French luxury goods corporation Kering reported on Thursday that it had posted a net income of €2.98 billion for the 2023 fiscal year, 17% less than in 2022.
According to the report, also for 2023, revenue decreased by 4% to €19.6 billion due to the significant impact of changes in exchange rates and the scope of consolidation. For 2024, luxury conglomerate Kering is bracing for a decrease in its full-year recurring operating income, attributed to the group's strategic investments amidst a phase of ongoing normalization within the luxury sector.
"The launch of Kering Beauté and the acquisition of Creed, a storied maker of high-end fragrances, will enable us to capture our share of the steadily growing beauty market. In a market environment that remains uncertain in early 2024, our continuing investments in our Houses will put pressure on our results in the short term," said François-Henri Pinault, Chairman and Chief Executive Officer.
