Kering（1KER）株式概要ケリングSAは、アジア太平洋地域、西ヨーロッパ、北米、日本、および国際的なファッション、レザーグッズ、ジュエリーの有名メゾンのコレクション開発を管理している。 詳細1KER ファンダメンタル分析スノーフレーク・スコア評価3/6将来の成長3/6過去の実績0/6財務の健全性2/6配当金1/6報酬当社が推定した公正価値より1.2%で取引されている 収益は年間44.85%増加すると予測されています リスク分析利払いは収益で十分にカバーされない Italian市場と比較した過去 3 か月間の株価の変動すべてのリスクチェックを見る1KER Community Fair Values Create NarrativeSee what others think this stock is worth. Follow their fair value or set your own to get alerts.Your Fair Value€Current Price€243.15114.9% 割高 内在価値ディスカウントGrowth estimate overAnnual revenue growth rate5 Yearstime period%/yrDecreaseIncreasePastFuture-29m20b2016201920222025202620282031Revenue €18.7bEarnings €1.4bAdvancedSet Fair ValueView all narrativesKering SA 競合他社MonclerSymbol: BIT:MONCMarket cap: €14.7bBrunello CucinelliSymbol: BIT:BCMarket cap: €5.8bSalvatore FerragamoSymbol: BIT:SFERMarket cap: €1.3bOVSSymbol: BIT:OVSMarket cap: €1.3b価格と性能株価の高値、安値、推移の概要Kering過去の株価現在の株価€243.1552週高値€353.5052週安値€167.50ベータ0.981ヶ月の変化-8.12%3ヶ月変化-6.32%1年変化41.73%3年間の変化-54.89%5年間の変化-65.00%IPOからの変化118.07%最新ニュースお知らせ • Apr 23Kering Announces Resignation of Jean-Pierre Denis as Director, Effective May 28, 2026Kering announced Jean-Pierre Denis submitted his resignation from his position as Director, effective at the end of the Annual General Meeting on May 28, 2026. Chairman of the Audit Committee from 2012 to 2020, then Vice-Chairman of this Committee and a member of the Remuneration and Sustainability Committees, Jean-Pierre Denis has been a Director of Kering since June 9, 2008. He has also served as Climate Change Lead since 2022.お知らせ • Apr 21Kering SA, Annual General Meeting, May 28, 2026Kering SA, Annual General Meeting, May 28, 2026. Location: 40 rue de sevres, paris Franceお知らせ • Apr 02+ 1 more updateL'Oréal S.A. (ENXTPA:OR) completed the acquisition of Creed Fragrance from Kering SA (ENXTPA:KER).L'Oréal S.A. (ENXTPA:OR) entered into binding agreement to acquire Creed Fragrance from Kering SA (ENXTPA:KER) in a transaction valued at €4 billion on October 19, 2025. A cash consideration will be paid by L'Oréal S.A. L'Oréal also pay royalties to Kering for the use of its licensed brands. The agreement also includes an exclusive venture to explore business opportunities in the field of wellness and longevity and the right for Kering to sell Kering Beauté to L’Oréal. A strategic committee will be established to ensure coordination between Kering brands and L’Oréal and monitor the progress of our partnership. The partnership includes the rights to enter into a 50-year exclusive license for the creation, development, and distribution of fragrance and beauty products for Gucci, commencing after expiration of the current license with Coty, and respecting the Kering group’s obligations as per the existing license agreement. Kering will also grant L’Oréal 50-year exclusive licenses for the creation, development, and distribution of fragrance and beauty products for Bottega Veneta and Balenciaga, starting upon closing of the announced transaction. The transaction is subject to approval by regulatory board / committee and subject to Kering’s obligations under French employment law. The transaction is expected to complete in the first half of 2026. Centerview Partners UK LLP acted as financial advisor to Kering SA. Cédric Burford, Auriane Bijon, Arnaud de Rochebrune of Clifford Chance has advised L'Oréal. Bertrand Cardi, Christophe Vinsonneau, Forrest Alogna, Laurent Gautier, Cécile de Narp, Vincent Agulhon, Guillaume Aubron and Mathieu Duvacher of Darrois Villey Maillot Brochier advises Kering. L'Oréal S.A. (ENXTPA:OR) completed the acquisition of Creed Fragrance from Kering SA (ENXTPA:KER) on March 31, 2026. Eric Demuyt, Florent Garnie, Baptiste Piasentin, Chenwei Xu, Guillaume Legris, Guillaume Rembry, Hubert Christophe, Guillaume Exerjean, Bastien Martinez, Dean Lake, Caley Mogg, Edward Highfield, Alexis Karlins-Marchay, Ihssane Chabaa and Myriam Montillot of Eight Advisory acted as Financial Due diligence, Tax Due diligence to L’Oréal in its strategic alliance with Kering in beauty and wellness.お知らせ • Mar 31Kering SA (ENXTPA:KER) completed the acquisition of 20% stake in Raselli Franco S.P.A.Kering SA (ENXTPA:KER) entered into an agreement to acquire 20% stake in Raselli Franco S.P.A. for approximately €120 million on December 18, 2025. A cash consideration of €115 million will be paid by Kering SA. The acquisition will be completed in several stages, starting with an initial 20% stake, with pathway to full ownership by 2032. Completion of the transaction remains subject to customary closing conditions and regulatory approvals. The transaction is expected to close in the first quarter of 2026. Donato Romano, Cristina Capitanio, Matteo Padellaro, Fabio Baglivo from Gianni & Origoni Law Firm acted as legal advisor to Kering SA (ENXTPA:KER). Giuliano Foglia, Matteo Carfagnini, Francesco Capogrossi, Sergio Mango and Carolina Castelli from Foglia & Partners, Accounting & Auditing acted as accountant to Kering SA (ENXTPA:KER). Sara Ciavorella from District Advisory acted as financial advisor to the unknown seller. Luca Picone from Hogan Lovells acted as legal advisor to the unknown seller. Kering SA (ENXTPA:KER) completed the acquisition of 20% stake in Raselli Franco S.P.A. on March 30, 2026.お知らせ • Mar 18Kering Appoints Pierre Houlès as Chief Digital, AI & IT Officer, Effective March 17, 2026Kering announced the appointment of Pierre Houlès as Chief Digital, AI, and IT Officer, effective March 17, 2026. Pierre Houlès joins the Executive Committee of Kering. His mission is to strengthen the Group’s digital strategy and accelerate the transformation of its technology architecture to support the operational and technological ambitions of Kering. He will help build a model that fully embeds innovation to enhance the performance and desirability of the Houses. Pierre Houlès’s expertise in large-scale transformation, the integration of complex systems, and the application of emerging technologies, notably artificial intelligence, will be instrumental in accelerating the development of a more integrated, innovative, and forward-looking Group. Pierre Houlès reports to Jean Marc Duplaix, Group Chief Operating Officer. From 2004 to 2011, Pierre Houlès led major transformation projects for Capgemini before joining the CANAL+ Group, where he was appointed Chief Information Officer in 2012. In 2016, Pierre Houlès joined the Renault Group to lead its digital transformation. He was appointed Managing Director of Renault Digital in 2019 and Deputy Chief Information Officer of the group. He also served as Technical Director for the Mobilize and Dacia brands, while retaining his roles as Deputy Chief Information Officer of the group and Managing Director of Renault Digital. Pierre Houlès graduated from EPITA and Sorbonne Business School.お知らせ • Mar 17Kering Appoints Jean-Marc Duplaix as Chief Executive Officer of Kering Jewelry, Effective March 16, 2026Kering announced that Jean-Marc Duplaix has been appointed Chief Executive Officer of Kering Jewelry, effective immediately. The Chief Executive Officers of the Jewelry Houses will report to him, thus strengthening strategic alignment and operational coordination. He will retain his responsibilities as Group Chief Operating Officer, including finance, M&A, investor relations, real estate, digital, and the general secretariat.最新情報をもっと見るRecent updatesお知らせ • Apr 23Kering Announces Resignation of Jean-Pierre Denis as Director, Effective May 28, 2026Kering announced Jean-Pierre Denis submitted his resignation from his position as Director, effective at the end of the Annual General Meeting on May 28, 2026. Chairman of the Audit Committee from 2012 to 2020, then Vice-Chairman of this Committee and a member of the Remuneration and Sustainability Committees, Jean-Pierre Denis has been a Director of Kering since June 9, 2008. He has also served as Climate Change Lead since 2022.お知らせ • Apr 21Kering SA, Annual General Meeting, May 28, 2026Kering SA, Annual General Meeting, May 28, 2026. Location: 40 rue de sevres, paris Franceお知らせ • Apr 02+ 1 more updateL'Oréal S.A. (ENXTPA:OR) completed the acquisition of Creed Fragrance from Kering SA (ENXTPA:KER).L'Oréal S.A. (ENXTPA:OR) entered into binding agreement to acquire Creed Fragrance from Kering SA (ENXTPA:KER) in a transaction valued at €4 billion on October 19, 2025. A cash consideration will be paid by L'Oréal S.A. L'Oréal also pay royalties to Kering for the use of its licensed brands. The agreement also includes an exclusive venture to explore business opportunities in the field of wellness and longevity and the right for Kering to sell Kering Beauté to L’Oréal. A strategic committee will be established to ensure coordination between Kering brands and L’Oréal and monitor the progress of our partnership. The partnership includes the rights to enter into a 50-year exclusive license for the creation, development, and distribution of fragrance and beauty products for Gucci, commencing after expiration of the current license with Coty, and respecting the Kering group’s obligations as per the existing license agreement. Kering will also grant L’Oréal 50-year exclusive licenses for the creation, development, and distribution of fragrance and beauty products for Bottega Veneta and Balenciaga, starting upon closing of the announced transaction. The transaction is subject to approval by regulatory board / committee and subject to Kering’s obligations under French employment law. The transaction is expected to complete in the first half of 2026. Centerview Partners UK LLP acted as financial advisor to Kering SA. Cédric Burford, Auriane Bijon, Arnaud de Rochebrune of Clifford Chance has advised L'Oréal. Bertrand Cardi, Christophe Vinsonneau, Forrest Alogna, Laurent Gautier, Cécile de Narp, Vincent Agulhon, Guillaume Aubron and Mathieu Duvacher of Darrois Villey Maillot Brochier advises Kering. L'Oréal S.A. (ENXTPA:OR) completed the acquisition of Creed Fragrance from Kering SA (ENXTPA:KER) on March 31, 2026. Eric Demuyt, Florent Garnie, Baptiste Piasentin, Chenwei Xu, Guillaume Legris, Guillaume Rembry, Hubert Christophe, Guillaume Exerjean, Bastien Martinez, Dean Lake, Caley Mogg, Edward Highfield, Alexis Karlins-Marchay, Ihssane Chabaa and Myriam Montillot of Eight Advisory acted as Financial Due diligence, Tax Due diligence to L’Oréal in its strategic alliance with Kering in beauty and wellness.お知らせ • Mar 31Kering SA (ENXTPA:KER) completed the acquisition of 20% stake in Raselli Franco S.P.A.Kering SA (ENXTPA:KER) entered into an agreement to acquire 20% stake in Raselli Franco S.P.A. for approximately €120 million on December 18, 2025. A cash consideration of €115 million will be paid by Kering SA. The acquisition will be completed in several stages, starting with an initial 20% stake, with pathway to full ownership by 2032. Completion of the transaction remains subject to customary closing conditions and regulatory approvals. The transaction is expected to close in the first quarter of 2026. Donato Romano, Cristina Capitanio, Matteo Padellaro, Fabio Baglivo from Gianni & Origoni Law Firm acted as legal advisor to Kering SA (ENXTPA:KER). Giuliano Foglia, Matteo Carfagnini, Francesco Capogrossi, Sergio Mango and Carolina Castelli from Foglia & Partners, Accounting & Auditing acted as accountant to Kering SA (ENXTPA:KER). Sara Ciavorella from District Advisory acted as financial advisor to the unknown seller. Luca Picone from Hogan Lovells acted as legal advisor to the unknown seller. Kering SA (ENXTPA:KER) completed the acquisition of 20% stake in Raselli Franco S.P.A. on March 30, 2026.お知らせ • Mar 18Kering Appoints Pierre Houlès as Chief Digital, AI & IT Officer, Effective March 17, 2026Kering announced the appointment of Pierre Houlès as Chief Digital, AI, and IT Officer, effective March 17, 2026. Pierre Houlès joins the Executive Committee of Kering. His mission is to strengthen the Group’s digital strategy and accelerate the transformation of its technology architecture to support the operational and technological ambitions of Kering. He will help build a model that fully embeds innovation to enhance the performance and desirability of the Houses. Pierre Houlès’s expertise in large-scale transformation, the integration of complex systems, and the application of emerging technologies, notably artificial intelligence, will be instrumental in accelerating the development of a more integrated, innovative, and forward-looking Group. Pierre Houlès reports to Jean Marc Duplaix, Group Chief Operating Officer. From 2004 to 2011, Pierre Houlès led major transformation projects for Capgemini before joining the CANAL+ Group, where he was appointed Chief Information Officer in 2012. In 2016, Pierre Houlès joined the Renault Group to lead its digital transformation. He was appointed Managing Director of Renault Digital in 2019 and Deputy Chief Information Officer of the group. He also served as Technical Director for the Mobilize and Dacia brands, while retaining his roles as Deputy Chief Information Officer of the group and Managing Director of Renault Digital. Pierre Houlès graduated from EPITA and Sorbonne Business School.お知らせ • Mar 17Kering Appoints Jean-Marc Duplaix as Chief Executive Officer of Kering Jewelry, Effective March 16, 2026Kering announced that Jean-Marc Duplaix has been appointed Chief Executive Officer of Kering Jewelry, effective immediately. The Chief Executive Officers of the Jewelry Houses will report to him, thus strengthening strategic alignment and operational coordination. He will retain his responsibilities as Group Chief Operating Officer, including finance, M&A, investor relations, real estate, digital, and the general secretariat.