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Formerly | Pinault S.A. Pinault-Printemps-Redoute PPR |
---|---|
Company type | Public ( Société Anonyme) |
Euronext Paris:
KER
CAC 40 Component | |
ISIN | FR0000121485 |
Industry | Luxury |
Founded | 1962 |
Founder | François Pinault |
Headquarters | 40 rue de Sèvres, Paris 7e, France |
Key people |
François-Henri Pinault ( Chairman and CEO) |
Products | Luxury goods |
Revenue | €19.6 billion (2023) |
€4.7 billion (2023) | |
€3.0 billion (2023) | |
Total assets | €41.367 billion (2023) |
Total equity | €41.367 billion (2023) |
Number of employees | 49,000 (2023) |
Subsidiaries | |
Website |
kering |
Footnotes / references [1] |
Kering (French: [kɛːʁiŋ]) is a French-based multinational corporation specializing in luxury goods. It owns the brands Gucci, Balenciaga, Bottega Veneta, Yves Saint Laurent, Creed and Alexander McQueen.
The timber-trading company Pinault S.A. was founded in 1962, by François Pinault. After the company was quoted on Euronext Paris in 1988, it became the retail conglomerate Pinault-Printemps-Redoute (PPR) in 1994, and the luxury group Kering in 2013. The group has been a constituent of the CAC 40 since 1995. François-Henri Pinault has been president and CEO of Kering since 2005. In 2023, the group's revenue reached €19.6 billion.
In 1962, François Pinault opened the Établissements Pinault in Brittany (France) specialized in timber trading. The company became Pinault S.A.. In 1988, Pinault S.A. was listed on the Paris Stock Exchange. [2]
In 1989, Pinault S.A. purchased 20% of CFAO, a French distribution conglomerate active throughout Africa. In 1990, Pinault S.A. and CFAO merged, and François Pinault became head of the newly formed group. This accelerated its acquisitions in the retail sector: Conforama (French furniture retailer) in 1991, Printemps (department stores in France) in 1992, which also owned 54% of La Redoute (French mail-order shopping retailer), and Fnac (French bookstore, multimedia and electronics retailer) in 1994. To align with its new activities, the group was renamed Pinault-Printemps-Redoute in 1994. [2]
In 1999, Pinault-Printemps-Redoute purchased a controlling 42% stake of the Gucci group for $3 billion and 100% of Yves Saint Laurent. [3] [4] [5] After Gucci, Pinault-Printemps-Redoute acquired Boucheron (2000), [6] Bottega Veneta (2001), [7] Balenciaga (2001), [8] and signed partnerships with Alexander McQueen [9] and Stella McCartney. [10] In 2004, Pinault-Printemps-Redoute reached a 99.4% ownership of Gucci. [11]
In 2003, François Pinault handed over the helm of Artémis, the family holding company that controlled Pinault-Printemps-Redoute to his son François-Henri. In 2005, François-Henri Pinault became president and CEO of Pinault-Printemps-Redoute, succeeding Serge Weinberg. [12] The group officially changed its name to PPR. [13] and continued acquiring luxury brands: The Sowind Group (owner of Girard-Perregaux) and Brioni (2011), [14] the Pomellato Group (Pomellato and Dodo, 2012), [15] Qeelin (2012), [16] Christopher Kane (2013), [17] Ulysse Nardin (2014). [18] To further this strategy, PPR offloaded its retail assets: Le Printemps (2006), [19] Conforama (2011), [20] CFAO (2012), [21] Fnac (2012), and La Redoute (2013). [22] PPR also developed a Sport & Lifestyle portfolio with the acquisition of Puma (2007), [12] Cobra Golf (2010), [23] and Volcom (2011). [24] Cobra and Volcom have since then been divested and Kering only holds a minority share in Puma.
