Message from
the Chairman
For Kering, 2023 was a year of mixed results. As market conditions began to deteriorate, some of our Houses continued to implement action plans to strengthen their desirability and enhance exclusivity. As a result, our performances fell short of expectations.
In this context, we made a series of ambitious strategic decisions, seizing opportunities for the long term while maintaining our investments in creation, communications, distribution and the supply chain.
For all our Houses, asserting a bold and authentic creative point of view remains paramount and, in 2023, they distinguished themselves with some of the most watched and lauded fashion shows and presentations in the sector. New creative directors joined Gucci and Alexander McQueen to revitalize collections while remaining true to each one’s unique personality, opening a new chapter for both Houses.
Our brands’ communication campaigns highlighted their unique ability to embrace modernity while building on their heritage and values.
We have further strengthened the quality and selectivity of our distribution networks, in particular with the opening of new flagships in exceptional locations, as well as by continuing to reduce wholesale distribution.
To enhance our know-how and offer ever more exceptional quality, we have strengthened our Houses’ production capacities and expertise, notably through opening new workshops, expanding existing sites and integrating strategic partners.
Following on from the success of our Eyewear business, which has made us the world’s second-largest player in luxury eyewear, we created Kering Beauté. With the acquisition of the niche fragrance House Creed, we have already taken a major step, enabling Kering Beauté to reach a significant size and begin building a platform to serve all our brands.
We also took a minority stake in the Italian Haute Couture house Valentino and intend to acquire the entire company in the medium term.
Commitments to social and environmental responsibility remain an integral part of Kering’s culture. In 2023, we adopted new, even more ambitious climate objectives. The consistency of our actions and the influence we exert have earned us recognition from the most prestigious international rankings.
In 2024, our priority is to put Gucci back on track for success. Its renewed and strengthened management team has defined a roadmap aimed at restoring the brand’s desirability, drawing as much on its heritage as its modernity and cultural influence. The strategy for taking the House to the next level is therefore clear and already well underway.
We recently celebrated the 10th anniversary of our name change, the symbolic starting point of our transformation into an integrated luxury group. During that period, we tripled our sales, but above all we have strengthened the positioning and prestige of our Houses, which must continue to become even more desirable and reassert their exclusivity. All of the Group’s teams are mobilized to implement this strategy. Thanks to our solid foundations and long-term vision, we are preparing Kering’s future with ambition and determination.
In this context, we made a series of ambitious strategic decisions, seizing opportunities for the long term while maintaining our investments in creation, communications, distribution and the supply chain.
For all our Houses, asserting a bold and authentic creative point of view remains paramount and, in 2023, they distinguished themselves with some of the most watched and lauded fashion shows and presentations in the sector. New creative directors joined Gucci and Alexander McQueen to revitalize collections while remaining true to each one’s unique personality, opening a new chapter for both Houses.
Our brands’ communication campaigns highlighted their unique ability to embrace modernity while building on their heritage and values.
We have further strengthened the quality and selectivity of our distribution networks, in particular with the opening of new flagships in exceptional locations, as well as by continuing to reduce wholesale distribution.
To enhance our know-how and offer ever more exceptional quality, we have strengthened our Houses’ production capacities and expertise, notably through opening new workshops, expanding existing sites and integrating strategic partners.
Following on from the success of our Eyewear business, which has made us the world’s second-largest player in luxury eyewear, we created Kering Beauté. With the acquisition of the niche fragrance House Creed, we have already taken a major step, enabling Kering Beauté to reach a significant size and begin building a platform to serve all our brands.
We also took a minority stake in the Italian Haute Couture house Valentino and intend to acquire the entire company in the medium term.
Commitments to social and environmental responsibility remain an integral part of Kering’s culture. In 2023, we adopted new, even more ambitious climate objectives. The consistency of our actions and the influence we exert have earned us recognition from the most prestigious international rankings.
In 2024, our priority is to put Gucci back on track for success. Its renewed and strengthened management team has defined a roadmap aimed at restoring the brand’s desirability, drawing as much on its heritage as its modernity and cultural influence. The strategy for taking the House to the next level is therefore clear and already well underway.
We recently celebrated the 10th anniversary of our name change, the symbolic starting point of our transformation into an integrated luxury group. During that period, we tripled our sales, but above all we have strengthened the positioning and prestige of our Houses, which must continue to become even more desirable and reassert their exclusivity. All of the Group’s teams are mobilized to implement this strategy. Thanks to our solid foundations and long-term vision, we are preparing Kering’s future with ambition and determination.