お知らせ • Mar 03+ 1 more updateKering SA Announces Executive AppointmentsKering announced a new organizational structure with the creation of two Group centers of excellence – Industry and Client – to optimize the Group's operational efficiency and support the sustainable growth of its Houses. The company announced several key appointments within these two divisions, bringing new expertise to the Group. Stéphane Noël has been appointed Chief Industrial Officer, effective April 1, 2026. He will join the Kering Executive Committee and report directly to Luca de Meo. A recognized industrial leader, Stéphane Noël brings thirty years of international experience in the management of complex, large-scale manufacturing operations, with a focus on quality and operational excellence. His mission is to structure the Group's industrial organization and strengthen upstream and downstream supply performance, while ensuring the highest standards of quality, compliance, and traceability, in close collaboration with all the Houses. Carlo Mocci has been appointed Chief Client Officer, effective May 4, 2026. He will join Kering's Executive Committee and report directly to Luca de Meo. Carlo Mocci brings to Kering decisive expertise in client-centric transformation, built over more than twenty years in operational leadership roles, particularly in retail and within B2C tech platforms. He has led data-driven global strategies and profoundly reinvented the client experience. His arrival will accelerate the rollout of the Group and the Houses’ client strategy thanks to his knowledge of international markets and his mastery of innovative growth models. Reporting to Carlo Mocci: Fedele Usai, Chief Marketing Officer, whose appointment is effective immediately. With over twenty years of experience in the luxury industry, publishing, multimedia content, and communications, he is responsible for defining the Group's marketing strategy and supporting the Houses' activities in the areas of branding, media, CRM (Customer Relationship Management) and experiences. Daniele Zito, Chief Commercial Officer, in charge of the Group’s distribution strategy, was appointed in January 2026. With extensive strategic and operational experience in the luxury industry, Daniele is responsible for defining the Group's commercial strategy for our retail (including e-commerce) and wholesale networks, in close collaboration with each of our Houses. Stéphane Noël has 30 years of international experience in the industry, with management responsibilities in France, the United Kingdom, Poland, and China. He began his career in 1996 at Hutchinson, where he held various positions in quality, strategy, and plant management before being appointed Vice President for Asia. In 2012, he joined automotive supplier OPmobility to head up the Clean Energy Systems division in Asia, then globally. He subsequently became President and CEO of the Exterior & Lighting division. In 2024, Stéphane Noël was appointed Executive Vice President of FORVIA's Seating division, where he oversaw an organization of 40,000 employees spread across 77 industrial sites and nine R&D centers in 20 countries. Stéphane Noël, a French national, holds a degree in industrial systems engineering from ISTIA (Institut des Sciences et Techniques de l'Ingénieur d'Angers). Carlo Mocci has over 20 years of international experience in consulting, retail and large B2C tech platforms. He began his career in 2000 at McKinsey & Company, where he worked with major consumer brands and retail players in Europe and the Middle East before being named a partner in 2010. In 2013, he joined Amazon Europe, where he led the transition to an integrated pan-regional model. From 2016, he held several senior management positions in the Health and Beauty business, then from 2018, he led Amazon's Food Delivery business in Europe and Japan. In 2020, Carlo became Chief Business Officer of Deliveroo, initially for the United Kingdom and Ireland, before expanding his remit to all categories, consumer functions, and products. Carlo Mocci, an Italian national, is a graduate of the Politecnico di Milano and École Centrale de Lyon and holds an MBA from INSEAD. Fedele Usai has 25 years of experience in the luxury goods industry, publishing, multimedia content, and communications. He began his career in advertising agencies before becoming CEO of TBWA Italia in 2002. From 2006 to 2009, he was Director of Communications for the Fiat Auto group before returning to TBWA Italia as CEO. He joined Condé Nast in 2012, initially as Managing Director, where he subsequently held the position of Chief Executive Officer. He then joined Dolce&Gabbana in 2021 as Director of Communications and Marketing, becoming Managing Director of the group in 2023. Fedele Usai, an Italian national, is a graduate of the Catholic University of Milan. Daniele brings a wealth of strategic and operational experience gained during his six years at Bain Consulting and nine years at Gucci, the last five of which he spent as President of Gucci Japan. An Italian national, Daniele is a graduate of Bocconi University.お知らせ • Feb 10+ 2 more updatesKering SA Proposes Exceptional DividendKering SA announced an exceptional dividend of €1.00 per share will be proposed related to the disposal of Kering Beauté to L'Oréal, expected to be closed in the first semester of 2026. The exceptional dividend will be paid once the closing of Kering Beauté is completed and not before June 4, 2026, subject to shareholder approval at the Annual General Meeting.お知らせ • Dec 12Kering Announces the Reclassification of Kering Beauté as Discontinued OperationsKering has announced the reclassification of Kering Beauté as discontinued operations in its consolidated financial statements, following an agreement with L’Oréal for the sale of Kering Beauté. This reclassification is in accordance with IFRS 5 and will be effective as of December 31, 2025. The financial contributions of Kering Beauté will be isolated and presented separately within net income from discontinued operations. Comparative periods will be restated to ensure consistency across reporting periods, and the Group’s financial indicators will be presented excluding Kering Beauté, under continuing operations. The restated financial indicators for Kering Beauté show a revenue of €148 million for H1 2025 and €320 million for 2024, with recurring operating income of €49 million for H1 2025 and €114 million for 2024. The detailed financial information will be included in the 2025 Financial Document to be published on February 10, 2026.お知らせ • Dec 06Kering SA to Report Fiscal Year 2025 Results on Feb 10, 2026Kering SA announced that they will report fiscal year 2025 results Pre-Market on Feb 10, 2026Declared Dividend • Dec 05First half dividend reduced to €1.25Dividend of €1.25 is 38% lower than last year. Ex-date: 13th January 2026 Payment date: 15th January 2026 Dividend yield will be 1.8%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by both earnings (67% earnings payout ratio) and cash flows (53% cash payout ratio). The dividend has increased by an average of 4.8% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 97% over the next 3 years, which should provide support to the dividend and adequate earnings cover.お知らせ • Dec 03Kering SA Approves Interim Dividend for the Financial Year 2025, Payable on January 15, 2026At its meeting on December 2, 2025, the Board of Directors of Kering approved the payment of an interim dividend of €1.25 per share for the 2025 financial year. The interim dividend will be paid on January 15, 2026 on positions recorded as of January 14, 2026 after market close. The ex-dividend date will be January 13, 2026 before market open. The balance of the dividend for the 2025 financial year will be proposed by the Board of Directors on February 9, 2026, and subsequently submitted for approval at the Annual General Meeting on 28 May 2026.お知らせ • Oct 20L'Oréal S.A. (ENXTPA:OR) entered into binding agreement to acquire Creed Fragrance from Kering SA (ENXTPA:KER) in a transaction valued at €4 billion.L'Oréal S.A. (ENXTPA:OR) entered into binding agreement to acquire Creed Fragrance from Kering SA (ENXTPA:KER) in a transaction valued at €4 billion on October 19, 2025. A cash consideration will be paid by L'Oréal S.A. L'Oréal also pay royalties to Kering for the use of its licensed brands. The agreement also includes an exclusive venture to explore business opportunities in the field of wellness and longevity and the right for Kering to sell Kering Beauté to L’Oréal. A strategic committee will be established to ensure coordination between Kering brands and L’Oréal and monitor the progress of our partnership. The partnership includes the rights to enter into a 50-year exclusive license for the creation, development, and distribution of fragrance and beauty products for Gucci, commencing after expiration of the current license with Coty, and respecting the Kering group’s obligations as per the existing license agreement. Kering will also grant L’Oréal 50-year exclusive licenses for the creation, development, and distribution of fragrance and beauty products for Bottega Veneta and Balenciaga, starting upon closing of the announced transaction. The transaction is subject to approval by regulatory board / committee and subject to Kering’s obligations under French employment law. The transaction is expected to complete in the first half of 2026.Buy Or Sell Opportunity • Oct 03Now 23% overvalued after recent price riseOver the last 90 days, the stock has risen 50% to €297. The fair value is estimated to be €241, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 7.7% over the last 3 years. Earnings per share has declined by 43%. Revenue is forecast to grow by 1.1% in 2 years. Earnings are forecast to grow by 52% in the next 2 years.お知らせ • Sep 18Kering SA Announces Elimination of Functions of Deputy CEOKering SA announced the appointment of Francesca Bellettini as President and Chief Executive Officer of Gucci, reporting to Luca de Meo, Chief Executive Officer of Kering. Jean-Marc Duplaix will continue to serve as Group Chief Operating Officer of Kering, supporting Luca de Meo in both the development of the Group and the management of its organization. As part of this change, the functions of Kering Deputy CEO will be eliminated. Francesca Bellettini joined Kering in 2003 as Strategic Planning Director and Associate Worldwide Merchandising Director of Gucci. In 2008, she joined Bottega Veneta and became Worldwide Merchandising and Communications Director in 2010. In 2013, she became President and Chief Executive Officer of Saint Laurent. In September 2023, Francesca Bellettini was appointed Kering Deputy CEO in charge of Brand Development. Prior to joining Kering, Francesca Belletini, who started her career in London as an investment banker, worked for the Business Planning and Development division of the Prada group, and later became Operations Manager for Helmut Lang.お知らせ • Sep 10Kering SA Approves Appointment of Luca De Meo as A Director, Effective September 9, 2025Kering SA announced that all resolutions submitted to the vote at the Combined General Meeting held on September 9, 2025, were approved. Shareholders overwhelmingly endorsed the appointment of Luca de Meo as a Director. This appointment is part of the separation of the roles of Chairman of the Board of Directors and Chief Executive Officer, effective as of September 15, 2025. On that date, as announced in June, Mr. de Meo will assume his role as Chief Executive Officer of the Group, while François-Henri Pinault will continue to serve as Chairman of the Board of Directors. Following this General Meeting, Kering’s Board of Directors is composed of 14 members, with an independence rate of 58% and strict gender parity. Six nationalities are represented: American, British, Chinese, French, Italian, and Turkish.お知らせ • Aug 04Kering Reportedly in Talks with Qatar to Sell Milan PropertyKering SA (ENXTPA:KER) is holding advanced talks with Qatar’s royal family to sell a Milan luxury property, Italian newspaper Il Corriere della Sera said. Kering may sell a majority stake in the company that owns the building it bought in 2024 for €1.3 billion ($1.5 billion), the newspaper reported, without saying where it obtained the information. Kering declined to comment on the report. Qatar Investment Authority wasn’t able to comment immediately. In April, it had been reported to be interested though the sovereign wealth fund denied the reports at the time. The French luxury company is working to sell properties in New York, Milan and Paris, it said in July as it announced a 15% sales plunge in the second quarter.Reported Earnings • Aug 01First half 2025 earnings released: EPS: €3.87 (vs €7.16 in 1H 2024)First half 2025 results: EPS: €3.87 (down from €7.16 in 1H 2024). Revenue: €7.59b (down 16% from 1H 2024). Net income: €474.0m (down 46% from 1H 2024). Profit margin: 6.2% (down from 9.7% in 1H 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 4.2% p.a. on average during the next 3 years, compared to a 7.2% growth forecast for the Luxury industry in Italy. Over the last 3 years on average, earnings per share has fallen by 43% per year but the company’s share price has only fallen by 27% per year, which means it has not declined as severely as earnings.Buy Or Sell Opportunity • Jun 24Now 20% undervalued after recent price dropOver the last 90 days, the stock has fallen 14% to €174. The fair value is estimated to be €219, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 24%.お知らせ • Jun 20Kering Announces Chief Executive Officer Changes, Effective September 9, 2025The Kering Board of Directors approved the appointment of Luca de Meo as Chief Executive Officer of the Group, as recommended by the Appointments and Governance Committee. This decision, initiated by Francois-Henri Pinault, marks a decisive step in the evolution of Kering's governance and strengthens the Group's leadership as it enters a new phase of its development. As part of a renewed governance structure, the role of Chairman of the Board of Directors, held by Francois-Henri Pinault, will be separated from that of Chief Executive Officer. This governance structure is in line with best practices for major listed companies. These changes will take effect upon the decision of the Board of Directors which will be held following the Shareholder Meeting to be called for September 9, 2025. With 30 years of experience in the automotive industry, Luca de Meo was born in Milan, Italy, in 1967. He holds a degree in business administration from the Universit Commerciale Luigi Bocconi di Milano and was named Bocconi Alumnus of the Year in 2017. He began his career at Renault in 1992 before joining Toyota Europe. He then joined the Fiat Group, where he held the positions of Director of the Lancia, Fiat and Alfa Romeo divisions, CEO of Abarth and Marketing Director of the Fiat Group. In 2009, he joined the Volkswagen Group as Group and Volkswagen Brand Marketing Director. In 2012, he was appointed member of the Management Board responsible for Sales and Marketing at AUDI AG. From November 2015 to January 2020, he was President of SEAT and CUPRA, a member of the supervisory boards of Ducati and Lamborghini, and Chairman of the Board of Directors of the Volkswagen Group in Spain. Since July 2020, Luca de Meo has been CEO of the Renault Group and, since January 2021, a member of the Group's Management Board. From January 2021 to February 2023, he also served as CEO of the Renault brand. From January 2023 to December 2024, he was President of the European Automobile Manufacturers' Association (ACEA). From November 2023 to March 2025, he also served as CEO of Ampere, the European leader in zero-emission and software-defined vehicles. From April 2021 to October 2022, he was a member of the Board of Directors of TIM (Telecom Italia).Upcoming Dividend • Apr 28Upcoming dividend of €4.00 per shareEligible shareholders must have bought the stock before 05 May 2025. Payment date: 07 May 2025. Payout ratio is a comfortable 65% and this is well supported by cash flows. Trailing yield: 3.4%. Lower than top quartile of Italian dividend payers (5.7%). Higher than average of industry peers (2.1%).Valuation Update With 7 Day Price Move • Apr 07Investor sentiment deteriorates as stock falls 15%After last week's 15% share price decline to €162, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 14x in the Luxury industry in Italy. Total loss to shareholders of 67% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €227 per share.