S&P Global has cut its outlook on French luxury group Kering to negative from stable, citing weakening consumer demand and sharp sales declines across key markets. In H1 2025, revenue in Asia-Pacific, including China, fell 22% YoY, while sales of its flagship Gucci brand dropped by 25%. The ratings agency said Kering has underperformed rivals such as LVMH, Dior and Hermès, and warned of reduced ratings headroom due to continued operating pressures. S&P maintained Kering’s long-term issuer credit rating at BBB+. The company's new CEO, former Renault chief Luca de Meo, will assume the role in mid-September.