KER: Notes from the road - Constructive tones

研报英文原文证据摘录

KER: Notes from the road - Constructive tones

ng EPS, Adj Diluted 4.33 6.31 9.57 13.04

momentum is healthy, Europe locals resilient but tourists (Middle East and P/AEPS 62.8x 43.1x 28.4x 20.9x

Asian missing, despite Americans present), Korea strong, SE Asia mixed

and Mainland China showing signs of market stabilisation; however, Gucci- AllPricedvaluesas ofin priorEUR unlesstradingotherwiseday's marketnoted.close, EST (unless otherwise noted).

specific challenges need to be taken into account.

FY26E ambitions unchanged with group targeting revenue expansion in

FY26 (vs FY25) for all brands (except AmQ) and despite an estimated

2ppt Middle East drag. Also targeting margin improvement. 2026 setup is

entirely self-help-driven, led by a combination of improving product offer

and storytelling and commercial actions and execution.

Mid-term targets from CMD reiterated which calls for Gucci revenue

expansion (towards €8bn RBCe) and margin recovery (to 30% RBCe).

Internal plan does not factor in price increases, rather volume and mix

led gains. Margin sources include higher full price realisation, better

production planning, optimised range (Gucci SKU -20% already and low

single-digit decline season on season) and lower share of outlet. Target to

increase ROCE to 20%+ (from 5.8%).

Leadership - Luca de Meo is changing the operating model and breaking

down silos at Kering (took 2 years at Renault), and setting up Kering

as a support-driven holding company to help the brands and drive

efficiencies (e.g. media spend and supplier rationalisation efforts yield

1ppt margin each). He brings clarity, clear strategy, focus on execution and

accountability (e.g. staff bonus structures changed to align with corporate

objectives). Generally the internal mood is positive at Kering.