Kering

Global luxury groups · KER.PA

The Japan read

From the company's own filing for H1 2026 (to June) · reported 2026-07-28 · the filing

+2.0%Japan salesExcludes currency swings and changes in which businesses Kering owns. Before those adjustments, Japan sales fell 10%.

JapanJapan returned to growth: revenue rose 2% on a comparable basis to €539m, though it fell 10% as reported; the weaker yen cut €72m from group sales. Jewellery houses drove the acceleration.
InboundIn Japan, higher spending by tourists from the US and Europe made up for the still-weak number of visitors from China, Kering said.
StoresKering's fashion houses closed a net 16 directly operated stores in Japan in the half, leaving 172; Gucci kept its Japan network unchanged at 61 stores.

Other callouts in the filing

SegmentKering Jewelry grew 60% in Japan, which now accounts for 23% of the division's sales; Boucheron and Pomellato both singled out Japan, and the division added two Japan stores to 32.
SegmentFashion lagged: Gucci's Japan sales fell 17% on a comparable basis on weaker local and tourist demand, and the fashion segment fell 8% in Japan, though Q2 improved on the yen's 'greater appeal'.
One-offThe H1 2025 comparison included a €104m capital gain from selling a building in Japan; this half instead booked a €129m capital loss on the sale of Kering's Milan building.

floortok's reading of the filing, in our own words. Figures are the company's own; where a growth rate is our arithmetic, it says so.

Show figures in

H1 2026 (to June) · Year-to-Date

Reported 2026-07-28

Revenue€7.2bn−3.0%

Recurring operating income€0.9bn0.0%

Net income€0.2bn−60.0%

Japan+2.0%Excludes currency swings and changes in which businesses Kering owns. Before those adjustments, Japan sales fell 10%.

Gucci's owner edged back to growth — first-half revenue rose 1% on a comparable basis (−3% reported on the strong euro) and recurring operating margin improved. Group net profit fell to €0.2bn, dragged by disposal and one-off effects (continuing-operations net profit excluding those was €0.4bn); the Kering Beauté sale to L'Oréal slashed debt. Its jewellery houses cited particularly strong momentum in Japan.