Kering: Press release - 2024 Annual Results

Core Points - Kering reported a revenue of €17,194 million for 2024, a decrease of 12% both as reported and on a comparable basis [4][5] - The recurring operating income fell to €2,554 million, down 46% from the previous year, with a recurring operating margin of 14.9% [4][5] - Net income attributable to the Group was €1,133 million, a decline of 62% compared to 2023 [4][5] - The proposed ordinary dividend is set at €6 per share [4][26] Financial Performance - Revenue decreased from €19,566 million in 2023 to €17,194 million in 2024, reflecting a 12% decline [4][5] - Recurring operating income dropped from €4,746 million in 2023 to €2,554 million in 2024, marking a 46% decrease [4][5] - Net income attributable to the Group fell from €2,983 million in 2023 to €1,133 million in 2024, a 62% reduction [4][5] - Free cash flow from operations was €1.4 billion, with an increase of 7% to €3.6 billion when excluding real estate transactions [3][25] Segment Performance - Gucci's revenue was €7,650 million, down 23% as reported and 21% on a comparable basis [7][9] - Yves Saint Laurent's revenue decreased by 9% to €2,881 million [12] - Bottega Veneta's revenue increased by 4% to €1,713 million, with a 6% rise on a comparable basis [15][17] - Other Houses generated €3,221 million in revenue, down 8% as reported and 7% on a comparable basis [18] Cash Flow and Financial Position - Kering's net financial expense totaled €614 million in 2024 [24] - As of December 31, 2024, Kering's net debt stood at €10.5 billion [25] - The Group's cash and cash equivalents at closing were €3,309 million [65] Strategic Initiatives - Kering acquired strategic real estate assets in New York and Milan to enhance its luxury brand presence [38][39][40] - The company achieved a "Triple A" CDP score for its climate commitments, highlighting its leadership in sustainability [41][42] - Kering adopted science-based targets for nature, becoming the first company globally to do so [44][45] Outlook - Kering aims to achieve long-term profitable growth while navigating an uncertain economic and geopolitical environment [29][30] - The Group is focused on enhancing the desirability and exclusivity of its brands through strategic investments and operational efficiency [28][30]