Kering Aims to Double Margin by 2028

Kering CEO Luca de Meo announced plan to more than double operating profit margin from 11% to around 22% by end-2028.
Gucci Q1 sales fell 8% and Middle East retail revenues dropped 11% due to Iran war’s impact on shoppers and travel.
Kering will keep dividend payout at ~50% of recurring net income and target ROCE above 20% over the medium term.
The turnaround involves a three‑phase structural reset completing end‑2026, with sustainable growth expected by end‑2028 and leadership reclaimed by 2030.