Kering reported third-quarter 2026 revenue of €3.345 billion, flat year over year on a reported basis and down 1% on a comparable basis. According to Sina Finance, Gucci’s third-quarter revenue fell 4% on a reported basis and 6% on a comparable basis to €1.291 billion, while direct retail sales declined 9%.

In the first nine months, Kering had closed a net 105 directly operated stores and raised its full-year net closure target to at least 125. CEO Luca de Meo said the China market action plan would take 12 to 24 months to assess and that a reversal should not be expected within a single quarter.

Kering shares fell as much as 8.7% intraday and ended down about 1.3% at €213.50.