TL;DR
Kering’s Q3 2025 results (-5% comparable revenue) show the luxury sector is stabilising. Gucci’s sales continue to drop but are recovering, jewellery is a standout growth area, and accessible-luxury strategies are accelerating.
At a Glance
In Q3 2025, luxury giant Kering reported group revenue of €3.415 billion, down 10% as reported and down 5% on a comparable basis — a marked improvement from the previous quarter’s ~-15% decline. (Kering)
Key brand Gucci logged sales of €1.343 billion, down 14% comparable — yet, the brand flagged early signs of recovery, especially in North America and with leather goods. At the same time, the jewellery and eyewear segments across Kering showed relative strength — for example, jewellery houses such as Boucheron and Pomellato recorded double-digit gains.
Why It Matters
1. A shift in pricing strategy
Gucci’s improvement was partly driven by a clearer “accessibly-luxury” push: new leather-goods launches, lower-price tier items (notably the Giglio tote) and renewed momentum in North America (Vogue). For you, this signals that big luxury houses are adapting to more price-sensitive consumers while preserving their brand cachet.
2. Jewellery becomes a safe haven
As traditional leather-goods and ready-to-wear face ongoing headwinds, jewellery continues to shine. Kering noted the jewellery houses saw very solid momentum in Q3. This mirrors broader industry trends: high-end jewellery is outperforming in challenging luxury markets.
3. Regional dynamics and tourism-drag
Luxury brands are seeing uneven recovery across geographies: North America is showing growth, while Asia-Pacific (excluding Japan) and Japan remain weak due to fewer tourists and currency headwinds. For readers tracking global luxury, this means region-specific strategies will dominate the next wave.
What Kering & Gucci Did in Q3 2025
- Gucci’s directly operated retail sales fell 13% on a comparable basis, but this represented a notable sequential improvement vs Q2.
- Wholesale revenue remained weak (Gucci down ~25% wholesale) — signalling that direct-to-consumer is becoming more critical.
- Jewellery houses under Kering: Boucheron, Pomellato, Qeelin pushed double-digit growth; eyewear & corporate segment grew +6% comparable.
Implications for Luxury Buyers & Shoppers
- For shoppers: Pay attention to new leather-goods launches from Gucci and other big houses — these may represent the “entry point” into luxury at a more accessible segment.
- For investors/collectors: Jewellery is showing better resilience; consider jewellery-centric investment in luxury beyond handbags.
- For the luxury-aware consumer: Luxury houses are now catering to both high-net-worth clients and more aspirational shoppers — expect broader price-tiered collections and more marketing focus on accessible luxury.
Editorial Perspective
While the luxury sector is not “out of the woods,” Q3 2025 marks a turning point. The headline drop of -5% at Kering still hides nuanced progress: Gucci’s sales decline is moderating, jewellery and eyewear are performing, and direct retail is gaining importance. For LxryNow readers, the message is clear — luxury in 2026 will not just be about exclusivity but about smart pivots, price-tier strategy and new categories (jewellery, eyewear, beauty).
