Gucci growth in North America “not sufficient” enough to offset trends abroad for Kering

North America returned 8% growth for Gucci in Q1 this year, but it was not enough to offset declining trends in Western Europe and the Asia-Pacific regions.

Globally, Gucci recorded revenue of €1.3 billion in the first quarter, which was down 14% on a reported basis and 8% on a comparable basis year on year.

The Q1 report released this week showed how sales from the directly operated international retail network declined by 9% on a comparable basis for the same period. 

Despite the headwinds and geopolitical uncertainty, North America did provide what the brand has described as a “solid performance.”

As part of the release to press, Kering Group stated how the North American figures specifically had provided initial confirmation that its strategic reset was starting to gain traction.

Gucci recorded revenue of €1.3 billion in the first quarter, down 14% on a reported basis and 8% on a comparable basis year on year.

For Gucci, the quarter was execution‑driven, marked by decisive actions across the offering, distribution and client engagement. It added that wholesale revenue increased by 2%.

Kering as a group, which now has Gucci as its only major watch player having sold its luxury Swiss watchmaking arm comprising Girard-Perregaux and Ulysse Nardin in 2022, delivered revenue of €3.5 billion in Q1.

This was down 6% as reported but was stable on a comparable basis compared with the same period last year.

Reflecting on the performance, Luca de Meo, CEO of Kering Group, commented: “In the first quarter of 2026, group revenue stabilized, marking an important first step in our recovery and a further sequential improvement. This performance reflects the first tangible effects of our actions, despite a challenging geopolitical environment. Nearly all our Houses delivered growth during the quarter, with a particularly strong contribution from jewelry.

He went on: “Gucci remains our top priority. A comprehensive turnaround is underway, with decisive actions across client, distribution and, above all, the offer. We have reset the product architecture and strengthened category focus, with new collections rolling out progressively in stores throughout the year.

“The first quarter of 2026 marked continued progress, as we executed with pace and focus. We have launched a Group platform designed to support the growth of our Houses and enhance efficiency, while also taking decisive steps across beauty, jewelry and real estate that have reinforced our balance sheet,” he concluded.

On April 16, Kering will present the Group’s strategy at its Capital Markets Day in Florence.