お知らせ • Apr 04Kering SA (ENXTPA:KER) signed an agreement to acquire 100% stake in Visard Srl and unknown minority stake in Mistral Srl.Kering SA (ENXTPA:KER) signed an agreement to acquire 100% stake in Visard Srl and unknown minority stake in Mistral Srl on April 3, 2025. The transaction is subject to the clearance by the relevant competition authorities and is expected to be completed in the third quarter of 2025.Reported Earnings • Mar 20Full year 2024 earnings released: EPS: €9.24 (vs €24.38 in FY 2023)Full year 2024 results: EPS: €9.24 (down from €24.38 in FY 2023). Revenue: €17.2b (down 12% from FY 2023). Net income: €1.13b (down 62% from FY 2023). Profit margin: 6.6% (down from 15% in FY 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 5.3% p.a. on average during the next 3 years, compared to a 8.1% growth forecast for the Luxury industry in Italy. Over the last 3 years on average, earnings per share has fallen by 24% per year whereas the company’s share price has fallen by 28% per year.Buy Or Sell Opportunity • Mar 20Now 21% undervalued after recent price dropOver the last 90 days, the stock has fallen 10% to €211. The fair value is estimated to be €265, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 24%. For the next 3 years, revenue is forecast to grow by 5.3% per annum. Earnings are also forecast to grow by 17% per annum over the same time period.Valuation Update With 7 Day Price Move • Mar 17Investor sentiment deteriorates as stock falls 15%After last week's 15% share price decline to €218, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 16x in the Luxury industry in Italy. Total loss to shareholders of 60% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €269 per share.お知らせ • Mar 17Kering SA, Annual General Meeting, Apr 24, 2025Kering SA, Annual General Meeting, Apr 24, 2025. Location: 40 rue de sevres, paris FranceDeclared Dividend • Feb 17Final dividend of €4.00 announcedShareholders will receive a dividend of €4.00. Ex-date: 5th May 2025 Payment date: 7th May 2025 Dividend yield will be 2.1%, which is higher than the industry average of 1.8%. Sustainability & Growth Dividend is covered by both earnings (65% earnings payout ratio) and cash flows (53% cash payout ratio). The dividend has increased by an average of 4.8% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 67% over the next 3 years, which should provide support to the dividend and adequate earnings cover.Reported Earnings • Feb 12Full year 2024 earnings released: EPS: €9.24 (vs €24.38 in FY 2023)Full year 2024 results: EPS: €9.24 (down from €24.38 in FY 2023). Revenue: €17.2b (down 12% from FY 2023). Net income: €1.13b (down 62% from FY 2023). Profit margin: 6.6% (down from 15% in FY 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 5.1% p.a. on average during the next 3 years, compared to a 7.5% growth forecast for the Luxury industry in Italy. Over the last 3 years on average, earnings per share has fallen by 24% per year whereas the company’s share price has fallen by 25% per year.お知らせ • Feb 11Kering SA Proposes Final Dividend for the Year Ended December 31, 2024, Payable on May 7, 2025Kering SA announced that in its February 10, 2025, meeting, Kering’s Board of Directors resolved to ask shareholders to approve a cash dividend of €6.00 per share at the Annual General Meeting to be held on April 24, 2025, to approve the financial statements for the year ended December 31, 2024. An interim dividend of €2.00 per share was paid on January 16, 2025. If approved, a final dividend of €4.00 will be paid on May 7, 2025, on positions determined on the evening of May 6, 2025. The ex-date for the final dividend payment will be the morning of May 5, 2025.お知らせ • Feb 06Kering SA to Report Fiscal Year 2024 Results on Feb 11, 2025Kering SA announced that they will report fiscal year 2024 results at 9:00 AM, Central European Standard Time on Feb 11, 2025お知らせ • Jan 31Simon Property Group, Inc. (NYSE:SPG) acquired Design Management S.R.L. from Kering SA (ENXTPA:KER) for approximately €350 million.Simon Property Group, Inc. (NYSE:SPG) acquired Design Management S.R.L. from Kering SA (ENXTPA:KER) for approximately €350 million on January 30, 2025. The Mall Luxury Outlets operates two luxury outlet destinations in Italy, one in Leccio and the other in Sanremo. Simon Property Group, Inc. (NYSE:SPG) completed the acquisition of Design Management S.R.L. from Kering SA (ENXTPA:KER) on January 30, 2025.お知らせ • Jan 16Ardian signed a binding investment agreement to acquire 60% stake in Three highly prestigious real estate properties in Paris from Kering SA (ENXTPA:KER) for approximately €840 million.Ardian signed a binding investment agreement to acquire 60% stake in Three highly prestigious real estate properties in Paris from Kering SA (ENXTPA:KER) for approximately €840 million on January 15, 2025. The transaction is pending the fulfillment of customary conditions for real estate transactions. Upon completion Ardian will hold a 60% stake in this unique prime real estate portfolio, Kering retaining 40% of the ownership. This portfolio comprises Hôtel de Nocé, located 26, place Vendôme, and two buildings located on avenue Montaigne, at 35-37 and 56. The deal is expected to close in the first quarter of 2025.Upcoming Dividend • Jan 07Upcoming dividend of €2.00 per shareEligible shareholders must have bought the stock before 14 January 2025. Payment date: 16 January 2025. Payout ratio is a comfortable 68% and this is well supported by cash flows. Trailing yield: 5.0%. Lower than top quartile of Italian dividend payers (5.1%). Higher than average of industry peers (1.9%).Buy Or Sell Opportunity • Jan 03Now 22% undervalued after recent price dropOver the last 90 days, the stock has fallen 10.0% to €224. The fair value is estimated to be €289, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.9% over the last 3 years. Earnings per share has declined by 8.3%. For the next 3 years, revenue is forecast to grow by 3.2% per annum. Earnings are also forecast to grow by 10% per annum over the same time period.Declared Dividend • Dec 06First half dividend of €2.00 announcedShareholders will receive a dividend of €2.00. Ex-date: 14th January 2025 Payment date: 16th January 2025 Dividend yield will be 4.8%, which is higher than the industry average of 1.8%. Sustainability & Growth Dividend is covered by both earnings (56% earnings payout ratio) and cash flows (78% cash payout ratio). The dividend has increased by an average of 14% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 26% over the next 3 years, which should provide support to the dividend and adequate earnings cover.Buy Or Sell Opportunity • Nov 09Now 26% undervalued after recent price dropOver the last 90 days, the stock has fallen 15% to €221. The fair value is estimated to be €298, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.9% over the last 3 years. Earnings per share has declined by 8.3%. For the next 3 years, revenue is forecast to grow by 2.7% per annum. Earnings are also forecast to grow by 8.6% per annum over the same time period.お知らせ • Oct 08Kering Announces Management ChangesKering announced the appointment of Stefano Cantino as CEO of Gucci, reporting to Francesca Bellettini, Deputy CEO of Kering in charge of Brand Development. Stefano Cantino, who joined Gucci in May 2024 as Deputy CEO and will have a seat on Kering’s Executive Committee, will succeed Jean-François Palus as of January 1, 2025. Jean-François Palus had been appointed CEO of Gucci in July 2023 with the main goal to set up the foundations of Gucci’s next chapter and hire key talents, including his successor. Stefano Cantino joined Gucci in May 2024 as Deputy CEO following a five-year career at Louis Vuitton, where he oversaw Communications and Image. Prior to his time at Louis Vuitton, Cantino, a graduate in Political Science from the University of Turin, spent 20 years in the Prada Group where he held positions of increasing responsibility in Marketing and Commercial, culminating in his role as Director of Communications and Marketing.Valuation Update With 7 Day Price Move • Sep 28Investor sentiment improves as stock rises 19%After last week's 19% share price gain to €269, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 13x in the Luxury industry in Italy. Total loss to shareholders of 53% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €461 per share.New Risk • Sep 12New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Italian stocks, typically moving 5.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks High level of debt (63% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (5.2% average weekly change). Profit margins are more than 30% lower than last year (11% net profit margin).New Risk • Jul 28New minor risk - Financial positionThe company has a high level of debt. Net debt to equity ratio: 63% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Minor Risks High level of debt (63% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (11% net profit margin).New Risk • Jul 25New minor risk - Profit margin trendThe company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 11% Last year net profit margin: 17% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by cash flows (93% cash payout ratio). Profit margins are more than 30% lower than last year (11% net profit margin).Buy Or Sell Opportunity • Jul 02Now 21% undervalued after recent price dropOver the last 90 days, the stock has fallen 11% to €327. The fair value is estimated to be €414, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 7.1%. For the next 3 years, revenue is forecast to grow by 4.5% per annum. Earnings are also forecast to grow by 3.2% per annum over the same time period.お知らせ • Apr 27+ 1 more updateKering SA Approves Appointment of DirectorsKering SA at its General Shareholders' Meeting of April 25, 2024 approved the appointment of three new directors: Ms. Rachel Duan, Ms. Giovanna Melandri and Mr. Dominique D'Hinnin.Upcoming Dividend • Apr 25Upcoming dividend of €9.50 per shareEligible shareholders must have bought the stock before 02 May 2024. Payment date: 06 May 2024. Payout ratio is a comfortable 57% and the cash payout ratio is 93%. Trailing yield: 4.3%. Lower than top quartile of Italian dividend payers (5.7%). Higher than average of industry peers (1.6%).Buy Or Sell Opportunity • Apr 25Now 25% undervalued after recent price dropOver the last 90 days, the stock has fallen 9.7% to €326. The fair value is estimated to be €435, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 7.1%. For the next 3 years, revenue is forecast to grow by 4.6% per annum. Earnings are also forecast to grow by 4.9% per annum over the same time period.お知らせ • Mar 28Marcolin's Main Shareholder PAI Partners Reportedly Seeks BuyerMarcolin S.p.A.'s main shareholder PAI Partners earlier this year hired Goldman Sachs to explore a merger or a sale. The private equity firm, which bought Marcolin in 2012 and currently owns around 80% of the group, is looking for a valuation as high as EUR 1.3 billion, the Financial Times reported earlier this month. The sale process has drawn interest from big players such as Gucci-owner Kering SA (ENXTPA:KER) and Ray-Ban parent EssilorLuxottica Société anonyme (ENXTPA:EL), but it has not made significant progress so far, two sources close to the matter told Reuters. Kering is currently wrestling with a slowdown in Asian sales that has hit its star label Gucci. One stumbling block in talks with potential bidders is the asking price, which is considered too high, the sources said.Valuation Update With 7 Day Price Move • Mar 25Investor sentiment deteriorates as stock falls 15%After last week's 15% share price decline to €359, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 13x in the Luxury industry in Italy. Total loss to shareholders of 33% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €409 per share.Declared Dividend • Feb 19Final dividend of €9.50 announcedDividend of €9.50 is the same as last year. Ex-date: 2nd May 2024 Payment date: 6th May 2024 Dividend yield will be 3.3%, which is higher than the industry average of 1.8%. Sustainability & Growth Dividend is covered by earnings (57% earnings payout ratio) but not adequately covered by cash flows (93% cash payout ratio). The dividend has increased by an average of 14% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 30% over the next 3 years, which should provide support to the dividend and adequate earnings cover.Reported Earnings • Feb 09Full year 2023 earnings released: EPS: €24.38 (vs €29.34 in FY 2022)Full year 2023 results: EPS: €24.38 (down from €29.34 in FY 2022). Revenue: €19.6b (down 3.9% from FY 2022). Net income: €2.98b (down 17% from FY 2022). Profit margin: 15% (down from 18% in FY 2022). Revenue is forecast to grow 6.4% p.a. on average during the next 3 years, compared to a 8.1% growth forecast for the Luxury industry in Italy. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings.お知らせ • Feb 08Kering SA Proposes Final Dividend for the Year Ended December 31, 2023, Payable on May 6, 2024Kering SA announced in its February 7, 2024 meeting, the company's Board of Directors decided to ask shareholders to approve a cash dividend of €14.00 per share at the Annual General Meeting to be held on April 25, 2024 to approve the financial statements for the year ended December 31,2023. An interim dividend of €4.50 per share was paid on January 17, 2024. If approved, a final dividend of €9.50 will be paid on May 6, 2024 on positions determined on the evening of May 3, 2024. The ex-date for the final dividend payment will be the morning of May 2, 2024.お知らせ • Feb 06+ 1 more updateKering SA to Report First Half, 2024 Results on Jul 24, 2024Kering SA announced that they will report first half, 2024 results on Jul 24, 2024Board Change • Jan 17Less than half of directors are independentFollowing the recent departure of a director, there are only 5 independent directors on the board. The company's board is composed of: 5 independent directors. 6 non-independent directors. Independent Director Serge Weinberg was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model.お知らせ • Jan 09Kering Announces Departure of Tidjane Thiam as Director to the Chairman of Board of Director, Chair of the Audit Committee and Member of the Remuneration CommitteeKering SA announced In order to have the necessary time to devote to his political commitments, Tidjane Thiam, elected President of the Democratic Party of Ivory Coast last December 22nd, submitted his resignation from his position as Director to the Chairman of Kering’s Board of Directors. Tidjane Thiam was an independent Director since June 16th, 2020, and Chair of the Audit Committee. He was also a member of the Remuneration Committee. On his own behalf and on behalf of the Board of Directors, François-Henri Pinault warmly thanks Tidjane Thiam for his involvement and his contribution to the Board’s activities, and notably as Chair of the Audit Committee. The Appointments and Governance Committee will consider his replacement and launch a succession process in the coming weeks. As it stands, the composition of the Committees remains unchanged and will be reviewed at the time of a future appointment.Upcoming Dividend • Jan 08Upcoming dividend of €4.50 per share at 3.7% yieldEligible shareholders must have bought the stock before 15 January 2024. Payment date: 17 January 2024. Payout ratio is a comfortable 34% and the cash payout ratio is 93%. Trailing yield: 3.7%. Lower than top quartile of Italian dividend payers (5.3%). Higher than average of industry peers (1.9%).お知らせ • Dec 09Kering SA, Annual General Meeting, Apr 25, 2024Kering SA, Annual General Meeting, Apr 25, 2024. Agenda: To consider balance of the dividend for financial year 2023.