Kering is still unsure how it will "manage" the increase in tariffs upon entering the United States. Unlike Hermès, which will fully pass on this inflation to its sale prices, and Louis Vuitton, which has just raised the prices of its bags sold online. However, the group led by François-Henri Pinault claims it can "protect its margins through price increases," assured Armelle Poulou, Kering's chief financial officer, during the publication of its first-quarter 2025 revenue on Wednesday, April 23.

It will be necessary, because the sales drop in 2025 is expected to be significant. In the first three months of the year, they have already fallen by 14%, to €3.88 billion, after a 12% drop in the last quarter of 2024. And, the plunge in the second quarter of 2025 will be similar, "in double digits," said Poulou. Given these numbers it is hard to imagine that the situation will "stabilize in 2025" as management predicted on February 11 when it also published a net profit decline of 62%.

The luxury goods manufacturer is again suffering from the decline of Gucci. Its sales fell by 24% in the first quarter of 2025 at a rate higher than the -19.3% estimated by financial analysts, according to Reuters. The brand, which has been losing momentum for several years, had already suffered a 21% decline in 2024 to €7.7 billion.

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