenue rose 2% on a comparable basis to €539m, though it fell 10% as reported; the weaker yen cut €72m from group sales. Jewellery houses drove the acceleration.
• InboundIn Japan, higher spending by tourists from the US and Europe made up for the still-weak number of visitors from China, Kering said.
• StoresKering's fashion houses closed a net 16 directly operated stores in Japan in the half, leaving 172; Gucci kept its Japan network unchanged at 61 stores.
• SegmentKering Jewelry grew 60% in Japan, which now accounts for 23% of the division's sales; Boucheron and Pomellato both singled out Japan, and the division added two Japan stores to 32.
• SegmentFashion lagged: Gucci's Japan sales fell 17% on a comparable basis on weaker local and tourist demand, and the fashion segment fell 8% in Japan, though Q2 improved on the yen's 'greater appeal'.
• One-offThe H1 2025 comparison included a €104m capital gain from selling a building in Japan; this half instead booked a €129m capital loss on the sale of Kering's Milan building.