お知らせ • Dec 07Kering Declares Interim Dividend for Financial Year 2023, Payable on January 17, 2024The Board of Directors of Kering, at its meeting of December 7, 2023, has declared an interim dividend for financial year 2023. The interim dividend will amount to €4.50 per share. The interim dividend will be paid on January 17, 2024 on positions recorded as of January 16, 2024 after market close. The ex-dividend date will be January 15, 2024 before trading. The balance of the dividend for financial year 2023 will be proposed by the Board of Directors of February 7, 2024 for approval by the Annual General Meeting of April 25, 2024.お知らせ • Dec 01Kering SA (ENXTPA:KER) completed the acquisition of a 30% stake in Valentino S.p.A. from Mayhoola Lux S.à R.L.Kering SA (ENXTPA:KER) entered into a binding agreement to acquire a 30% stake in Valentino S.p.A. from Mayhoola Lux S.à R.L. for €1.7 billion on July 27, 2023. Following this transaction, Kering will hold a 30% stake in Valentino, with an option to acquire 100% of the share capital of Valentino no later than 2028 and Mayhoola will remain the majority shareholder with 70% of the share capital and will continue to execute on the successful brand elevation strategy. Valentino had revenues of €1.4 billion and EBITDA of €350 million in 2022. The transaction is subject to clearance by the relevant competition authorities and expected to close by end of 2023. Centerview Partners acted as financial advisor to Kering SA. JPMorgan Chase & Co. (NYSE:JPM) acted as financial advisor and fairness opinion provider to Mayhoola in the transaction. Bertrand Cardi, Christophe Vinsonneau,Didier Théophile, Martin Lebeuf and Vincent Agulhon Darrois Villey Maillot Brochier acted as legal advisor, Arsene Taxand, Accounting Arm acted as accountant and Gianni & Origoni Law Firm acted as legal advisor to Kering SA. Rothschild & Co acted as financial advisor to Mayhoola. Kering SA (ENXTPA:KER) completed the acquisition of a 30% stake in Valentino S.p.A. from Mayhoola Lux S.à R.L. on November 30, 2023. The transaction completed following clearance from the antitrust authorities.Buying Opportunity • Oct 25Now 22% undervalued after recent price dropOver the last 90 days, the stock is down 27%. The fair value is estimated to be €508, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has grown by 20%. For the next 3 years, revenue is forecast to grow by 5.9% per annum. Earnings is also forecast to grow by 8.8% per annum over the same time period.Buying Opportunity • Sep 06Now 21% undervalued after recent price dropOver the last 90 days, the stock is down 6.8%. The fair value is estimated to be €596, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has grown by 20%. For the next 3 years, revenue is forecast to grow by 6.6% per annum. Earnings is also forecast to grow by 10% per annum over the same time period.Reported Earnings • Jul 29First half 2023 earnings released: EPS: €14.60 (vs €16.08 in 1H 2022)First half 2023 results: EPS: €14.60 (down from €16.08 in 1H 2022). Revenue: €10.1b (up 2.1% from 1H 2022). Net income: €1.79b (down 10% from 1H 2022). Profit margin: 18% (down from 20% in 1H 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.6% p.a. on average during the next 3 years, compared to a 9.3% growth forecast for the Luxury industry in Italy. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth.お知らせ • Jul 28Kering SA (ENXTPA:KER) entered into a binding agreement to acquire a 30% stake in Valentino S.p.A. from Mayhoola Lux S.à R.L. for €1.7 billion.Kering SA (ENXTPA:KER) entered into a binding agreement to acquire a 30% stake in Valentino S.p.A. from Mayhoola Lux S.à R.L. for €1.7 billion on July 27, 2023. Following this transaction, Kering will hold a 30% stake in Valentino, with an option to acquire 100% of the share capital of Valentino no later than 2028 and Mayhoola will remain the majority shareholder with 70% of the share capital and will continue to execute on the successful brand elevation strategy. Valentino had revenues of €1.4 billion and EBITDA of €350 million in 2022. The transaction is subject to clearance by the relevant competition authorities and expected to close by end of 2023.Buying Opportunity • Jul 26Now 20% undervalued after recent price dropOver the last 90 days, the stock is down 10%. The fair value is estimated to be €655, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has grown by 24%. For the next 3 years, revenue is forecast to grow by 6.5% per annum. Earnings is also forecast to grow by 8.1% per annum over the same time period.お知らせ • Jul 21+ 1 more updateKering SA Announces Appointment of Maureen Chiquet to the Board of Directors, Effective September 2023Kering SA at its meeting of July 18, 2023, the Board of Directors, after consultation with the Nominations & Governance Committee, decided to coopt Maureen Chiquet as independent director for the remainder of Daniela Riccardi’s term of office (expiring on the date of the shareholder meeting approving the financial statements for the fiscal year ending December 31, 2025). She will join Kering’s Board of Directors in September 2023. The cooptation of Maureen Chiquet will be subject to ratification by the shareholder meeting approving the financial statements for the fiscal year ending December 31, 2023. Maureen Chiquet, a US citizen, has more than 35 years' experience in the fashion and luxury goods sector, including nine years as Global CEO of Chanel. Maureen Chiquet became the first Global CEO of Chanel in 2007, elevating the house’s iconic brand and spearheading its worldwide expansion. After leaving Chanel in 2016, she authored a book, Beyond The Label: Women, Leadership and Success on Own Terms, which charts her career and unique perspective on women in leadership. She chairs the boards of Golden Goose and La Double J, is a Non-Executive Director of Canada Goose and of Credo, a clean beauty retailer, and works as a Senior Advisor for Permira. Previously, Maureen Chiquet sat on the board of Vivendi, and served as a Trustee of the Yale Corporation and The New York Academy of Art. After graduating from Yale University with a degree in literature, Maureen Chiquet moved to Paris to begin her career in marketing at L’Oréal. She then pivoted to fashion, joining The Gap, and helping to launch and build the Old Navy brand. She was named president of Banana Republic before becoming COO and President of U.S operations of Chanel in 2003.お知らせ • Jul 01Kering SA acquired U N T (Usinage Et Nouvelles Technologies).Kering SA signed an agreement to acquire U N T (Usinage Et Nouvelles Technologies) on March 13, 2023. The transaction is subject to the clearance by the relevant competition authorities and is expected to be completed in the second quarter of 2023. Jacques Epstein, Julien Koch, Joëlle Hannelais, Daniele Bonvicini, Riccardo Sismondi, Matteo Montironi, Ginevra Losi, Sarah Machrhoul and Julia Compagnone of Vivien & Associés acted as legal advisor to Kering SA.Kering SA completed the acquisition of U N T (Usinage Et Nouvelles Technologies) on June 30, 2023.Buying Opportunity • Jun 29Now 21% undervalued after recent price dropOver the last 90 days, the stock is down 16%. The fair value is estimated to be €632, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has grown by 24%. For the next 3 years, revenue is forecast to grow by 6.5% per annum. Earnings is also forecast to grow by 8.2% per annum over the same time period.Upcoming Dividend • Apr 25Upcoming dividend of €9.50 per share at 2.4% yieldEligible shareholders must have bought the stock before 02 May 2023. Payment date: 04 May 2023. Payout ratio is a comfortable 48% and this is well supported by cash flows. Trailing yield: 2.4%. Lower than top quartile of Italian dividend payers (5.1%). Higher than average of industry peers (1.5%).お知らせ • Feb 16Kering Sa Appoints Sabato De Sarno as Creative Director of GucciKering SA and Gucci announced Sabato De Sarno's arrival as Creative Director of Gucci. Mr. De Sarno will present his debut runway collection at Milan Women's Fashion Week in September 2023. In his new role, De Sarno will lead the House's Design Studio reporting to Marco Bizzarri, President and CEO of Gucci, with the responsibility for defining and expressing the House's creative vision across the women's, men's, leather goods, accessories and lifestyle collections.Reported Earnings • Feb 16Full year 2022 earnings released: EPS: €29.33 (vs €25.40 in FY 2021)Full year 2022 results: EPS: €29.33 (up from €25.40 in FY 2021). Revenue: €20.4b (up 15% from FY 2021). Net income: €3.61b (up 14% from FY 2021). Profit margin: 18% (in line with FY 2021). Revenue is forecast to grow 6.8% p.a. on average during the next 3 years, compared to a 9.0% growth forecast for the Luxury industry in Italy. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth.お知らせ • Feb 15Kering SA Proposes Cash Dividend for the Year Ended December 31, 2022, Payable on May 4, 2023Kering SA announced that at its February 14, 2023 meeting, Kering’s Board of Directors decided to ask shareholders to approve a cash dividend of €14.00 per share at the Annual General Meeting to be held on April 27, 2023 to approve the financial statements for the year ended December 31, 2022. An interim dividend of €4.50 per share was paid on January 18, 2023. If approved, a final dividend of €9.50 would be paid on May 4, 2023.お知らせ • Feb 03Kering Appoints Raffaella Cornaggia as CEO of Kering BeautéKering announced the appointment of Raffaella Cornaggia as CEO of Kering Beauté. Based in Paris and reporting to Jean-François Palus, Group Managing Director of Kering, she will be a member of the Group’s Executive Committee. In her new role, and supported by a team of seasoned professionals, she will help develop an expertise in the Beauty category for Bottega Veneta, Balenciaga, Alexander McQueen, Pomellato and Qeelin. The creation of Kering Beauté will enable the Group to support these brands in the development of the Beauty category, which is a natural extension of their universe. An Italian national, Raffaella Cornaggia has over 25 years of experience in Beauty, spanning three continents, in multiple channels. Raffaella Cornaggia began her career at L’Oréal where she occupied various roles for 10 years in Italy and in France, before joining Chanel Parfums Beauté as Global Vice President, Marketing Makeup. In 2008, she joined Estée Lauder Companies at the time of the creation of its EMEA region to lead the marketing for Estée Lauder and Tom Ford Beauty, based in Paris. She then moved to Asia where she was appointed Senior Director, Brand Development for Estée Lauder and Tom Ford Beauty, and later promoted Vice President and General Manager for MAC Cosmetics in the region. In 2017, she spearheaded the development of the Travel Retail business worldwide for Estée Lauder and Aerin, as Senior Vice President and General Manager, based in New York. She then became International Senior Vice President and General Manager for the brands in 2020, responsible for worldwide business outside of the US and Canada. She is a graduate of Bocconi University in Milan.Upcoming Dividend • Jan 09Upcoming dividend of €4.50 per shareEligible shareholders must have bought the stock before 16 January 2023. Payment date: 18 January 2023. Payout ratio is a comfortable 44% and this is well supported by cash flows. Trailing yield: 2.5%. Lower than top quartile of Italian dividend payers (5.2%). Higher than average of industry peers (1.2%).お知らせ • Oct 25Kering SA to Report Fiscal Year 2022 Results on Feb 15, 2023Kering SA announced that they will report fiscal year 2022 results Pre-Market on Feb 15, 2023Buying Opportunity • Oct 08Now 21% undervalued after recent price dropOver the last 90 days, the stock is down 11%. The fair value is estimated to be €569, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.7% over the last 3 years. Earnings per share has grown by 24%. For the next 3 years, revenue is forecast to grow by 7.2% per annum. Earnings is also forecast to grow by 9.0% per annum over the same time period.Reported Earnings • Jul 28First half 2022 earnings releasedFirst half 2022 results: Revenue: (down 100% from 1H 2021). Net income: (down €1.46b from profit in 1H 2021). Profit margin: (down from 18% in 1H 2021). The decrease in margin was driven by lower expenses. Over the next year, revenue is forecast to grow 8.0%, compared to a 17% growth forecast for the industry in Italy.株主還元1KERIT LuxuryIT 市場7D4.8%3.8%3.2%1Y41.7%-0.05%23.9%株主還元を見る業界別リターン: 1KER過去 1 年間で-0 % の収益を上げたItalian Luxury業界を上回りました。リターン対市場: 1KER過去 1 年間で23.9 % の収益を上げたItalian市場を上回りました。価格変動Is 1KER's price volatile compared to industry and market?1KER volatility1KER Average Weekly Movement6.9%Luxury Industry Average Movement4.7%Market Average Movement5.2%10% most volatile stocks in IT Market8.2%10% least volatile stocks in IT Market3.1%安定した株価: 1KERの株価は、 Italian市場と比較して過去 3 か月間で変動しています。時間の経過による変動: 1KERの weekly volatility ( 7% ) は過去 1 年間安定していますが、依然としてItalianの株式の 75% よりも高くなっています。会社概要設立従業員CEO（最高経営責任者ウェブサイト196342,565Luca de Meowww.kering.comケリングSAは、アジア太平洋、西ヨーロッパ、北米、日本、および国際的なファッション、レザーグッズ、ジュエリーの有名メゾンのコレクション開発を管理している。同社はメンズとレディースの既製服、アクセサリー、美容製品を提供している。また、革製品と靴、時計と宝飾品、眼鏡製品、香水と化粧品も提供している。グッチ、サンローラン、ボッテガ・ヴェネタ、バレンシアガ、アレキサンダー・マックイーン、ブリオーニ、ブシュロン、ポメラート、DoDo、Qeelin、ジノリ1735、ケリング・アイウェア、ケリング・ボーテのブランドで商品を提供している。以前はPPR SAとして知られていたが、2013年6月にKering SAに社名を変更した。ケリングSAは1963年に設立され、フランスのパリに本社を置いている。もっと見るKering SA 基礎のまとめKering の収益と売上を時価総額と比較するとどうか。1KER 基礎統計学時価総額€29.83b収益（TTM）-€29.00m売上高(TTM)€14.68b2.0xP/Sレシオ-1,029xPER（株価収益率1KER は割高か？公正価値と評価分析を参照収益と収入最新の決算報告書（TTM）に基づく主な収益性統計1KER 損益計算書（TTM）収益€14.68b売上原価€4.02b売上総利益€10.66bその他の費用€10.69b収益-€29.00m直近の収益報告Dec 31, 2025次回決算日該当なし一株当たり利益（EPS）-0.24グロス・マージン72.64%純利益率-0.20%有利子負債／自己資本比率79.6%1KER の長期的なパフォーマンスは？過去の実績と比較を見る配当金1.2%現在の配当利回り-1,268%配当性向1KER 配当は確実ですか？1KER 配当履歴とベンチマークを見る1KER 、いつまでに購入すれば配当金を受け取れますか？Kering 配当日配当落ち日Jun 02 2026配当支払日Jun 04 2026配当落ちまでの日数25 days配当支払日までの日数27 days1KER 配当は確実ですか？1KER 配当履歴とベンチマークを見るView Valuation企業分析と財務データの現状データ最終更新日（UTC時間）企業分析2026/05/06 14:51終値2026/05/06 00:00収益2025/12/31年間収益2025/12/31データソース企業分析に使用したデータはS&P Global Market Intelligence LLC のものです。本レポートを作成するための分析モデルでは、以下のデータを使用しています。データは正規化されているため、ソースが利用可能になるまでに時間がかかる場合があります。パッケージデータタイムフレーム米国ソース例会社財務10年損益計算書キャッシュ・フロー計算書貸借対照表SECフォーム10-KSECフォーム10-Qアナリストのコンセンサス予想+プラス3年予想財務アナリストの目標株価アナリストリサーチレポートBlue Matrix市場価格30年株価配当、分割、措置ICEマーケットデータSECフォームS-1所有権10年トップ株主インサイダー取引SECフォーム4SECフォーム13Dマネジメント10年リーダーシップ・チーム取締役会SECフォーム10-KSECフォームDEF 14A主な進展10年会社からのお知らせSECフォーム8-K* 米国証券を対象とした例であり、非米国証券については、同等の規制書式および情報源を使用。特に断りのない限り、すべての財務データは1年ごとの期間に基づいていますが、四半期ごとに更新されます。これは、TTM（Trailing Twelve Month）またはLTM（Last Twelve Month）データとして知られています。詳細はこちら。分析モデルとスノーフレーク本レポートを生成するために使用した分析モデルの詳細は当社のGithubページでご覧いただけます。また、レポートの使用方法に関するガイドやYoutubeのチュートリアルも掲載しています。シンプリー・ウォールストリート分析モデルを設計・構築した世界トップクラスのチームについてご紹介します。業界およびセクターの指標私たちの業界とセクションの指標は、Simply Wall Stによって6時間ごとに計算されます。アナリスト筋Kering SA 21 これらのアナリストのうち、弊社レポートのインプットとして使用した売上高または利益の予想を提出したのは、 。アナリストの投稿は一日中更新されます。39 アナリスト機関null nullBanco de Sabadell. S.A.Mariano SzachtmanBanco SantanderCarole MadjoBarclays36 その他のアナリストを表示
お知らせ • Apr 23Kering Announces Resignation of Jean-Pierre Denis as Director, Effective May 28, 2026Kering announced Jean-Pierre Denis submitted his resignation from his position as Director, effective at the end of the Annual General Meeting on May 28, 2026. Chairman of the Audit Committee from 2012 to 2020, then Vice-Chairman of this Committee and a member of the Remuneration and Sustainability Committees, Jean-Pierre Denis has been a Director of Kering since June 9, 2008. He has also served as Climate Change Lead since 2022.
