French luxury conglomerate whose brands include Gucci. Controlled by François-Henri Pinault, who serves as chairman. In 2024 it generated €2.6bn in operating profit from €17.2bn in revenue. Its market capitalisation stood at around €24bn in mid-2025, having lost some €75bn in shareholder value since 2021, amid a possibly secular slowdown in China, whose consumers had been expected to fill luxury firms' coffers for years to come.
Kering named Luca de Meo, an Italian car executive, as its chief executive in 2025. His appointment instantly added €2.5bn to Kering's market value. Its main rivals are LVMH and Hermès; in 2025 Hermès overtook LVMH as the most richly valued luxury group. L'Oréal, the world's biggest beauty business, has been buying Kering's beauty division.
Kering jointly owns Valentino's fashion house with Qatari investors. The brand is worth around $6bn.
Lack of capability is usually disguised by lack of interest.