French luxury group Kering posted a 6% decline in Q1 revenue to 3.57 billion euros ($4.21 billion), with flagship brand Gucci continuing to weigh on performance. CEO Luca de Meo called the stable comparable-basis result “a first significant step in its turnaround trajectory.” Gucci revenue fell 14% to 1.35 billion euros ($1.59 billion), though its comparable-basis decline improved to an 8% decline from a 10% decrease in Q4. Saint Laurent, Bottega Veneta, Balenciaga, and Brioni all posted YoY growth, led by North American sales up 8%. Kering’s jewelry division surged 14% to 269 million euros ($317 million). The group targets a return to growth in 2026.

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