お知らせ • Apr 21Kering SA, Annual General Meeting, May 28, 2026Kering SA, Annual General Meeting, May 28, 2026. Location: 40 rue de sevres, paris France
お知らせ • Apr 02+ 1 more updateL'Oréal S.A. (ENXTPA:OR) completed the acquisition of Creed Fragrance from Kering SA (ENXTPA:KER).L'Oréal S.A. (ENXTPA:OR) entered into binding agreement to acquire Creed Fragrance from Kering SA (ENXTPA:KER) in a transaction valued at €4 billion on October 19, 2025. A cash consideration will be paid by L'Oréal S.A. L'Oréal also pay royalties to Kering for the use of its licensed brands. The agreement also includes an exclusive venture to explore business opportunities in the field of wellness and longevity and the right for Kering to sell Kering Beauté to L’Oréal. A strategic committee will be established to ensure coordination between Kering brands and L’Oréal and monitor the progress of our partnership. The partnership includes the rights to enter into a 50-year exclusive license for the creation, development, and distribution of fragrance and beauty products for Gucci, commencing after expiration of the current license with Coty, and respecting the Kering group’s obligations as per the existing license agreement. Kering will also grant L’Oréal 50-year exclusive licenses for the creation, development, and distribution of fragrance and beauty products for Bottega Veneta and Balenciaga, starting upon closing of the announced transaction. The transaction is subject to approval by regulatory board / committee and subject to Kering’s obligations under French employment law. The transaction is expected to complete in the first half of 2026. Centerview Partners UK LLP acted as financial advisor to Kering SA. Cédric Burford, Auriane Bijon, Arnaud de Rochebrune of Clifford Chance has advised L'Oréal. Bertrand Cardi, Christophe Vinsonneau, Forrest Alogna, Laurent Gautier, Cécile de Narp, Vincent Agulhon, Guillaume Aubron and Mathieu Duvacher of Darrois Villey Maillot Brochier advises Kering. L'Oréal S.A. (ENXTPA:OR) completed the acquisition of Creed Fragrance from Kering SA (ENXTPA:KER) on March 31, 2026. Eric Demuyt, Florent Garnie, Baptiste Piasentin, Chenwei Xu, Guillaume Legris, Guillaume Rembry, Hubert Christophe, Guillaume Exerjean, Bastien Martinez, Dean Lake, Caley Mogg, Edward Highfield, Alexis Karlins-Marchay, Ihssane Chabaa and Myriam Montillot of Eight Advisory acted as Financial Due diligence, Tax Due diligence to L’Oréal in its strategic alliance with Kering in beauty and wellness.
お知らせ • Mar 31Kering SA (ENXTPA:KER) completed the acquisition of 20% stake in Raselli Franco S.P.A.Kering SA (ENXTPA:KER) entered into an agreement to acquire 20% stake in Raselli Franco S.P.A. for approximately €120 million on December 18, 2025. A cash consideration of €115 million will be paid by Kering SA. The acquisition will be completed in several stages, starting with an initial 20% stake, with pathway to full ownership by 2032. Completion of the transaction remains subject to customary closing conditions and regulatory approvals. The transaction is expected to close in the first quarter of 2026. Donato Romano, Cristina Capitanio, Matteo Padellaro, Fabio Baglivo from Gianni & Origoni Law Firm acted as legal advisor to Kering SA (ENXTPA:KER). Giuliano Foglia, Matteo Carfagnini, Francesco Capogrossi, Sergio Mango and Carolina Castelli from Foglia & Partners, Accounting & Auditing acted as accountant to Kering SA (ENXTPA:KER). Sara Ciavorella from District Advisory acted as financial advisor to the unknown seller. Luca Picone from Hogan Lovells acted as legal advisor to the unknown seller. Kering SA (ENXTPA:KER) completed the acquisition of 20% stake in Raselli Franco S.P.A. on March 30, 2026.
お知らせ • Mar 18Kering Appoints Pierre Houlès as Chief Digital, AI & IT Officer, Effective March 17, 2026Kering announced the appointment of Pierre Houlès as Chief Digital, AI, and IT Officer, effective March 17, 2026. Pierre Houlès joins the Executive Committee of Kering. His mission is to strengthen the Group’s digital strategy and accelerate the transformation of its technology architecture to support the operational and technological ambitions of Kering. He will help build a model that fully embeds innovation to enhance the performance and desirability of the Houses. Pierre Houlès’s expertise in large-scale transformation, the integration of complex systems, and the application of emerging technologies, notably artificial intelligence, will be instrumental in accelerating the development of a more integrated, innovative, and forward-looking Group. Pierre Houlès reports to Jean Marc Duplaix, Group Chief Operating Officer. From 2004 to 2011, Pierre Houlès led major transformation projects for Capgemini before joining the CANAL+ Group, where he was appointed Chief Information Officer in 2012. In 2016, Pierre Houlès joined the Renault Group to lead its digital transformation. He was appointed Managing Director of Renault Digital in 2019 and Deputy Chief Information Officer of the group. He also served as Technical Director for the Mobilize and Dacia brands, while retaining his roles as Deputy Chief Information Officer of the group and Managing Director of Renault Digital. Pierre Houlès graduated from EPITA and Sorbonne Business School.
お知らせ • Mar 17Kering Appoints Jean-Marc Duplaix as Chief Executive Officer of Kering Jewelry, Effective March 16, 2026Kering announced that Jean-Marc Duplaix has been appointed Chief Executive Officer of Kering Jewelry, effective immediately. The Chief Executive Officers of the Jewelry Houses will report to him, thus strengthening strategic alignment and operational coordination. He will retain his responsibilities as Group Chief Operating Officer, including finance, M&A, investor relations, real estate, digital, and the general secretariat.
お知らせ • Apr 23Kering Announces Resignation of Jean-Pierre Denis as Director, Effective May 28, 2026Kering announced Jean-Pierre Denis submitted his resignation from his position as Director, effective at the end of the Annual General Meeting on May 28, 2026. Chairman of the Audit Committee from 2012 to 2020, then Vice-Chairman of this Committee and a member of the Remuneration and Sustainability Committees, Jean-Pierre Denis has been a Director of Kering since June 9, 2008. He has also served as Climate Change Lead since 2022.
お知らせ • Apr 21Kering SA, Annual General Meeting, May 28, 2026Kering SA, Annual General Meeting, May 28, 2026. Location: 40 rue de sevres, paris France
お知らせ • Apr 02+ 1 more updateL'Oréal S.A. (ENXTPA:OR) completed the acquisition of Creed Fragrance from Kering SA (ENXTPA:KER).L'Oréal S.A. (ENXTPA:OR) entered into binding agreement to acquire Creed Fragrance from Kering SA (ENXTPA:KER) in a transaction valued at €4 billion on October 19, 2025. A cash consideration will be paid by L'Oréal S.A. L'Oréal also pay royalties to Kering for the use of its licensed brands. The agreement also includes an exclusive venture to explore business opportunities in the field of wellness and longevity and the right for Kering to sell Kering Beauté to L’Oréal. A strategic committee will be established to ensure coordination between Kering brands and L’Oréal and monitor the progress of our partnership. The partnership includes the rights to enter into a 50-year exclusive license for the creation, development, and distribution of fragrance and beauty products for Gucci, commencing after expiration of the current license with Coty, and respecting the Kering group’s obligations as per the existing license agreement. Kering will also grant L’Oréal 50-year exclusive licenses for the creation, development, and distribution of fragrance and beauty products for Bottega Veneta and Balenciaga, starting upon closing of the announced transaction. The transaction is subject to approval by regulatory board / committee and subject to Kering’s obligations under French employment law. The transaction is expected to complete in the first half of 2026. Centerview Partners UK LLP acted as financial advisor to Kering SA. Cédric Burford, Auriane Bijon, Arnaud de Rochebrune of Clifford Chance has advised L'Oréal. Bertrand Cardi, Christophe Vinsonneau, Forrest Alogna, Laurent Gautier, Cécile de Narp, Vincent Agulhon, Guillaume Aubron and Mathieu Duvacher of Darrois Villey Maillot Brochier advises Kering. L'Oréal S.A. (ENXTPA:OR) completed the acquisition of Creed Fragrance from Kering SA (ENXTPA:KER) on March 31, 2026. Eric Demuyt, Florent Garnie, Baptiste Piasentin, Chenwei Xu, Guillaume Legris, Guillaume Rembry, Hubert Christophe, Guillaume Exerjean, Bastien Martinez, Dean Lake, Caley Mogg, Edward Highfield, Alexis Karlins-Marchay, Ihssane Chabaa and Myriam Montillot of Eight Advisory acted as Financial Due diligence, Tax Due diligence to L’Oréal in its strategic alliance with Kering in beauty and wellness.
お知らせ • Mar 31Kering SA (ENXTPA:KER) completed the acquisition of 20% stake in Raselli Franco S.P.A.Kering SA (ENXTPA:KER) entered into an agreement to acquire 20% stake in Raselli Franco S.P.A. for approximately €120 million on December 18, 2025. A cash consideration of €115 million will be paid by Kering SA. The acquisition will be completed in several stages, starting with an initial 20% stake, with pathway to full ownership by 2032. Completion of the transaction remains subject to customary closing conditions and regulatory approvals. The transaction is expected to close in the first quarter of 2026. Donato Romano, Cristina Capitanio, Matteo Padellaro, Fabio Baglivo from Gianni & Origoni Law Firm acted as legal advisor to Kering SA (ENXTPA:KER). Giuliano Foglia, Matteo Carfagnini, Francesco Capogrossi, Sergio Mango and Carolina Castelli from Foglia & Partners, Accounting & Auditing acted as accountant to Kering SA (ENXTPA:KER). Sara Ciavorella from District Advisory acted as financial advisor to the unknown seller. Luca Picone from Hogan Lovells acted as legal advisor to the unknown seller. Kering SA (ENXTPA:KER) completed the acquisition of 20% stake in Raselli Franco S.P.A. on March 30, 2026.
