Kering
French multinational corporation From Wikipedia, the free encyclopedia
French multinational corporation From Wikipedia, the free encyclopedia
Kering (French: [kɛːʁiŋ]) is a French multinational holding company specializing in luxury goods, headquartered in Paris. It owns the brands Yves Saint Laurent, Gucci, Balenciaga, Bottega Veneta, Creed and Alexander McQueen.
| |
| Formerly | Pinault S.A. Pinault-Printemps-Redoute PPR |
|---|---|
| Company type | Public (Société Anonyme) |
| Euronext Paris: KER
CAC 40 component | |
| ISIN | FR0000121485  |
| Industry | Luxury |
| Founded | 1962 |
| Founder | François Pinault |
| Headquarters | 40 rue de Sèvres, Paris 7e, France |
Key people | François-Henri Pinault (Chairman and CEO) |
| Products | Luxury goods |
| Revenue |  €19.57 billion (2023) |
| €4.75 billion (2023) | |
| €3.06 billion (2023) | |
| Total assets |  €41.37 billion (2023) |
| Total equity | €16.01 billion (2023) |
Number of employees | 49,000 (2023) |
| Subsidiaries | |
| Website | kering |
| Footnotes / references [1] | |
The timber-trading company Pinault S.A. was founded in 1962, by François Pinault. After the company was quoted on Euronext Paris in 1988, it became the retail conglomerate Pinault-Printemps-Redoute (PPR) in 1994. The luxury group was rebranded Kering in 2013. It has been a constituent of the CAC 40 since 1995. François-Henri Pinault has been president and CEO of Kering since 2005. In 2023, the group's revenue reached €19.6 billion.
In 1962, François Pinault opened the Établissements Pinault in Brittany (France) specialized in timber trading with a 100,000 francs loan from the bank.[2] His business grew rapidly by acquiring many failing local timber operations and building its own import bridges, turning Pinault S.A. into a leading timber trader in France in the 1980s. By 1988, the group owned 180 companies and 33 factories for an annual revenue of 10 billion francs.[3]
In 1988, Pinault S.A. was listed on the Paris Stock Exchange and started an era of growth in the retail sector through major acquisitions.[2] In 1989, Pinault S.A. purchased 20% of CFAO, a French distribution conglomerate active throughout Africa. In 1990, Pinault S.A. and CFAO merged, and François Pinault became head of the newly formed group which acquired Conforama (French furniture retailer) in 1991, Printemps (department stores in France) in 1992, which also owned 54% of La Redoute (French mail-order shopping retailer), and Fnac (French bookstore, multimedia and electronics retailer) in 1994. The group was renamed Pinault-Printemps-Redoute in 1994.[2]
In 1999, Pinault-Printemps-Redoute purchased a controlling 42% stake of the Gucci group for $3 billion and 100% of Yves Saint Laurent.[4][5][6] Those investments marked the cornerstone of the group's shift towards luxury. Through Gucci, Pinault-Printemps-Redoute acquired Boucheron in 2000,[7] Bottega Veneta in 2001,[8] Balenciaga in 2001,[9] and signed partnerships with Alexander McQueen[10] and Stella McCartney.[11]
In 2003, François-Henri Pinault, son of the founder François Pinault, became general manager of Artémis, the family holding company that controlled Pinault-Printemps-Redoute. In 2005, he was named president and CEO of Pinault-Printemps-Redoute,[12] a year after the group had reached a 99.4% ownership of Gucci.[13] The group continued acquiring luxury brands: Sowind Group (watch company owner of Girard-Perregaux)[14] and Brioni (Italian tailor) in 2011,[15] Pomellato Group (jewelry company owner of Pomellato and Dodo)[16] and Qeelin (jewelry) in 2012,[17] Christopher Kane (British fashion house)[18] and Richard Ginori (porcelain) in 2013,[19] Ulysse Nardin (watches) in 2014.[20] The group also sold its retail assets: Le Printemps in 2006,[21] Conforama in 2011,[22] CFAO in 2012,[23] Fnac in 2012, and La Redoute in 2013.[24] PPR developed a Sport & Lifestyle portfolio with the acquisition of Puma in 2007,[12] Cobra Golf in 2010,[25] and Volcom in 2011,[26] all of which were sold the following decade.[27]
