LVMH collects brands the way some people collect watches — the more, the better. Kering does something fundamentally different.
Where Bernard Arnault’s empire spans 75 Maisons and six business divisions, François-Henri Pinault‘s Kering group owns roughly a dozen. That is not a weakness. It is a strategy — one built on concentration, creative risk-taking, and an unusual willingness to sell what no longer fits. Understanding every Kering brand means understanding a fundamentally different philosophy of luxury.
Kering is the luxury group that divested Puma, sold its entire beauty division to L’Oréal, and moved Gucci’s creative director to a rival Maison within the same portfolio. In an industry that prizes stability, Kering bets on reinvention.
Kering SA (PPRUY), formerly known as PPR until 2013, is a global luxury powerhouse headquartered in Paris. The French luxury group owns some of the world’s most iconic names in fashion, leather goods, jewellery, watches, and eyewear.
What began in 1962 as a timber-trading company has undergone a remarkable evolution, becoming a pure luxury player in 2018.
Now helmed by Chairman François-Henri Pinault, son of founder Francois Pinault, Kering boasts a dazzling portfolio of luxury brands, including Gucci, Saint Laurent, Bottega Veneta, Balenciaga, Alexander McQueen, and Brioni.
Here is every brand in the group, how it got there, and why Kering’s approach produces results that a buy-and-hold strategy never could.
- Founded in: 1962
- Company Type: Public
- Headquarters: Paris, France
- Group CEO: François-Henri Pinault
- Employees: 49,000+
- Website: kering.com
What brands does Kering own?
Kering owns a dozen brands. Unlike LVMH’s contrasting buy-and-hold empire which stretches from cognac to cruise ships, Kering’s portfolio is more tightly focused on personal luxury goods. Every brand in the group either makes clothes, accessories, jewellery, or eyewear.
The group reported revenue of EUR 14.7 billion in FY 2025, down from EUR 17.2 billion in 2024. That decline — driven largely by Gucci’s ongoing reset — masks a more nuanced picture. The jewellery houses posted double-digit growth. Kering Eyewear expanded to EUR 1.6 billion. And the group’s new CEO, Luca de Meo, has already begun restructuring in ways that suggest the portfolio will look different again within two years.
The fashion houses: Six Maisons, one dominant force
Gucci
Gucci is Kering’s flagship — and its most pressing challenge. Founded by Guccio Gucci in 1921 in Florence and acquired in 1999 by Kering, Gucci accounts for approximately 41% of group revenue and close to half of operating profit, a level of concentration that no other major luxury conglomerate tolerates. According to Kering’s 2025 annual report, revenue fell to EUR 5.99 billion, a 22% decline (19% on a comparable basis), with operating margins compressing to 16.1%.
The creative reset has been dramatic. Sabato De Sarno lasted just two years before Kering replaced him with Demna — the Georgian-born designer who spent a decade at Balenciaga turning subversive streetwear into runway controversy. Demna’s first Gucci collection debuted in July 2025 to polarised reviews, which is precisely the reaction Kering appears to have wanted. Francesca Bellettini, formerly of Saint Laurent took over as CEO in September 2025.
- Founded in: 1921
- Country: Italy
- Year acquired by Kering: 1999
- Website: gucci.com
Saint Laurent
Known for its boundary-pushing designs, Saint Laurent offers iconic fashion pieces, including clothes and accessories that exude timeless Parisian chic. Founded by Yves Saint Laurent in 1961, it was the first couture house to launch ready-to-wear with its groundbreaking “Rive Gauche” line in 1966.
Saint Laurent is Kering’s quiet success story. Under creative director Anthony Vaccarello — now approaching his tenth year — the house topped the Lyst Index as the world’s “hottest brand” in 2025. Where Gucci lurches between creative visions, Saint Laurent has built something rare in luxury: sustained creative consistency paired with commercial growth. Cédric Charbit assumed the CEO role in January 2025.
- Founded in: 1961
- Country: France
- Year acquired by Kering: 1999
- Website: ysl.com
Bottega Veneta
Born in Vicenza, Italy, in 1966, Bottega Veneta is celebrated for its signature intrecciato leather weave, exuding understated elegance and superior craftsmanship.
Bottega Veneta lost one of the industry’s most acclaimed creative directors when Matthieu Blazy departed for Chanel. Under Blazy, the house had become a critical darling — the brand that fashion insiders cited when asked what “quiet luxury” actually looked like in practice.
British designer Louise Trotter assumed the creative leadership of Bottega Veneta in early 2025. Following a well-received debut in September 2025, Trotter further solidified her reputation for ‘quiet reinvention.’
