Kering: Some Green Shoots, But The Turnaround Will Take Time

2026-01-14 08:57:31 ET

Kering SA ( PPRUF )( PPRUY ) is an interesting luxury company, as it is not built on extreme scarcity, as in the case of Hermès International ( HESAF )( HESAY ), where the ultra-wealthy customers insulate the company from general economic weakness. Instead, Kering opened the doors to more aspirational customers, who can afford to splurge when the economy is performing well but retreat if they feel their jobs or economic situation is at risk. The benefit of this strategy was increasing the addressable market; the downside is that it became more sensitive to economic conditions compared to industry rivals....

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