In March 2013, PPR changed its name to Kering. [25]
In December 2014, Alessandro Michele, a 12-year accessories designer at Gucci, was named PPR's creative director. In 2015, Kering named a new creative director, Anthony Vaccarello, to renew the brand's props. [26] In October 2015, Kering named Georgian-born designer Demna Gvasalia as creative director of Balenciaga. [27] Kering appointed Daniel Lee as creative designer of Bottega Veneta in June 2018. [28]
In 2014, Kering hired Roberto Vedovotto to launch its own eyewear manufacturing division, Kering Eyewear, and pilot its development. [29] In March 2017, Richemont partnered with Kering Eyewear to produce Cartier, Alaïa, and Montblanc eyewear. [30] In September 2019, Kering Eyewear opened a 15,000 square-metre logistics centre near Padua, Italy, with an annual output capacity of five million eyewear units. [31] In March 2022, it was announced Kering Eyewear had acquired the Hawaiian eyewear brand Maui Jim. [32] In March 2018, Kering agreed to sell its shares of Stella McCartney back to its eponymous owner. [33] Kering spun off the brand Puma in 2018 [34] and sold Volcom the following year. In 2021, Kering led a $216-million investment round in the luxury resale website Vestiaire Collective [35] and acquired 100% stake in the Danish luxury eyewear manufacturer Lindberg. [36] In January 2022, the group announced its intention to sell its watches division, namely the brands Girard-Perregaux and Ulysse Nardin. [37]
In 2023, Kering's annual results declined to 19.6 billion (-4%), mainly caused by the deceleration of Gucci's streak, a transition phase according to the group's executives. [38] That same year, Kering Beauté was launched to manage in-house the development of beauty products for the group's brands. [39]
Kering's headquarters are located in the former Hopital Laennec in the 7th arrondissement of Paris. The parent holding company of Kering is Groupe Artémis. In 2023, Kering made 19.6 billion euros in revenue. The group has 46,000 employees and 1,381 stores. [1]
Kering fully or partially owns the following brands:
Brand | Acquisition Year | Country |
---|---|---|
Gucci | 1999 [3] | Italy |
Yves Saint Laurent | 1999 [4] | France |
Boucheron | 2000 [6] | France |
Bottega Veneta | 2001 [7] | Italy |
Balenciaga | 2001 [8] | Spain |
Alexander McQueen | 2001 [9] | UK |
Brioni | 2011 [14] | Italy |
Qeelin | 2012 [16] | China |
Pomellato | 2012 [15] | Italy |
Dodo | 2012 [15] | Italy |
Ginori 1735
(formerly Richard Ginori) |
2013 [40] | Italy |
Lindberg | 2021 [36] | Denmark |
Maui Jim | 2022 [32] | United States |
Creed | 2023 [41] | UK/France |
Valentino (30%) | 2023 [42] | Italy |
Kering also owns Kering Eyewear (luxury eyewear production arm) [29] and Kering Beauté (cosmetics division). [39]
François-Henri Pinault is the chairman of the board of Kering.
Year | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2023 |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 17 931 | 17 761 | 20 201 | 16 525 | 11 008 | 12 227 | 9 736 | 9 748 | 10 037 | 11 584 | 12 385 | 15 478 | 13 665.2 | 15 883.3 | 13 100.2 | 19 566 |
EBITDA | 1 540 | 2 096 | 2 140 | 1 790 | 1 649 | 1 911 | 2 067 | 1 750 | 1 647 | 1 886 | 2 948 | 3 943.8 | 4 778.3 | 4 574.2 | ||
Net results | 680 | 1 058 | 924 | 985 | 965 | 986 | 1 048 | 50 | 528.9 | 696 | 814 | 1 786 | 3 714.9 | 3 211.5 | 1 972.2 | 2 983 |
Net debt | 3 461 | 6 121 | 5 510 | 4 367 | 4 000 | 3 395 | 2 491 | 3 443 | 4 679 | 4 371 | 3 049 |
Years | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2016 | 2017 | 2018 | 2019 | |
---|---|---|---|---|---|---|---|---|---|---|---|
Number of shares (in millions) | 128 | 128.4 | 126.5 | 126.8 | 127 | 126.2 | 126.2 | 126.3 | 126.3 | 126.3 | |
Market capitalizations (in millions of euros) | 14089 | 5897 | 10 661 | 15 093 | 14 034 | 17 764 | 26,935 | 49 628 | 63,203 | 73,899 | |
Number of daily transactions | 692 022 | 1 116 420 | 701 105 | 453 415 | 385 265 | 317 960 |
The Kering Foundation was created in 2008 to combat violence against women. Kering was one of the first companies to endorse the Women's Empowerment Principles of the UN Women. [43] Starting in 2019, the Kering Foundation developed actions to combat violence against children, making it a pillar of its operations in 2023. [44] In 2015, Kering became an official partner of the Cannes Film Festival with the program Women in Motion [45] which was extended to the Tokyo Film Festival in 2019. [46]
Each year, three social entrepreneurs are selected for the economic viability and the social added value of their projects in favor of women, their families and communities. Each selected project proposer is awarded 15 000 euros, and also receives personal and business sponsoring as well as guidance from a Kering staff member.
Kering launched the Regenerative Fund for Nature in 2021 to finance the transition to regenerative farming practices [49] and the Climate Fund for Nature in 2022 to finance nature conservation and restoration initiatives. [50]
In May 2024, Kering partenered with the National University of Singapore to create, via the entity's Center for Governance and Sustainability, a tool for measuring the environmental impact of companies in the Asia-Pacific region. This collaboration seeks to establish a benchmark for measuring the impact of the green strategies of major Asia-Pacific companies. [51]