Sales from the directly operated retail network, including e-commerce, fell 13% on a comparable basis, affected by lower store traffic in adverse market conditions.
Also, recurring operating income of the company totaled 2.6 billion euros in 2024, down 46% from the 2023 level.
In particular, the brand most-affected by revenue decline was Gucci, with its 2024 revenue amounting to 7.7 billion euros, down 23% as reported and down 21% on a comparable basis. Sales from the directly operated retail network, accounting for 91% of the total, were down 21%, while wholesale revenue was down 28%. Just in Q4 2024, Gucci’s wholesale revenue decreased 53% on a comparable basis, according to the release.
Other brands under Kering experienced a smaller decline in revenue in comparison. While Yves Saint Laurent reported a revenue decline of 9% both as reported and on a comparable basis, Bottega Veneta achieved a 4% revenue increase to 1.7 billion euros in 2024, and sales in Q4 2024 were up 12% on a comparable basis with a 17% increase in the directly operated retail network, driven by outstanding performances in North America and Western Europe.
