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Message from
the Chairman

Despite the ongoing complexity and instability of the business climate, all our Houses posted record sales in 2022. For the first time in its history, Kering’s revenue crossed the €20 billion mark, a 9% increase on a comparable basis, while recurring operating income rose 11% from its 2021 level, to €5.6 billion.

And yet, not all of these results are at the level of our expectations and potential. Gucci recorded revenue of €10.5 billion. While only a few of the world’s luxury brands have scaled such heights, we are not satisfied with this performance. In recent months, we have worked hard to bolster the brand’s fundamentals and accelerate its elevation strategy, from reorganizing the design studio and appointing a new creative director to opening new spaces to showcase its most exclusive designs for the most discerning clientele. Thanks to these initiatives and the exceptionally talented people at the House, all the stars are aligned for Gucci to return to sustained profitability and dynamic growth in the near future.

Our other Houses delivered outstanding results in 2022.

Building on the trend of the last few years, Saint Laurent’s revenues exceeded €3 billion, with recurring operating income of more than €1 billion. The House continues to build on its legacy and an uncompromising creative vision to achieve spectacular growth, in line with our ambitions.

Bottega Veneta also had a milestone year, with €1.7 billion in revenue and a 28% increase in recurring operating income compared to 2021. Acclaimed for its timeless positioning and the unsurpassed quality of its creations, the House still has considerable room for growth.

Balenciaga delivered an excellent performance prior to the unfortunate incident that marred the end of the year. On the strength of its singular creative vision, an unparalleled blend of legacy and modernity, the House is determined to regain momentum driven by critical and commercial success.

Alexander McQueen continues to expand, and Brioni confirmed its recovery.

The development of our Jewelry Houses is particularly noteworthy. Boucheron continues to grow at a robust and steady pace, Pomellato is shining especially brightly in Western Europe and Japan, and Qeelin is expanding rapidly. We have developed an ensemble of Houses whose revenue will reach €1 billion in the not-too-distant future.

Kering Eyewear broke that barrier in 2022. This impressive feat was made possible, in large part, by the successful integration of Lindberg and the acquisition of Maui Jim in late 2022. Our eyewear entity becomes more successful with each passing year. It is, in fact, one of the inspirations for our new structure, Kering Beauté, whose goal is to develop in-house expertise in the beauty category for Bottega Veneta, Balenciaga, Alexander McQueen, Pomellato and Qeelin. There is enormous potential for value creation, both for the Group and its Houses.

Beyond these many successes, I firmly believe that we have chosen the right strategy for the long term. We will continue to cultivate the desirability and exclusivity of our brands so that their positioning is commensurate with their legacy and creativity.

Bolstered by our long-term vision, sound financials and a shared culture of accountability, we have everything it takes to be an agent for positive change in essential areas. In that respect, we are proud of our progress in 2022, as illustrated by the creation last December of the Climate Fund for Nature. By using resources in the luxury and beauty sectors, this fund, to which Kering has committed €100 million, will work to protect and restore nature.

Our efforts have been recognized yet again: for the 10th consecutive year, Kering was named an industry leader on the Dow Jones Sustainability Index (DJSI), which identifies the world’s most successful companies in terms of sustainability. We are more determined and ready than ever to reduce our environmental footprint.

Our commitments are at the heart of our corporate culture, which is a powerful driver of engagement for all those who work for the Group. Last May, we launched our inaugural employee shareholding campaign, KeringForYou, to give eligible employees the opportunity to become shareholders on preferential terms. The initiative was a resounding success, which I interpret as a sign of great confidence.

For the Group and its Houses, 2023 will be a special year. Ten years ago, PPR changed its name to Kering, taking a decisive step in its transformation into a luxury pure player. But our history goes back much further, to 1962, when my father, François Pinault, created the company that gave rise to our Group. Over the course of 60 years, the Group’s business has changed tremendously, from the timber trade to specialized distribution to luxury. Yet its values of accountability and commitment and its entrepreneurial culture remain unchanged. These form the bedrock of our past accomplishments as well as our future achievements. That is why I am certain that 2023 will be another year of success for our Houses and of growth for the Group.