- Founded in: 1966
- Country: Italy
- Year acquired by Kering: 2001
- Website: bottegaveneta.com
Balenciaga
Founded by Cristóbal Balenciaga in 1917 in the Basque Country, Balenciaga is the Kering brand that best illustrates the group’s appetite for creative risk.
Under Demna Gvasalia’s highly influential (and polarizing) creative direction, the Spanish label has gained a cult following, attracting the likes of Hailey Bieber, Ye, and Kim Kardashian.
After Demna’s departure for Gucci, the house appointed Pierpaolo Piccioli — the former Valentino creative director whose aesthetic is almost diametrically opposed to Demna’s. Where Demna built Balenciaga’s identity on irony and deconstruction, Piccioli brings 25 years of haute couture classicism.
His debut Spring 2026 collection will signal whether Kering views Balenciaga as a house that follows its designer’s vision or one with a fixed creative identity that transcends any single appointment.
- Founded in: 1917
- Country: Spain
- Year acquired by Kering: 2001
- Website: www.balenciaga.com
Alexander McQueen
Alexander McQueen, established in 1992 by Lee Alexander McQueen, occupies a unique position within the group: a house defined almost entirely by its late founder’s legacy. The British luxury fashion house continues to produce ready-to-wear and accessories that seamlessly blends dark romanticism with bold, rebellious artistry. In 2001, Alexander McQueen became part of Kering.
- Founded in: 1992
- Country: United Kingdom
- Year acquired by Kering: 2001
- Website: alexandermcqueen.com
Brioni
Founded in 1945 by Nazareno Fonticoli and Gaetano Savini in Rome, Brioni epitomizes Italian sartorial excellence and has dressed everyone from Clark Gable to Daniel Craig’s James Bond. Within the Kering portfolio, Brioni serves a specific purpose: it anchors the group’s presence in formal menswear, a category the other houses address only tangentially.
- Founded in: 1945
- Country: Italy
- Year acquired by Kering: 2011
- Website: brioni.com
The jewellery division: Kering’s quiet growth engine
While Gucci’s struggles dominated headlines, Kering’s jewellery houses posted double-digit revenue growth in 2025 — particularly in Asia-Pacific and the United States.
Boucheron
Founded in 1858 by Frédéric Boucheron and headquartered at 26 Place Vendôme in Paris, Boucheron was the first major jeweller to set up shop on the square that would become the global capital of high jewellery. The house is known for nature-inspired designs and a distinctive use of rock crystal. Kering acquired Boucheron in 2000, making it one of the earliest brands in the current portfolio.
- Founded in: 1858
- Country: France
- Year acquired by Kering: 2000
- Website: boucheron.com
Pomellato
Pomellato is an Italian fashion fine jeweler established in 1967 by Pino Rabolin. The Kering-owned brand brings a modern touch to fine jewellery with colorful gemstones and bold yet playful designs. The brand pioneered the concept of “prêt-à-porter” jewellery and includes the DoDo sub-brand. Kering acquired Pomellato in 2013.
- Founded in: 1967
- Country: Italy
- Year acquired by Kering: 2013
- Website: pomellato.com
DoDo
The Italian jewellery brand Pomellato established DoDo in 1994. DoDo offers playful and creative jewellery pieces. It focuses on sustainably sourced materials and message personalization, making fine jewellery accessible and fun for a wide audience.
- Founded in: 1994
- Country: Italy
- Year acquired by Kering: 2013
- Website: dodo.com
Qeelin
Founded in 2004 by Dennis Chan, the Kering-owned Chinese fine jewellery brand Qeelin is rooted in Chinese cultural symbolism — the wufu motif, the bo bo panda, the dragon. Acquired by Kering in 2013, Qeelin gives the group a purpose-built entry point into the Chinese luxury market, a positioning that none of the European jewellery houses can replicate organically.
- Founded in: 2004
- Country: China
- Year acquired by Kering: 2013
- Website: qeelin.com
Kering Eyewear: The vertical integration play
Launched in 2014, Kering Eyewear is arguably the clearest expression of Kering’s strategic thinking. Rather than licensing its brands’ eyewear to external manufacturers — as most luxury groups did historically — Kering built a standalone division to design, produce, and distribute eyewear in-house.
The division manages eyewear for all Kering fashion and jewellery houses plus third-party licences. A Valentino eyewear partnership is set to launch in 2026. In April 2025, Kering acquired Italian eyewear manufacturers Visard and Mistral to strengthen vertical integration further — a move that echoes LVMH’s approach in watchmaking and leather goods, and one of the few areas where the two groups’ strategies converge.
