Your style is a scent that starts with laundry — Laundry 2JOUR

Search

2Jour Gazette | Special Edition (14): Kering 2025 Annual General Meeting. Key Takeaways and Strategic (?) Outlook.

Marina 2Jour
Apr 29, 2025
15 min read

On Wednesday, 23rd of April, Kering presented its Q1 2025 results. Being probably the most troubled group among luxury competitors, Kering reported revenue of €3.9 billion in the first quarter of 2025, down 14% both as reported and on a comparable basis. Gucci, accountable for more than 40% of the Group's revenue, was reported down 25% on a comparable basis.

The next day, when the stock market opened with Kering's share price down 5%, the Group gathered for its Annual General Meeting. I definitely prefer this format over quarterly or half-year results meetings—due to the audience, represented more by shareholders rather than analysts and journalists, management usually faces more straightforward questions, which they have no chance to avoid. The meeting was in French, which slightly complicated my analysis (I'm close to the point of starting to learn it when I'm less busy). That, though, didn't become an obstacle—although I may be less precise in incorporating the picture of reactions and emotions over certain questions.

On top of the structured summary of the meeting, I've also added some thoughts along the way. Enjoy! x

CONTENTS & Meeting structure

1. Formal opening and bureau formation.

1.1. Welcome by François-Henri Pinault (Chairman and CEO).

1.2. Constitution of the Bureau:

President of the meeting: François-Henri Pinault
Appointment of Scrutineers (Groupe Artémis and Amundi)
Appointment of Secretary (Eric Sandrin, Legal Director of Kering)

2. Legal procedures.

2.1. Confirmation of proper convocation and quorum.

2.2. Explanation of documentation made available to shareholders.

2.3. Notice that media and the public are attending (open meeting).

2.4. Overview of voting modalities.

3. Presentation of the agenda.

22 resolutions (p. 38):

Ordinary business: Approval of accounts, allocation of results, board renewals, executive remuneration, share buyback programs.
Extraordinary business: Financial authorizations (capital increases), employee shareholding, statutory modifications (e.g., updating Articles due to new French law).

4. Executive presentations.

4.1. Opening remarks – François-Henri Pinault.

4.2. Strategy and brand review – Francesca Bellettini.

4.3. Operations and financials – Jean-Marc Duplaix.

4.4. Sustainability and corporate social responsibility – Marie-Claire Daveu.

4.5. Corporate governance and remuneration Policy – Véronique Weill.

4.6. Statutory auditors' report.

5. Shareholder Questions and Answers (Q&A Session)

5.1. Brand performance & product strategy: Gucci’s difficulties and revival strategy; Acquisition of Creed perfume house.

5.2. Shareholder engagement & governance: Retail-shareholder engagement; General meeting ceremony & shareholder experience.

5.3. Executive status & performance-share implications: Performance shares and remuneration policy

5.4. Acquisition & financing strategy: Future of Valentino acquisition; Financing future Valentino purchase