In March 2013, PPR changed its name to Kering.[28] The leather-weaver Bottega Veneta was transformed into a "quiet luxury" icon, hitting the billion-dollar mark in sales in 2012.[29] In 2014, Kering created its own eyewear production arm, Kering Eyewear, growing its revenue to 1.5 billion euros in 2023, and acquired the eyewear brands Lindberg in 2021[30] and Maui Jim in 2022.[31] The traditional Balenciaga house was turned into a disruptive fashion house[32] and Yves Saint Laurent hit the 2-billion dollar sales mark in 2019.[33] However, from 2015 to 2022, the group's revenue was essentially driven by Gucci's year-on-year high performance, hitting the 10-billion dollars sales mark in 2022.[34] The group divested its interests in Stella McCartney in 2018,[35] Christopher Kane in 2019,[36] and its entire watch division (Girard-Perregaux and Ulysse Nardin) in 2022.[37]
In 2023, Kering's annual results declined to 19.6 billion (-4%), mainly caused by the deceleration of Gucci's streak, a transition phase according to the group's executives.[38] That same year, Kering acquired the fragrance company Creed,[39] 30% of the fashion house Valentino,[40] and Kering Beauté was launched to manage in-house the development of beauty products for the group's brands.[41]
Kering's headquarters are located in the former Hopital Laennec in the 7th arrondissement of Paris. The parent holding company of Kering is Groupe Artémis. In 2023, Kering made 19.6 billion euros in revenue. The group has 46,000 employees and 1,381 stores.[1]
Kering fully or partially owns the following brands:
| Brand | Acquisition Year | Country |
|---|---|---|
| Gucci | 1999[4] | Italy |
| Yves Saint Laurent | 1999[5] | France |
| Boucheron | 2000[7] | France |
| Bottega Veneta | 2001[8] | Italy |
| Balenciaga | 2001[9] | Spain |
| Alexander McQueen | 2001[10] | UK |
| Brioni | 2011[15] | Italy |
| Qeelin | 2012[17] | China |
| Pomellato | 2012[16] | Italy |
| Dodo | 2012[16] | Italy |
| Ginori 1735
(formerly Richard Ginori) |
2013[19] | Italy |
| Lindberg | 2021[30] | Denmark |
| Maui Jim | 2022[31] | United States |
| Creed | 2023[39] | UK/France |
| Valentino (30%) | 2023[40] | Italy |
Kering also owns Kering Eyewear (luxury eyewear production arm)[42] and Kering Beauté (cosmetics division).[41]
| Year | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 17 931 | 17 761 | 20 201 | 16 525 | 11 008 | 12 227 | 9 736 | 9 748 | 10 037 | 11 584 | 12 385 | 15 478 | 13 665.2 | 15 883.3 | 13 100.2 | 19 566 |
| Net results | 680 | 1 058 | 924 | 985 | 965 | 986 | 1 048 | 50 | 528.9 | 696 | 814 | 1 786 | 3 714.9 | 3 211.5 | 1 972.2 | 2 983 |
The Kering Foundation was created in 2008 to combat violence against women. Kering was one of the first companies to endorse the Women's Empowerment Principles of the UN Women.[43] Starting in 2019, the Kering Foundation developed actions to combat violence against children, making it a pillar of its operations in 2023.[44]
In 2015, Kering became an official partner of the Cannes Film Festival and launched the diversity program Women in Motion[45] which was extended to the Rencontres d'Arles photography festival[46] and the Tokyo Film Festival in 2019.[47]
In 2015, the group released the environmental profit and loss account (EP&L).[48] Kering launched the Regenerative Fund for Nature in 2021 to finance the transition to regenerative farming practices[49] and the Climate Fund for Nature in 2022 to finance nature conservation and restoration initiatives.[50]
In May 2024, Kering partenered with the National University of Singapore to create, via the entity's Center for Governance and Sustainability, a tool for measuring the environmental impact of companies in the Asia-Pacific region. This collaboration seeks to establish a benchmark for measuring the impact of the green strategies of major Asia-Pacific companies.[51]
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