- Founded in: 2014
- Country: Italy
- Website: keringeyewear.com
Ginori 1735
Since 1735, Ginori 1735 has been crafting exquisite porcelain tableware in Italy. The brand elevates luxury home decor by combining traditional craftsmanship with contemporary design.
- Founded in: 1735
- Country: Italy
- Year acquired by Kering: 2013
- Website: ginori1735.com
Who actually owns Kering? The Pinault Family and Artémis
Kering is controlled by the Pinault family through Artémis, a private holding company that owns a 42.3% equity stake. The structure mirrors how the Arnault family controls LVMH — a concentrated family shareholding that ensures strategic continuity across generations — but the similarities end there. Kering is headquartered in Paris and and listed on Euronext Paris.
François Pinault built the empire from a timber trading business in Brittany. His son François-Henri Pinault — one of the most influential figures in luxury — ran Kering as CEO for 20 years before stepping aside in September 2025 to remain as chairman. The Artémis portfolio extends well beyond Kering: the family owns Christie’s, Château Latour, a 54.2% stake in Creative Artists Agency (CAA), and Stade Rennais football club, according to Artémis’s official disclosures. The family fortune is estimated at approximately USD 22 billion, though Artémis debt rose to roughly EUR 7.1 billion in 2025 as Kering’s share price declined — a financial pressure that partly explains the decision to sell the beauty division. In March 2026, L’Oréal finalized its acquisition of Kering Beauté, bringing the House of Creed into its portfolio. The deal includes 50-year exclusive licenses for Bottega Veneta and Balenciaga beauty products. A similar agreement for Gucci will take effect once its current license with Coty expires.
How Does Kering’s Strategy Differ from LVMH?
The fundamental difference is philosophical. LVMH operates a conglomerate model: acquire brands, give them operational autonomy, and hold them essentially forever. Arnault has compared his brands to “stars” — each shining independently within a constellation. Kering, by contrast, runs a curated portfolio model: fewer brands, deeper creative involvement, and a willingness to reshape the roster when the strategy demands it.
| Dimension | Kering | LVMH |
|---|---|---|
| Portfolio size | ~12 brands, tightly curated | 75+ brands across six divisions |
| Revenue (FY 2025) | EUR 14.7 billion | EUR 84.7 billion (FY 2024) |
| Diversification | Personal luxury goods only | Fashion, spirits, hospitality, retail, cosmetics |
| Concentration risk | Gucci = ~41% of revenue | No single brand exceeds ~30% |
| Divestiture history | Puma, FNAC, beauty division | Rare — retains almost every acquisition |
| Creative director turnover | Frequent, often internal transfers | Lower — prefers long tenures |
Kering’s model produces sharper highs and deeper lows. When Tom Ford reinvented Gucci in the 1990s, or when Alessandro Michele turned it into a maximalist phenomenon from 2015 to 2022, the payoff was extraordinary precisely because so much of the group’s fortune rested on a single brand. The risk is equally concentrated: Gucci’s current downturn has pulled the entire group into a net loss for the first time.
The brands Kering no longer owns
Understanding Kering means understanding what it chose to sell. The list is long and revealing:
- Puma— Acquired in 2007, distributed to shareholders in 2018. Kering concluded that a mass-market sportswear brand diluted the luxury positioning of the wider group.
- Volcom, Stella McCartney, Christopher Kane — All divested between 2018 and 2020 as Kering narrowed its focus to proven luxury scale.
- Kering Beauté — Sold to L’Oréal in October 2025 for EUR 4 billion. This was the most significant strategic reversal under new CEO Luca de Meo, unwinding Pinault’s vertical-integration ambitions in beauty. The sale included Creed (acquired just two years earlier for EUR 3.5 billion) and 50-year fragrance licences for Bottega Veneta, Balenciaga and Gucci.
- Girard-Perregaux and Ulysse Nardin — The Swiss watchmakers were sold in 2023, exiting Kering from the hard-luxury watch segment entirely.
What comes next for Kering?
The appointment of Luca de Meo as CEO in September 2025 marked a turning point. De Meo is the first external chief executive in Kering’s history — a former Renault Group CEO with no luxury background — and his early moves suggest a willingness to think beyond the traditional Maison model. In November 2025, he announced “House of Dreams,” an investment arm designed to scout and acquire stakes in emerging luxury brands, targeting experiential technology, Indian craftsmanship, and Chinese luxury tied to contemporary culture.
The group achieved EUR 925 million in operating cost reductions in 2025 and closed 75 stores, including 14 outlets. A Capital Markets Day is scheduled for April 2026, where the full transformation strategy will be presented. The central question remains unchanged: can Kering reduce its dependence on Gucci while maintaining the creative intensity that defines the group?