Kering

Kering is a French-based multinational corporation specializing in luxury goods. It owns the brands Gucci, Balenciaga, Bottega Veneta, Yves Saint Laurent, Creed and Alexander McQueen.
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, and the luxury group Kering in 2013. The group has been a constituent of the CAC 40 since 1995. François-Henri Pinault has been president and CEO of Kering since 2005. In 2020, the group's revenue reached €13.1 billion.
History
Retail
In 1962, François Pinault opened the Établissements Pinault in Brittany (France) specialized in timber trading. The company became Pinault S.A.. In 1988, Pinault S.A. was listed on the Paris Stock Exchange.
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. This accelerated its acquisitions in the retail sector: Conforama (French furniture retailer) in 1991, Printemps (department stores in France) in 1992, which also owned 54% of La Redoute (French mail-order shopping retailer), and Fnac (French bookstore, multimedia and electronics retailer) in 1994. To align with its new activities, the group was renamed Pinault-Printemps-Redoute in 1994.
In 1999, Pinault-Printemps-Redoute purchased a controlling 42% stake of the Gucci group for $3 billion and 100% of Yves Saint Laurent. After Gucci, Pinault-Printemps-Redoute acquired Boucheron (2000), Bottega Veneta (2001), Balenciaga (2001), and signed partnerships with Alexander McQueen and Stella McCartney. In 2004, Pinault-Printemps-Redoute reached a 99.4% ownership of Gucci.
Luxury
In 2003, François Pinault handed over the helm of Artémis, the family holding company that controlled Pinault-Printemps-Redoute to his son François-Henri. In 2005, François-Henri Pinault became president and CEO of Pinault-Printemps-Redoute, succeeding to Serge Weinberg. The group officially changed its name to PPR. and continued acquiring luxury brands: The Sowind Group (owner of Girard-Perregaux) and Brioni (2011), the Pomellato Group (Pomellato and Dodo, 2012), Qeelin (2012), Christopher Kane (2013), Ulysse Nardin (2014). To further this strategy, PPR offloaded its retail assets: Le Printemps (2006), Conforama (2011), CFAO (2012), Fnac (2012), and La Redoute (2013). PPR also developed a Sport & Lifestyle portfolio with the acquisition of Puma (2007), Cobra Golf (2010), and Volcom (2011). Cobra and Volcom have since then been divested and Kering only holds a minority share in Puma.
In March 2013, PPR changed its name to Kering.
In December 2014, Alessandro Michele, a 12-year accessories designer at Gucci, was named PPR's creative director. In 2015, Kering named a new creative director, Anthony Vaccarello, to renew the brand's props. In October 2015, Kering named Georgian-born designer Demna Gvasalia as creative director of Balenciaga. Kering appointed Daniel Lee as creative designer of Bottega Veneta in June 2018.
In 2014, Kering hired Roberto Vedovotto to launch its own eyewear manufacturing division, Kering Eyewear, and pilot its development. In March 2017, Richemont partnered with Kering Eyewear to produce Cartier, Alaïa, and Montblanc eyewear. In September 2019, Kering Eyewear opened a 15,000 square-metre logistics centre near Padua, Italy, with an annual output capacity of five million eyewear units. In March 2022, it was announced Kering Eyewear had acquired the Hawaiian eyewear brand Maui Jim. In March 2018, Kering agreed to sell its shares of Stella McCartney back to its eponymous owner. Kering spun off the brand Puma in 2018 and sold Volcom the following year. In 2020, Kering made 13.1 billion euros in revenue, -17.9% from the previous year. In 2021, Kering led a $216-million investment round in the luxury resale website Vestiaire Collective and acquired 100% stake in the Danish luxury eyewear manufacturer Lindberg. In January 2022, the group announced its intention to sell its watches division, namely the brands Girard-Perregaux and Ulysse Nardin.
In October 2023, Kering announced that third quarter revenue was down 13%. Pinault blamed this decline on the turnover of leadership in both business and creative aspects at multiple brands, as well as challenging macroeconomic conditions decreasing 'asperational' consumer spending.
Activities
Description
Kering's headquarters are located in the former Hopital Laennec in the 7th arrondissement of Paris. The parent holding company of Kering is Groupe Artémis. In 2020, Kering made 13.1 billion euros in revenue, down 17.5% from the previous year. The group has 30,956 employees and 1,381 stores. Kering's brands Gucci, Saint Laurent and Bottega Veneta generated 84% of the group's revenue. The leather goods, shoes, and ready-to-wear products represent 87% of the group's revenue. As of 2022, Gucci itself represented 60% of Kering's revenue and 70% of its profit. On 24 January 2022 Kering announced the sale of its entire stake of GIRARD-PERREGAUX and ULYSSE NARDIN to their current management.
Brands
Governance
Board of directors
François-Henri Pinault - Chairman and CEO
Jean-François Palus - deputy CEO
Independent directors:
Yseulys Costes
Jean-Pierre Denis
Ginevra Elkann
Sophie L'Hélias
Claire Lacaze
Baudouin Prot
Daniel Ricardi
Sapna Sood
Emma Watson
Héloïse Temple-Boyer
Executive committee
François-Henri Pinault - Chairman and CEO
Jean-François Palus - Deputy CEO
Francesca Bellettini - President and CEO Saint Laurent
Marco Bizzarri - President and CEO Gucci
Grégory Boutté : Chief Client and Digital Officer
Jordan Alexander - Director and Marketing Gucci
Cédric Charbit : CEO Balenciaga
Marie-Claire Daveu - Chief Sustainability Officer and Head of Institutional Affairs
Valérie Duport - Chief Communications and Image Officer
Jean-Marc Duplaix - CFO
Béatrice Lazat - VP Human Resources
Bartolomeo Rongone - President and CEO Bottega Veneta
Roberto Vedovotto - CEO Kering Eyewear
Financial data
Date of IPO: 25 October 1988, Second Marché
Shares listed on the Euronext Paris
Member of the CAC 40 index since 9 February 1995
Nominal value = euro
Main shareholders: Artémis 40.8%
From 2016 to 2021, Kering's share price has increased by 352%. In September 2018, Kering joined the STOXX Europe 50 index. In November 2018, the group announced the share repurchase of 1% of its share capital. In 2019, Kering paid a settlement of 1.25 billion euros ($1.4 billion) to the Italian tax authorities. In 2021, the group repurchased 650,000 of its shares to cancel half of them and allocate the other half to its employees.
See also
Kering Foundation
François Pinault
François-Henri Pinault
Groupe Artémis
References
External links
Luxury brand holding companies
2000s fashion
2010s fashion
French companies established in 1962
1980s initial public offerings
CAC 40
Companies listed on Euronext Paris
Companies in the Euro Stoxx 50
Companies based in Paris
7th arrondissement of Paris
Holding companies established in 1962
Conglomerate companies of France
Watchmaking conglomerates
French business families
Multinational companies headquartered in France
Retail companies of France
Pinault family
Leather manufacturers