お知らせ • Mar 18Kering Appoints Pierre Houlès as Chief Digital, AI & IT Officer, Effective March 17, 2026Kering announced the appointment of Pierre Houlès as Chief Digital, AI, and IT Officer, effective March 17, 2026. Pierre Houlès joins the Executive Committee of Kering. His mission is to strengthen the Group’s digital strategy and accelerate the transformation of its technology architecture to support the operational and technological ambitions of Kering. He will help build a model that fully embeds innovation to enhance the performance and desirability of the Houses. Pierre Houlès’s expertise in large-scale transformation, the integration of complex systems, and the application of emerging technologies, notably artificial intelligence, will be instrumental in accelerating the development of a more integrated, innovative, and forward-looking Group. Pierre Houlès reports to Jean Marc Duplaix, Group Chief Operating Officer. From 2004 to 2011, Pierre Houlès led major transformation projects for Capgemini before joining the CANAL+ Group, where he was appointed Chief Information Officer in 2012. In 2016, Pierre Houlès joined the Renault Group to lead its digital transformation. He was appointed Managing Director of Renault Digital in 2019 and Deputy Chief Information Officer of the group. He also served as Technical Director for the Mobilize and Dacia brands, while retaining his roles as Deputy Chief Information Officer of the group and Managing Director of Renault Digital. Pierre Houlès graduated from EPITA and Sorbonne Business School.
お知らせ • Mar 17Kering Appoints Jean-Marc Duplaix as Chief Executive Officer of Kering Jewelry, Effective March 16, 2026Kering announced that Jean-Marc Duplaix has been appointed Chief Executive Officer of Kering Jewelry, effective immediately. The Chief Executive Officers of the Jewelry Houses will report to him, thus strengthening strategic alignment and operational coordination. He will retain his responsibilities as Group Chief Operating Officer, including finance, M&A, investor relations, real estate, digital, and the general secretariat.
お知らせ • Mar 03+ 1 more updateKering SA Announces Executive AppointmentsKering announced a new organizational structure with the creation of two Group centers of excellence – Industry and Client – to optimize the Group's operational efficiency and support the sustainable growth of its Houses. The company announced several key appointments within these two divisions, bringing new expertise to the Group. Stéphane Noël has been appointed Chief Industrial Officer, effective April 1, 2026. He will join the Kering Executive Committee and report directly to Luca de Meo. A recognized industrial leader, Stéphane Noël brings thirty years of international experience in the management of complex, large-scale manufacturing operations, with a focus on quality and operational excellence. His mission is to structure the Group's industrial organization and strengthen upstream and downstream supply performance, while ensuring the highest standards of quality, compliance, and traceability, in close collaboration with all the Houses. Carlo Mocci has been appointed Chief Client Officer, effective May 4, 2026. He will join Kering's Executive Committee and report directly to Luca de Meo. Carlo Mocci brings to Kering decisive expertise in client-centric transformation, built over more than twenty years in operational leadership roles, particularly in retail and within B2C tech platforms. He has led data-driven global strategies and profoundly reinvented the client experience. His arrival will accelerate the rollout of the Group and the Houses’ client strategy thanks to his knowledge of international markets and his mastery of innovative growth models. Reporting to Carlo Mocci: Fedele Usai, Chief Marketing Officer, whose appointment is effective immediately. With over twenty years of experience in the luxury industry, publishing, multimedia content, and communications, he is responsible for defining the Group's marketing strategy and supporting the Houses' activities in the areas of branding, media, CRM (Customer Relationship Management) and experiences. Daniele Zito, Chief Commercial Officer, in charge of the Group’s distribution strategy, was appointed in January 2026. With extensive strategic and operational experience in the luxury industry, Daniele is responsible for defining the Group's commercial strategy for our retail (including e-commerce) and wholesale networks, in close collaboration with each of our Houses. Stéphane Noël has 30 years of international experience in the industry, with management responsibilities in France, the United Kingdom, Poland, and China. He began his career in 1996 at Hutchinson, where he held various positions in quality, strategy, and plant management before being appointed Vice President for Asia. In 2012, he joined automotive supplier OPmobility to head up the Clean Energy Systems division in Asia, then globally. He subsequently became President and CEO of the Exterior & Lighting division. In 2024, Stéphane Noël was appointed Executive Vice President of FORVIA's Seating division, where he oversaw an organization of 40,000 employees spread across 77 industrial sites and nine R&D centers in 20 countries. Stéphane Noël, a French national, holds a degree in industrial systems engineering from ISTIA (Institut des Sciences et Techniques de l'Ingénieur d'Angers). Carlo Mocci has over 20 years of international experience in consulting, retail and large B2C tech platforms. He began his career in 2000 at McKinsey & Company, where he worked with major consumer brands and retail players in Europe and the Middle East before being named a partner in 2010. In 2013, he joined Amazon Europe, where he led the transition to an integrated pan-regional model. From 2016, he held several senior management positions in the Health and Beauty business, then from 2018, he led Amazon's Food Delivery business in Europe and Japan. In 2020, Carlo became Chief Business Officer of Deliveroo, initially for the United Kingdom and Ireland, before expanding his remit to all categories, consumer functions, and products. Carlo Mocci, an Italian national, is a graduate of the Politecnico di Milano and École Centrale de Lyon and holds an MBA from INSEAD. Fedele Usai has 25 years of experience in the luxury goods industry, publishing, multimedia content, and communications. He began his career in advertising agencies before becoming CEO of TBWA Italia in 2002. From 2006 to 2009, he was Director of Communications for the Fiat Auto group before returning to TBWA Italia as CEO. He joined Condé Nast in 2012, initially as Managing Director, where he subsequently held the position of Chief Executive Officer. He then joined Dolce&Gabbana in 2021 as Director of Communications and Marketing, becoming Managing Director of the group in 2023. Fedele Usai, an Italian national, is a graduate of the Catholic University of Milan. Daniele brings a wealth of strategic and operational experience gained during his six years at Bain Consulting and nine years at Gucci, the last five of which he spent as President of Gucci Japan. An Italian national, Daniele is a graduate of Bocconi University.
お知らせ • Feb 10+ 2 more updatesKering SA Proposes Exceptional DividendKering SA announced an exceptional dividend of €1.00 per share will be proposed related to the disposal of Kering Beauté to L'Oréal, expected to be closed in the first semester of 2026. The exceptional dividend will be paid once the closing of Kering Beauté is completed and not before June 4, 2026, subject to shareholder approval at the Annual General Meeting.
お知らせ • Dec 12Kering Announces the Reclassification of Kering Beauté as Discontinued OperationsKering has announced the reclassification of Kering Beauté as discontinued operations in its consolidated financial statements, following an agreement with L’Oréal for the sale of Kering Beauté. This reclassification is in accordance with IFRS 5 and will be effective as of December 31, 2025. The financial contributions of Kering Beauté will be isolated and presented separately within net income from discontinued operations. Comparative periods will be restated to ensure consistency across reporting periods, and the Group’s financial indicators will be presented excluding Kering Beauté, under continuing operations. The restated financial indicators for Kering Beauté show a revenue of €148 million for H1 2025 and €320 million for 2024, with recurring operating income of €49 million for H1 2025 and €114 million for 2024. The detailed financial information will be included in the 2025 Financial Document to be published on February 10, 2026.
お知らせ • Dec 06Kering SA to Report Fiscal Year 2025 Results on Feb 10, 2026Kering SA announced that they will report fiscal year 2025 results Pre-Market on Feb 10, 2026
Declared Dividend • Dec 05First half dividend reduced to €1.25Dividend of €1.25 is 38% lower than last year. Ex-date: 13th January 2026 Payment date: 15th January 2026 Dividend yield will be 1.8%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by both earnings (67% earnings payout ratio) and cash flows (53% cash payout ratio). The dividend has increased by an average of 4.8% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 97% over the next 3 years, which should provide support to the dividend and adequate earnings cover.
お知らせ • Dec 03Kering SA Approves Interim Dividend for the Financial Year 2025, Payable on January 15, 2026At its meeting on December 2, 2025, the Board of Directors of Kering approved the payment of an interim dividend of €1.25 per share for the 2025 financial year. The interim dividend will be paid on January 15, 2026 on positions recorded as of January 14, 2026 after market close. The ex-dividend date will be January 13, 2026 before market open. The balance of the dividend for the 2025 financial year will be proposed by the Board of Directors on February 9, 2026, and subsequently submitted for approval at the Annual General Meeting on 28 May 2026.
お知らせ • Oct 20L'Oréal S.A. (ENXTPA:OR) entered into binding agreement to acquire Creed Fragrance from Kering SA (ENXTPA:KER) in a transaction valued at €4 billion.L'Oréal S.A. (ENXTPA:OR) entered into binding agreement to acquire Creed Fragrance from Kering SA (ENXTPA:KER) in a transaction valued at €4 billion on October 19, 2025. A cash consideration will be paid by L'Oréal S.A. L'Oréal also pay royalties to Kering for the use of its licensed brands. The agreement also includes an exclusive venture to explore business opportunities in the field of wellness and longevity and the right for Kering to sell Kering Beauté to L’Oréal. A strategic committee will be established to ensure coordination between Kering brands and L’Oréal and monitor the progress of our partnership. The partnership includes the rights to enter into a 50-year exclusive license for the creation, development, and distribution of fragrance and beauty products for Gucci, commencing after expiration of the current license with Coty, and respecting the Kering group’s obligations as per the existing license agreement. Kering will also grant L’Oréal 50-year exclusive licenses for the creation, development, and distribution of fragrance and beauty products for Bottega Veneta and Balenciaga, starting upon closing of the announced transaction. The transaction is subject to approval by regulatory board / committee and subject to Kering’s obligations under French employment law. The transaction is expected to complete in the first half of 2026.
Buy Or Sell Opportunity • Oct 03Now 23% overvalued after recent price riseOver the last 90 days, the stock has risen 50% to €297. The fair value is estimated to be €241, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 7.7% over the last 3 years. Earnings per share has declined by 43%. Revenue is forecast to grow by 1.1% in 2 years. Earnings are forecast to grow by 52% in the next 2 years.
お知らせ • Sep 18Kering SA Announces Elimination of Functions of Deputy CEOKering SA announced the appointment of Francesca Bellettini as President and Chief Executive Officer of Gucci, reporting to Luca de Meo, Chief Executive Officer of Kering. Jean-Marc Duplaix will continue to serve as Group Chief Operating Officer of Kering, supporting Luca de Meo in both the development of the Group and the management of its organization. As part of this change, the functions of Kering Deputy CEO will be eliminated. Francesca Bellettini joined Kering in 2003 as Strategic Planning Director and Associate Worldwide Merchandising Director of Gucci. In 2008, she joined Bottega Veneta and became Worldwide Merchandising and Communications Director in 2010. In 2013, she became President and Chief Executive Officer of Saint Laurent. In September 2023, Francesca Bellettini was appointed Kering Deputy CEO in charge of Brand Development. Prior to joining Kering, Francesca Belletini, who started her career in London as an investment banker, worked for the Business Planning and Development division of the Prada group, and later became Operations Manager for Helmut Lang.
お知らせ • Sep 10Kering SA Approves Appointment of Luca De Meo as A Director, Effective September 9, 2025Kering SA announced that all resolutions submitted to the vote at the Combined General Meeting held on September 9, 2025, were approved. Shareholders overwhelmingly endorsed the appointment of Luca de Meo as a Director. This appointment is part of the separation of the roles of Chairman of the Board of Directors and Chief Executive Officer, effective as of September 15, 2025. On that date, as announced in June, Mr. de Meo will assume his role as Chief Executive Officer of the Group, while François-Henri Pinault will continue to serve as Chairman of the Board of Directors. Following this General Meeting, Kering’s Board of Directors is composed of 14 members, with an independence rate of 58% and strict gender parity. Six nationalities are represented: American, British, Chinese, French, Italian, and Turkish.
お知らせ • Aug 04Kering Reportedly in Talks with Qatar to Sell Milan PropertyKering SA (ENXTPA:KER) is holding advanced talks with Qatar’s royal family to sell a Milan luxury property, Italian newspaper Il Corriere della Sera said. Kering may sell a majority stake in the company that owns the building it bought in 2024 for €1.3 billion ($1.5 billion), the newspaper reported, without saying where it obtained the information. Kering declined to comment on the report. Qatar Investment Authority wasn’t able to comment immediately. In April, it had been reported to be interested though the sovereign wealth fund denied the reports at the time. The French luxury company is working to sell properties in New York, Milan and Paris, it said in July as it announced a 15% sales plunge in the second quarter.
Reported Earnings • Aug 01First half 2025 earnings released: EPS: €3.87 (vs €7.16 in 1H 2024)First half 2025 results: EPS: €3.87 (down from €7.16 in 1H 2024). Revenue: €7.59b (down 16% from 1H 2024). Net income: €474.0m (down 46% from 1H 2024). Profit margin: 6.2% (down from 9.7% in 1H 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 4.2% p.a. on average during the next 3 years, compared to a 7.2% growth forecast for the Luxury industry in Italy. Over the last 3 years on average, earnings per share has fallen by 43% per year but the company’s share price has only fallen by 27% per year, which means it has not declined as severely as earnings.
Buy Or Sell Opportunity • Jun 24Now 20% undervalued after recent price dropOver the last 90 days, the stock has fallen 14% to €174. The fair value is estimated to be €219, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 24%.
