Bernstein resumed coverage of Kering on Wednesday with a sector perform rating and target price of €170.
In a study of the luxury goods sector, the broker believes that the growth of online sales, the emergence of single-brand stores, and the arrival of high-end brands have weakened the business of multi-brand retailers.
In its view, this phenomenon has given rise to a polarized fashion market, which has the effect of limiting the choice available to consumers.
While other luxury segments (beauty, watches, eyewear) have been less affected, large groups are now beginning to create multi-brand chains through consolidation operations, according to Bernstein.
For the broker, it has therefore become strategic to identify the players who will be able to fill this void in the fashion sector in order to determine who the future market winners will be.
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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, 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 2025, Kering had 43,731 employees and restated revenue of EUR 14.7 billion.
At the end of 2025, the Group had a network of 1,719 stores under its own management, located primarily in Western Europe (361), Japan (225), Asia-Pacific (666) and North America (308).
Net sales are distributed geographically as follows: France (5.6%), Western Europe (24.5%), Japan (7.9%), Asia/Pacific (28.6%), North America (24.2%) and other (9.2%).
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