Kering Targets Double Operating Margin by 2028

Kering CEO Luca de Meo announced plan to more than double recurring operating margin from 11% to ~22% by end‑2028.
Gucci sales fell 8% in Q1, with Middle East retail revenues down 11% after Iran war began on Feb 28, hurting high‑end demand.
Kering will keep dividend payout around 50% of recurring net income and aims to lift ROCE above 20% over the medium term.
The group will adopt a highly selective acquisition strategy, focusing on product quality, supply‑chain security, and revamping Gucci’s product architecture across categories.