KERING : Life after a long-awaited show and CMD

研报英文原文证据摘录

KERING : Life after a long-awaited show and CMD

EQUITIES

LUXURY GOODS

KERING NEUTRALPRICE* EUR239.1  TARGET PRICE EUR285 (UPSIDE 19%) TARGET -5%PRICE EPS-4%27e EPS-4%28e

KERING ADR NEUTRALPRICE* USD28.1  TARGET PRICE USD34 (UPSIDE 21%) TARGET -3%PRICE EPS-4%27e EPS-4%28e

Life after a long-awaited show and CMD

Recent newsflow weighed on shares as theoretical catalysts did not play out13 MAY 2026

Securities Research Report In early 2026, cons was expecting Gucci to be back to growth as early as 1Q, new Artistic Director

Production time: 05:29* (London time) Demna was going to present his first full-fledged collection on 27 Feb, and Kering had scheduled a

Research Analysts & Publishing Entities CMD for 16 April. Fast forward to today, Gucci Retail was down 9% in 1Q26, the reception to the

Antoine Belge Gucci Primavera collection seemed to have been mixed, and the CMD triggered a -3% share price

BNP Paribas SA reaction (after -9% the day before on the back of the 1Q print). On top of this, there is the conflict in(+33) 01 44 95 68 51

antoine.belge@bnpparibas.com the Middle East, though we continue to consider this as a market risk rather than something specific

to Luxury (and within Luxury, we rate Kering’s 5% exposure as broadly in line with the sector).Melania Grippo

BNP Paribas SA

(+39) 02 89 63 1724 FY26 Gucci OSG guidance and sell side EBIT consensus likely too high

melania.grippo@bnpparibas.com Beyond the above-mentioned theoretical catalysts not playing out, we see two issues likely to weigh

on FY26. Despite Gucci Retail printing -9% OSG in 1Q26, (i) Kering maintained its guidance ofAnthony Charchafji

BNP Paribas London Branch positive OSG for Gucci for FY26 as a whole and (ii) sell side consensus is still forecasting a 13% y/y