お知らせ • Jun 20Kering Announces Chief Executive Officer Changes, Effective September 9, 2025The Kering Board of Directors approved the appointment of Luca de Meo as Chief Executive Officer of the Group, as recommended by the Appointments and Governance Committee. This decision, initiated by Francois-Henri Pinault, marks a decisive step in the evolution of Kering's governance and strengthens the Group's leadership as it enters a new phase of its development. As part of a renewed governance structure, the role of Chairman of the Board of Directors, held by Francois-Henri Pinault, will be separated from that of Chief Executive Officer. This governance structure is in line with best practices for major listed companies. These changes will take effect upon the decision of the Board of Directors which will be held following the Shareholder Meeting to be called for September 9, 2025. With 30 years of experience in the automotive industry, Luca de Meo was born in Milan, Italy, in 1967. He holds a degree in business administration from the Universit Commerciale Luigi Bocconi di Milano and was named Bocconi Alumnus of the Year in 2017. He began his career at Renault in 1992 before joining Toyota Europe. He then joined the Fiat Group, where he held the positions of Director of the Lancia, Fiat and Alfa Romeo divisions, CEO of Abarth and Marketing Director of the Fiat Group. In 2009, he joined the Volkswagen Group as Group and Volkswagen Brand Marketing Director. In 2012, he was appointed member of the Management Board responsible for Sales and Marketing at AUDI AG. From November 2015 to January 2020, he was President of SEAT and CUPRA, a member of the supervisory boards of Ducati and Lamborghini, and Chairman of the Board of Directors of the Volkswagen Group in Spain. Since July 2020, Luca de Meo has been CEO of the Renault Group and, since January 2021, a member of the Group's Management Board. From January 2021 to February 2023, he also served as CEO of the Renault brand. From January 2023 to December 2024, he was President of the European Automobile Manufacturers' Association (ACEA). From November 2023 to March 2025, he also served as CEO of Ampere, the European leader in zero-emission and software-defined vehicles. From April 2021 to October 2022, he was a member of the Board of Directors of TIM (Telecom Italia).
Upcoming Dividend • Apr 28Upcoming dividend of €4.00 per shareEligible shareholders must have bought the stock before 05 May 2025. Payment date: 07 May 2025. Payout ratio is a comfortable 65% and this is well supported by cash flows. Trailing yield: 3.4%. Lower than top quartile of Italian dividend payers (5.7%). Higher than average of industry peers (2.1%).
Valuation Update With 7 Day Price Move • Apr 07Investor sentiment deteriorates as stock falls 15%After last week's 15% share price decline to €162, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 14x in the Luxury industry in Italy. Total loss to shareholders of 67% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €227 per share.
お知らせ • Apr 04Kering SA (ENXTPA:KER) signed an agreement to acquire 100% stake in Visard Srl and unknown minority stake in Mistral Srl.Kering SA (ENXTPA:KER) signed an agreement to acquire 100% stake in Visard Srl and unknown minority stake in Mistral Srl on April 3, 2025. The transaction is subject to the clearance by the relevant competition authorities and is expected to be completed in the third quarter of 2025.
Reported Earnings • Mar 20Full year 2024 earnings released: EPS: €9.24 (vs €24.38 in FY 2023)Full year 2024 results: EPS: €9.24 (down from €24.38 in FY 2023). Revenue: €17.2b (down 12% from FY 2023). Net income: €1.13b (down 62% from FY 2023). Profit margin: 6.6% (down from 15% in FY 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 5.3% p.a. on average during the next 3 years, compared to a 8.1% growth forecast for the Luxury industry in Italy. Over the last 3 years on average, earnings per share has fallen by 24% per year whereas the company’s share price has fallen by 28% per year.
Buy Or Sell Opportunity • Mar 20Now 21% undervalued after recent price dropOver the last 90 days, the stock has fallen 10% to €211. The fair value is estimated to be €265, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 24%. For the next 3 years, revenue is forecast to grow by 5.3% per annum. Earnings are also forecast to grow by 17% per annum over the same time period.
Valuation Update With 7 Day Price Move • Mar 17Investor sentiment deteriorates as stock falls 15%After last week's 15% share price decline to €218, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 16x in the Luxury industry in Italy. Total loss to shareholders of 60% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €269 per share.
お知らせ • Mar 17Kering SA, Annual General Meeting, Apr 24, 2025Kering SA, Annual General Meeting, Apr 24, 2025. Location: 40 rue de sevres, paris France
Declared Dividend • Feb 17Final dividend of €4.00 announcedShareholders will receive a dividend of €4.00. Ex-date: 5th May 2025 Payment date: 7th May 2025 Dividend yield will be 2.1%, which is higher than the industry average of 1.8%. Sustainability & Growth Dividend is covered by both earnings (65% earnings payout ratio) and cash flows (53% cash payout ratio). The dividend has increased by an average of 4.8% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 67% over the next 3 years, which should provide support to the dividend and adequate earnings cover.
Reported Earnings • Feb 12Full year 2024 earnings released: EPS: €9.24 (vs €24.38 in FY 2023)Full year 2024 results: EPS: €9.24 (down from €24.38 in FY 2023). Revenue: €17.2b (down 12% from FY 2023). Net income: €1.13b (down 62% from FY 2023). Profit margin: 6.6% (down from 15% in FY 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 5.1% p.a. on average during the next 3 years, compared to a 7.5% growth forecast for the Luxury industry in Italy. Over the last 3 years on average, earnings per share has fallen by 24% per year whereas the company’s share price has fallen by 25% per year.
お知らせ • Feb 11Kering SA Proposes Final Dividend for the Year Ended December 31, 2024, Payable on May 7, 2025Kering SA announced that in its February 10, 2025, meeting, Kering’s Board of Directors resolved to ask shareholders to approve a cash dividend of €6.00 per share at the Annual General Meeting to be held on April 24, 2025, to approve the financial statements for the year ended December 31, 2024. An interim dividend of €2.00 per share was paid on January 16, 2025. If approved, a final dividend of €4.00 will be paid on May 7, 2025, on positions determined on the evening of May 6, 2025. The ex-date for the final dividend payment will be the morning of May 5, 2025.
お知らせ • Feb 06Kering SA to Report Fiscal Year 2024 Results on Feb 11, 2025Kering SA announced that they will report fiscal year 2024 results at 9:00 AM, Central European Standard Time on Feb 11, 2025
お知らせ • Jan 31Simon Property Group, Inc. (NYSE:SPG) acquired Design Management S.R.L. from Kering SA (ENXTPA:KER) for approximately €350 million.Simon Property Group, Inc. (NYSE:SPG) acquired Design Management S.R.L. from Kering SA (ENXTPA:KER) for approximately €350 million on January 30, 2025. The Mall Luxury Outlets operates two luxury outlet destinations in Italy, one in Leccio and the other in Sanremo. Simon Property Group, Inc. (NYSE:SPG) completed the acquisition of Design Management S.R.L. from Kering SA (ENXTPA:KER) on January 30, 2025.
お知らせ • Jan 16Ardian signed a binding investment agreement to acquire 60% stake in Three highly prestigious real estate properties in Paris from Kering SA (ENXTPA:KER) for approximately €840 million.Ardian signed a binding investment agreement to acquire 60% stake in Three highly prestigious real estate properties in Paris from Kering SA (ENXTPA:KER) for approximately €840 million on January 15, 2025. The transaction is pending the fulfillment of customary conditions for real estate transactions. Upon completion Ardian will hold a 60% stake in this unique prime real estate portfolio, Kering retaining 40% of the ownership. This portfolio comprises Hôtel de Nocé, located 26, place Vendôme, and two buildings located on avenue Montaigne, at 35-37 and 56. The deal is expected to close in the first quarter of 2025.
Upcoming Dividend • Jan 07Upcoming dividend of €2.00 per shareEligible shareholders must have bought the stock before 14 January 2025. Payment date: 16 January 2025. Payout ratio is a comfortable 68% and this is well supported by cash flows. Trailing yield: 5.0%. Lower than top quartile of Italian dividend payers (5.1%). Higher than average of industry peers (1.9%).
Buy Or Sell Opportunity • Jan 03Now 22% undervalued after recent price dropOver the last 90 days, the stock has fallen 10.0% to €224. The fair value is estimated to be €289, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.9% over the last 3 years. Earnings per share has declined by 8.3%. For the next 3 years, revenue is forecast to grow by 3.2% per annum. Earnings are also forecast to grow by 10% per annum over the same time period.
Declared Dividend • Dec 06First half dividend of €2.00 announcedShareholders will receive a dividend of €2.00. Ex-date: 14th January 2025 Payment date: 16th January 2025 Dividend yield will be 4.8%, which is higher than the industry average of 1.8%. Sustainability & Growth Dividend is covered by both earnings (56% earnings payout ratio) and cash flows (78% cash payout ratio). The dividend has increased by an average of 14% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 26% over the next 3 years, which should provide support to the dividend and adequate earnings cover.
Buy Or Sell Opportunity • Nov 09Now 26% undervalued after recent price dropOver the last 90 days, the stock has fallen 15% to €221. The fair value is estimated to be €298, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.9% over the last 3 years. Earnings per share has declined by 8.3%. For the next 3 years, revenue is forecast to grow by 2.7% per annum. Earnings are also forecast to grow by 8.6% per annum over the same time period.
お知らせ • Oct 08Kering Announces Management ChangesKering announced the appointment of Stefano Cantino as CEO of Gucci, reporting to Francesca Bellettini, Deputy CEO of Kering in charge of Brand Development. Stefano Cantino, who joined Gucci in May 2024 as Deputy CEO and will have a seat on Kering’s Executive Committee, will succeed Jean-François Palus as of January 1, 2025. Jean-François Palus had been appointed CEO of Gucci in July 2023 with the main goal to set up the foundations of Gucci’s next chapter and hire key talents, including his successor. Stefano Cantino joined Gucci in May 2024 as Deputy CEO following a five-year career at Louis Vuitton, where he oversaw Communications and Image. Prior to his time at Louis Vuitton, Cantino, a graduate in Political Science from the University of Turin, spent 20 years in the Prada Group where he held positions of increasing responsibility in Marketing and Commercial, culminating in his role as Director of Communications and Marketing.
Valuation Update With 7 Day Price Move • Sep 28Investor sentiment improves as stock rises 19%After last week's 19% share price gain to €269, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 13x in the Luxury industry in Italy. Total loss to shareholders of 53% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €461 per share.
New Risk • Sep 12New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Italian stocks, typically moving 5.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks High level of debt (63% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (5.2% average weekly change). Profit margins are more than 30% lower than last year (11% net profit margin).
New Risk • Jul 28New minor risk - Financial positionThe company has a high level of debt. Net debt to equity ratio: 63% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Minor Risks High level of debt (63% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (11% net profit margin).
New Risk • Jul 25New minor risk - Profit margin trendThe company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 11% Last year net profit margin: 17% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by cash flows (93% cash payout ratio). Profit margins are more than 30% lower than last year (11% net profit margin).
Buy Or Sell Opportunity • Jul 02Now 21% undervalued after recent price dropOver the last 90 days, the stock has fallen 11% to €327. The fair value is estimated to be €414, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 7.1%. For the next 3 years, revenue is forecast to grow by 4.5% per annum. Earnings are also forecast to grow by 3.2% per annum over the same time period.
お知らせ • Apr 27+ 1 more updateKering SA Approves Appointment of DirectorsKering SA at its General Shareholders' Meeting of April 25, 2024 approved the appointment of three new directors: Ms. Rachel Duan, Ms. Giovanna Melandri and Mr. Dominique D'Hinnin.
Upcoming Dividend • Apr 25Upcoming dividend of €9.50 per shareEligible shareholders must have bought the stock before 02 May 2024. Payment date: 06 May 2024. Payout ratio is a comfortable 57% and the cash payout ratio is 93%. Trailing yield: 4.3%. Lower than top quartile of Italian dividend payers (5.7%). Higher than average of industry peers (1.6%).
Buy Or Sell Opportunity • Apr 25Now 25% undervalued after recent price dropOver the last 90 days, the stock has fallen 9.7% to €326. The fair value is estimated to be €435, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 7.1%. For the next 3 years, revenue is forecast to grow by 4.6% per annum. Earnings are also forecast to grow by 4.9% per annum over the same time period.
お知らせ • Mar 28Marcolin's Main Shareholder PAI Partners Reportedly Seeks BuyerMarcolin S.p.A.'s main shareholder PAI Partners earlier this year hired Goldman Sachs to explore a merger or a sale. The private equity firm, which bought Marcolin in 2012 and currently owns around 80% of the group, is looking for a valuation as high as EUR 1.3 billion, the Financial Times reported earlier this month. The sale process has drawn interest from big players such as Gucci-owner Kering SA (ENXTPA:KER) and Ray-Ban parent EssilorLuxottica Société anonyme (ENXTPA:EL), but it has not made significant progress so far, two sources close to the matter told Reuters. Kering is currently wrestling with a slowdown in Asian sales that has hit its star label Gucci. One stumbling block in talks with potential bidders is the asking price, which is considered too high, the sources said.
Valuation Update With 7 Day Price Move • Mar 25Investor sentiment deteriorates as stock falls 15%After last week's 15% share price decline to €359, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 13x in the Luxury industry in Italy. Total loss to shareholders of 33% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €409 per share.
Declared Dividend • Feb 19Final dividend of €9.50 announcedDividend of €9.50 is the same as last year. Ex-date: 2nd May 2024 Payment date: 6th May 2024 Dividend yield will be 3.3%, which is higher than the industry average of 1.8%. Sustainability & Growth Dividend is covered by earnings (57% earnings payout ratio) but not adequately covered by cash flows (93% cash payout ratio). The dividend has increased by an average of 14% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 30% over the next 3 years, which should provide support to the dividend and adequate earnings cover.
Reported Earnings • Feb 09Full year 2023 earnings released: EPS: €24.38 (vs €29.34 in FY 2022)Full year 2023 results: EPS: €24.38 (down from €29.34 in FY 2022). Revenue: €19.6b (down 3.9% from FY 2022). Net income: €2.98b (down 17% from FY 2022). Profit margin: 15% (down from 18% in FY 2022). Revenue is forecast to grow 6.4% p.a. on average during the next 3 years, compared to a 8.1% growth forecast for the Luxury industry in Italy. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings.
