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Kering Said to Discuss €4 Billion Sale of Beauty Unit to L’Oreal
Yahoo Finance· 2025-10-18 14:46
The deal could be announced as soon as next week. Kering SA is in talks to sell its beauty business to L’Oréal SA in a deal worth about €4 billion ($4.7 billion), according to people with knowledge of the matter, as new Chief Executive Luca de Meo seeks to turn around the luxury giant’s fortunes. Most Read from Bloomberg The deal could be announced as soon as next week, although discussions could still fall apart, the people said, asking not to be identified because the information is private. Kering de ...
Kering Customer Data Stolen, Amid Surge In Cyberattacks Against Luxury Brands
Forbes· 2025-09-17 16:55
Core Insights - Kering, the parent company of luxury brands like Gucci and Saint Laurent, confirmed a cyberattack in April that compromised consumer data of potentially millions of customers [1][4] - The hacker group Shiny Hunters claimed responsibility for the breach, stating they have access to 7.4 million unique email addresses [3] - Kering has assured customers that no financial data was stolen, but critical personal information such as names, email addresses, and phone numbers were compromised [2][3] Cybersecurity Threats - The luxury sector is increasingly targeted by cybercriminals, with recent attacks on other major brands like LVMH and Chanel highlighting the vulnerability of high-end retailers [5][6] - The nature of luxury clientele, with spending ranging from $10,000 to $86,000, makes their data particularly valuable for scams and extortion [6] - Cybersecurity is a significant concern for luxury brands, impacting business continuity and brand reputation [9] Financial Impact - Kering reported a 16% decline in sales to $9 billion (€7.6 billion) in the first half of 2025, following a 12% drop to $20.4 billion (€17.2 billion) the previous year [10] - The luxury industry is anticipating a sales decline of 2% to 5% this year, compounding the challenges faced by Kering [10] Technology Investment - Luxury brands are investing more in customer-facing technology (40%) compared to cybersecurity (21%), which may leave them vulnerable [7] - A significant portion of technology investments is directed towards external vendors (68%), potentially creating security risks [7]
Gucci Owner Kering Says It Was Hacked, Limited Data Accessed
Insurance Journal· 2025-09-16 07:21
Kering SA, whose luxury brands include Gucci, Saint Laurent and Balenciaga, said Monday it was the victim of a data breach that was discovered in June, the latest in a string of attacks on the consumer goods sector.Hackers accessed “limited customer data from some of our Houses,” the company said in an emailed statement. Those houses, or brands, immediately disclosed the breach to relevant authorities and notified customers, the company said. No financial information, including bank account numbers, credit ...
Kering delays full acquisition of Italian fashion brand Valentino
Yahoo Finance· 2025-09-11 14:52
French luxury group Kering and Qatari investment company Mayhoola have agreed to amend their shareholders' agreement, initially agreed during Kering's acquisition of a 30% stake in Italian fashion brand Valentino in 2023. The amendment addresses the framework in the evolution of shareholding in Valentino. Under the revised agreement, the existing ownership structure of Valentino will remain unchanged until at least 2028. Mayhoola's put options on Kering for its remaining 70% stake acquisition in Valenti ...
Gucci sales plunge 25% in the second quarter as woes persist at luxury giant Kering
CNBC· 2025-07-29 16:15
Core Insights - Kering, the owner of Gucci, reported disappointing second-quarter results, with sales dropping 15% year-on-year to 3.7 billion euros ($4.27 billion), below the forecast of 3.96 billion euros by LSEG analysts [1] - Gucci sales, which account for nearly half of Kering's total revenues, fell 25% to 1.46 billion euros during the quarter [2] - CEO François-Henri Pinault acknowledged the disappointing results but emphasized ongoing efforts to correct the company's trajectory [2][3] Market Performance - Sales declines were observed across all markets, particularly in Japan and the wider Asia Pacific region [4] - The luxury markets in China and the United States are currently facing significant challenges, impacting Kering's performance [4] Strategic Outlook - Kering is committed to its long-term growth strategy despite the current economic and geopolitical uncertainties [3] - The company believes that the efforts made over the past two years have laid a solid foundation for future development [3]
这位CEO把企业救活后,决定转行去时尚圈卖奢侈品
汽车商业评论· 2025-06-16 11:52
Core Viewpoint - Luca de Meo, the CEO of Renault, is transitioning to become the CEO of Kering, a luxury goods giant, marking a significant crossover between the automotive and fashion industries [5][8]. Group 1: Renault's Performance and Strategy - Renault's 2024 performance shows an upward trend, with total vehicle deliveries reaching 2.2648 million, a growth of approximately 1.3% compared to 2023 [10][11]. - The company's revenue for the year reached €56.23 billion, reflecting a year-on-year increase of 7.4%, with a real growth rate of 9% after excluding currency effects [11]. - Operating profit hit a record high of €4.3 billion, accounting for 7.6% of revenue, surpassing the 2024 target of 7.5% [12][13]. - Net profit was impacted by one-time financial issues, dropping to €752 million, but adjusted net profit still showed a slight increase to €3.078 billion [15][16]. - Free cash flow reached €3 billion, up nearly €90 million from the previous year, allowing for strategic flexibility and long-term investments in electric and software sectors [17]. Group 2: Luca de Meo's Leadership and Impact - De Meo is recognized as a versatile leader with a marketing background, having previously worked with Fiat and Volkswagen before joining Renault [19][20][25]. - He introduced the "Renaulution" strategy, focusing on cost reduction, brand positioning, and transitioning to electric vehicles [27][28]. - Under his leadership, Renault's brand matrix was restructured, with a focus on high-value models and the establishment of new brands like Ampere for electric vehicles [30][32]. - De Meo's pragmatic approach improved Renault's relationship with Nissan, moving from control-based alliances to project-driven collaboration [34][35]. - His tenure saw Renault recover from a €8 billion loss in 2020 to achieving profitability for three consecutive years, with a doubling of market value [39][40]. Group 3: Renault's Strategy in China - Renault's strategy in China has evolved from traditional manufacturing to a focus on electric vehicle development and partnerships [45][52]. - The establishment of the Renault China Innovation Center in 2024 aims to enhance product development and market analysis for electric vehicles [53]. - Renault continues to collaborate with local companies, such as the joint venture with Geely for powertrain systems, and the launch of the high-end electric brand BeyonCa [55][56]. Group 4: Kering's Challenges and Future - Kering, known for its luxury brands, faces challenges with Gucci's stagnating growth, prompting a need for brand revitalization [61][62]. - De Meo's appointment comes at a time when Kering is restructuring and seeking to enhance brand synergy through acquisitions and investments [63].