Deutsche Bank maintains its 'buy' recommendation on Kering, while lowering its price target from 460 to 450 euros, in the wake of an adjusted EPS 2024 forecast of -3% to 16.9 euros and small changes to subsequent years.
'Kering offers a potentially compelling turnaround story, with an ongoing reinvention of the global Gucci mega-brand, combined with expansion into a number of adjacent categories via acquisitions', the broker points out.
Taking the view, however, that the external environment is not favorable, with a limited recovery in the US and further weakness in China, Deutsche Bank adopts a more cautious outlook for Gucci in the second half of this year.
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A global Luxury group, Kering manages the development of a series of renowned Houses in Fashion, Leather Goods, and Jewelry: Gucci, Saint Laurent, Bottega Veneta, Balenciaga, Alexander McQueen, Brioni, Boucheron, Pomellato, Dodo, Qeelin, Ginori 1735, as well as Kering Eyewear and Kering Beauté.
By placing creativity at the heart of its strategy, Kering enables its Houses to set new limits in terms of their creative expression while crafting tomorrow's Luxury in a sustainable and responsible way. It captures these beliefs in its signature: Empowering Imagination.
In 2023, Kering had 48,964 employees and restated revenue of EUR 19.6 billion.
At the end of 2023, the Group had a network of 1,771 stores under its own management, located primarily in Western Europe (367), North America (316), Japan (238), and in emerging countries (698).
Net sales are distributed geographically as follows: Western Europe (27.6%), Japan (7.2%), Asia/Pacific (35%), North America (23%) and other (7.2%).
KERING 