お知らせ • Feb 08Kering SA Proposes Final Dividend for the Year Ended December 31, 2023, Payable on May 6, 2024Kering SA announced in its February 7, 2024 meeting, the company's Board of Directors decided to ask shareholders to approve a cash dividend of €14.00 per share at the Annual General Meeting to be held on April 25, 2024 to approve the financial statements for the year ended December 31,2023. An interim dividend of €4.50 per share was paid on January 17, 2024. If approved, a final dividend of €9.50 will be paid on May 6, 2024 on positions determined on the evening of May 3, 2024. The ex-date for the final dividend payment will be the morning of May 2, 2024.
お知らせ • Feb 06+ 1 more updateKering SA to Report First Half, 2024 Results on Jul 24, 2024Kering SA announced that they will report first half, 2024 results on Jul 24, 2024
Board Change • Jan 17Less than half of directors are independentFollowing the recent departure of a director, there are only 5 independent directors on the board. The company's board is composed of: 5 independent directors. 6 non-independent directors. Independent Director Serge Weinberg was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model.
お知らせ • Jan 09Kering Announces Departure of Tidjane Thiam as Director to the Chairman of Board of Director, Chair of the Audit Committee and Member of the Remuneration CommitteeKering SA announced In order to have the necessary time to devote to his political commitments, Tidjane Thiam, elected President of the Democratic Party of Ivory Coast last December 22nd, submitted his resignation from his position as Director to the Chairman of Kering’s Board of Directors. Tidjane Thiam was an independent Director since June 16th, 2020, and Chair of the Audit Committee. He was also a member of the Remuneration Committee. On his own behalf and on behalf of the Board of Directors, François-Henri Pinault warmly thanks Tidjane Thiam for his involvement and his contribution to the Board’s activities, and notably as Chair of the Audit Committee. The Appointments and Governance Committee will consider his replacement and launch a succession process in the coming weeks. As it stands, the composition of the Committees remains unchanged and will be reviewed at the time of a future appointment.
Upcoming Dividend • Jan 08Upcoming dividend of €4.50 per share at 3.7% yieldEligible shareholders must have bought the stock before 15 January 2024. Payment date: 17 January 2024. Payout ratio is a comfortable 34% and the cash payout ratio is 93%. Trailing yield: 3.7%. Lower than top quartile of Italian dividend payers (5.3%). Higher than average of industry peers (1.9%).
お知らせ • Dec 09Kering SA, Annual General Meeting, Apr 25, 2024Kering SA, Annual General Meeting, Apr 25, 2024. Agenda: To consider balance of the dividend for financial year 2023.
お知らせ • Dec 07Kering Declares Interim Dividend for Financial Year 2023, Payable on January 17, 2024The Board of Directors of Kering, at its meeting of December 7, 2023, has declared an interim dividend for financial year 2023. The interim dividend will amount to €4.50 per share. The interim dividend will be paid on January 17, 2024 on positions recorded as of January 16, 2024 after market close. The ex-dividend date will be January 15, 2024 before trading. The balance of the dividend for financial year 2023 will be proposed by the Board of Directors of February 7, 2024 for approval by the Annual General Meeting of April 25, 2024.
お知らせ • Dec 01Kering SA (ENXTPA:KER) completed the acquisition of a 30% stake in Valentino S.p.A. from Mayhoola Lux S.à R.L.Kering SA (ENXTPA:KER) entered into a binding agreement to acquire a 30% stake in Valentino S.p.A. from Mayhoola Lux S.à R.L. for €1.7 billion on July 27, 2023. Following this transaction, Kering will hold a 30% stake in Valentino, with an option to acquire 100% of the share capital of Valentino no later than 2028 and Mayhoola will remain the majority shareholder with 70% of the share capital and will continue to execute on the successful brand elevation strategy. Valentino had revenues of €1.4 billion and EBITDA of €350 million in 2022. The transaction is subject to clearance by the relevant competition authorities and expected to close by end of 2023. Centerview Partners acted as financial advisor to Kering SA. JPMorgan Chase & Co. (NYSE:JPM) acted as financial advisor and fairness opinion provider to Mayhoola in the transaction. Bertrand Cardi, Christophe Vinsonneau,Didier Théophile, Martin Lebeuf and Vincent Agulhon Darrois Villey Maillot Brochier acted as legal advisor, Arsene Taxand, Accounting Arm acted as accountant and Gianni & Origoni Law Firm acted as legal advisor to Kering SA. Rothschild & Co acted as financial advisor to Mayhoola. Kering SA (ENXTPA:KER) completed the acquisition of a 30% stake in Valentino S.p.A. from Mayhoola Lux S.à R.L. on November 30, 2023. The transaction completed following clearance from the antitrust authorities.
Buying Opportunity • Oct 25Now 22% undervalued after recent price dropOver the last 90 days, the stock is down 27%. The fair value is estimated to be €508, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has grown by 20%. For the next 3 years, revenue is forecast to grow by 5.9% per annum. Earnings is also forecast to grow by 8.8% per annum over the same time period.
Buying Opportunity • Sep 06Now 21% undervalued after recent price dropOver the last 90 days, the stock is down 6.8%. The fair value is estimated to be €596, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has grown by 20%. For the next 3 years, revenue is forecast to grow by 6.6% per annum. Earnings is also forecast to grow by 10% per annum over the same time period.
Reported Earnings • Jul 29First half 2023 earnings released: EPS: €14.60 (vs €16.08 in 1H 2022)First half 2023 results: EPS: €14.60 (down from €16.08 in 1H 2022). Revenue: €10.1b (up 2.1% from 1H 2022). Net income: €1.79b (down 10% from 1H 2022). Profit margin: 18% (down from 20% in 1H 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.6% p.a. on average during the next 3 years, compared to a 9.3% growth forecast for the Luxury industry in Italy. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth.
お知らせ • Jul 28Kering SA (ENXTPA:KER) entered into a binding agreement to acquire a 30% stake in Valentino S.p.A. from Mayhoola Lux S.à R.L. for €1.7 billion.Kering SA (ENXTPA:KER) entered into a binding agreement to acquire a 30% stake in Valentino S.p.A. from Mayhoola Lux S.à R.L. for €1.7 billion on July 27, 2023. Following this transaction, Kering will hold a 30% stake in Valentino, with an option to acquire 100% of the share capital of Valentino no later than 2028 and Mayhoola will remain the majority shareholder with 70% of the share capital and will continue to execute on the successful brand elevation strategy. Valentino had revenues of €1.4 billion and EBITDA of €350 million in 2022. The transaction is subject to clearance by the relevant competition authorities and expected to close by end of 2023.
Buying Opportunity • Jul 26Now 20% undervalued after recent price dropOver the last 90 days, the stock is down 10%. The fair value is estimated to be €655, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has grown by 24%. For the next 3 years, revenue is forecast to grow by 6.5% per annum. Earnings is also forecast to grow by 8.1% per annum over the same time period.
お知らせ • Jul 21+ 1 more updateKering SA Announces Appointment of Maureen Chiquet to the Board of Directors, Effective September 2023Kering SA at its meeting of July 18, 2023, the Board of Directors, after consultation with the Nominations & Governance Committee, decided to coopt Maureen Chiquet as independent director for the remainder of Daniela Riccardi’s term of office (expiring on the date of the shareholder meeting approving the financial statements for the fiscal year ending December 31, 2025). She will join Kering’s Board of Directors in September 2023. The cooptation of Maureen Chiquet will be subject to ratification by the shareholder meeting approving the financial statements for the fiscal year ending December 31, 2023. Maureen Chiquet, a US citizen, has more than 35 years' experience in the fashion and luxury goods sector, including nine years as Global CEO of Chanel. Maureen Chiquet became the first Global CEO of Chanel in 2007, elevating the house’s iconic brand and spearheading its worldwide expansion. After leaving Chanel in 2016, she authored a book, Beyond The Label: Women, Leadership and Success on Own Terms, which charts her career and unique perspective on women in leadership. She chairs the boards of Golden Goose and La Double J, is a Non-Executive Director of Canada Goose and of Credo, a clean beauty retailer, and works as a Senior Advisor for Permira. Previously, Maureen Chiquet sat on the board of Vivendi, and served as a Trustee of the Yale Corporation and The New York Academy of Art. After graduating from Yale University with a degree in literature, Maureen Chiquet moved to Paris to begin her career in marketing at L’Oréal. She then pivoted to fashion, joining The Gap, and helping to launch and build the Old Navy brand. She was named president of Banana Republic before becoming COO and President of U.S operations of Chanel in 2003.
お知らせ • Jul 01Kering SA acquired U N T (Usinage Et Nouvelles Technologies).Kering SA signed an agreement to acquire U N T (Usinage Et Nouvelles Technologies) on March 13, 2023. The transaction is subject to the clearance by the relevant competition authorities and is expected to be completed in the second quarter of 2023. Jacques Epstein, Julien Koch, Joëlle Hannelais, Daniele Bonvicini, Riccardo Sismondi, Matteo Montironi, Ginevra Losi, Sarah Machrhoul and Julia Compagnone of Vivien & Associés acted as legal advisor to Kering SA.Kering SA completed the acquisition of U N T (Usinage Et Nouvelles Technologies) on June 30, 2023.
Buying Opportunity • Jun 29Now 21% undervalued after recent price dropOver the last 90 days, the stock is down 16%. The fair value is estimated to be €632, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has grown by 24%. For the next 3 years, revenue is forecast to grow by 6.5% per annum. Earnings is also forecast to grow by 8.2% per annum over the same time period.
Upcoming Dividend • Apr 25Upcoming dividend of €9.50 per share at 2.4% yieldEligible shareholders must have bought the stock before 02 May 2023. Payment date: 04 May 2023. Payout ratio is a comfortable 48% and this is well supported by cash flows. Trailing yield: 2.4%. Lower than top quartile of Italian dividend payers (5.1%). Higher than average of industry peers (1.5%).
お知らせ • Feb 16Kering Sa Appoints Sabato De Sarno as Creative Director of GucciKering SA and Gucci announced Sabato De Sarno's arrival as Creative Director of Gucci. Mr. De Sarno will present his debut runway collection at Milan Women's Fashion Week in September 2023. In his new role, De Sarno will lead the House's Design Studio reporting to Marco Bizzarri, President and CEO of Gucci, with the responsibility for defining and expressing the House's creative vision across the women's, men's, leather goods, accessories and lifestyle collections.
Reported Earnings • Feb 16Full year 2022 earnings released: EPS: €29.33 (vs €25.40 in FY 2021)Full year 2022 results: EPS: €29.33 (up from €25.40 in FY 2021). Revenue: €20.4b (up 15% from FY 2021). Net income: €3.61b (up 14% from FY 2021). Profit margin: 18% (in line with FY 2021). Revenue is forecast to grow 6.8% p.a. on average during the next 3 years, compared to a 9.0% growth forecast for the Luxury industry in Italy. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth.
お知らせ • Feb 15Kering SA Proposes Cash Dividend for the Year Ended December 31, 2022, Payable on May 4, 2023Kering SA announced that at its February 14, 2023 meeting, Kering’s Board of Directors decided to ask shareholders to approve a cash dividend of €14.00 per share at the Annual General Meeting to be held on April 27, 2023 to approve the financial statements for the year ended December 31, 2022. An interim dividend of €4.50 per share was paid on January 18, 2023. If approved, a final dividend of €9.50 would be paid on May 4, 2023.
お知らせ • Feb 03Kering Appoints Raffaella Cornaggia as CEO of Kering BeautéKering announced the appointment of Raffaella Cornaggia as CEO of Kering Beauté. Based in Paris and reporting to Jean-François Palus, Group Managing Director of Kering, she will be a member of the Group’s Executive Committee. In her new role, and supported by a team of seasoned professionals, she will help develop an expertise in the Beauty category for Bottega Veneta, Balenciaga, Alexander McQueen, Pomellato and Qeelin. The creation of Kering Beauté will enable the Group to support these brands in the development of the Beauty category, which is a natural extension of their universe. An Italian national, Raffaella Cornaggia has over 25 years of experience in Beauty, spanning three continents, in multiple channels. Raffaella Cornaggia began her career at L’Oréal where she occupied various roles for 10 years in Italy and in France, before joining Chanel Parfums Beauté as Global Vice President, Marketing Makeup. In 2008, she joined Estée Lauder Companies at the time of the creation of its EMEA region to lead the marketing for Estée Lauder and Tom Ford Beauty, based in Paris. She then moved to Asia where she was appointed Senior Director, Brand Development for Estée Lauder and Tom Ford Beauty, and later promoted Vice President and General Manager for MAC Cosmetics in the region. In 2017, she spearheaded the development of the Travel Retail business worldwide for Estée Lauder and Aerin, as Senior Vice President and General Manager, based in New York. She then became International Senior Vice President and General Manager for the brands in 2020, responsible for worldwide business outside of the US and Canada. She is a graduate of Bocconi University in Milan.
Upcoming Dividend • Jan 09Upcoming dividend of €4.50 per shareEligible shareholders must have bought the stock before 16 January 2023. Payment date: 18 January 2023. Payout ratio is a comfortable 44% and this is well supported by cash flows. Trailing yield: 2.5%. Lower than top quartile of Italian dividend payers (5.2%). Higher than average of industry peers (1.2%).
お知らせ • Oct 25Kering SA to Report Fiscal Year 2022 Results on Feb 15, 2023Kering SA announced that they will report fiscal year 2022 results Pre-Market on Feb 15, 2023
Buying Opportunity • Oct 08Now 21% undervalued after recent price dropOver the last 90 days, the stock is down 11%. The fair value is estimated to be €569, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.7% over the last 3 years. Earnings per share has grown by 24%. For the next 3 years, revenue is forecast to grow by 7.2% per annum. Earnings is also forecast to grow by 9.0% per annum over the same time period.
Reported Earnings • Jul 28First half 2022 earnings releasedFirst half 2022 results: Revenue: (down 100% from 1H 2021). Net income: (down €1.46b from profit in 1H 2021). Profit margin: (down from 18% in 1H 2021). The decrease in margin was driven by lower expenses. Over the next year, revenue is forecast to grow 8.0%, compared to a 17% growth forecast for the industry in Italy.
