The Kering Gucci turnaround 2026 has a name now. CEO Luca de Meo, seven months into the role, presented ReconKering at a Capital Markets Day in Florence on April 16. The plan runs to 2030 in three phases: structural reset by end of 2026, reconstruction through 2028, and a return to competitive leadership by 2030. The market listened and sold shares down 4.3% on the day.
The Q1 2026 results published two days earlier explain the scepticism. Kering group revenue fell 6% to €3.5 billion. Gucci, the house that generates the majority of group profit, posted revenue of €1.35 billion, down 8% organically and down 14.3% on a reported basis. Analysts had forecast a 4.3% organic decline. The miss was significant. CFO Armelle Poulou told analysts during the earnings call that recovery at Gucci “will be gradual.” Bernstein analyst Luca Solca put it plainly: “It is easier and faster for…
the market to believe in a revival than it is for management to produce one.” Kering Gucci Turnaround 2026: The ReconKering Strategy The ReconKering plan is built around four actions at Gucci specifically. First, a product architecture reset.
Creative director Demna, formerly of Balenciaga, is rolling out new collections progressively through 2026 with a sharper focus on leather goods and a more cohesive range across ready-to-wear, footwear, and jewellery. Second, distribution tightening.
Kering plans to refurbish or relocate two-thirds of the Gucci store network and reduce selling space by 20% and outlets by one-third, targeting a doubling of sales density by 2030. Third, inventory reduction. Kering is targeting a €1 billion inventory reduction across the group over the next 12 months.
Fourth, pricing clarity, described as restoring pricing power lost during the over-distribution years. Outside Gucci, the picture is more stable. Saint Laurent, Bottega Veneta, and Balenciaga all improved sequentially in Q1, with Bottega performing the strongest…
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