Kering confirms dividend and board appointments at AGM amid Gucci’s continued slump

Kering held its annual general meeting (AGM) on Thursday, April 25, at the group’s Paris headquarters, one day after reporting a 14% decline in first-quarter revenue, largely driven by a 25% sales drop at Gucci. With its share price falling over 6% on Thursday morning to €163.80, the group used the meeting to reaffirm confidence in its long-term strategy and brand development efforts.

The AGM came amid mounting investor pressure as Gucci continues to underperform. Kering chairman and chief executive officer François-Henri Pinault addressed shareholders, stressing the group’s commitment to navigating economic turbulence with discipline and long-term vision. “We are increasing our vigilance to weather the macroeconomic headwinds our industry faces,” Pinault stated.

Shareholders approved all resolutions put forward, including the full-year dividend payout of €14 per share for 2023. This comprises an interim dividend of €4.50 already paid on January 17, and a final dividend of €9.50 to be paid on May 6, 2024, with the ex-dividend date set for May 2. Eligibility will be determined based on positions held as of the evening of May 3.

Kering also confirmed the appointment of three new board members: Rachel Duan, Giovanna Melandri, and Dominique D’Hinnin. Shareholders ratified the co-option of Maureen Chiquet and approved the renewal of Jean-Pierre Denis’s term. Following these changes, the board now consists of 13 directors, 64% of whom are independent and 55% are women, representing six nationalities, including American, British, Chinese, French, Italian, and Turkish.

During the AGM, executives restated their confidence in Gucci’s creative transition, led by Demna, who officially assumed the role of creative director in July. Kering leadership emphasized continuity in Gucci’s repositioning strategy, describing it as an evolution rather than a reset. Deputy chief executive officer Francesca Bellettini noted that Gucci’s growth would come from reinforcing its heritage while asserting fashion leadership. “Gucci’s strength lies at the intersection of tradition and strong creative direction,” she said.

Chief financial officer Armelle Poulou acknowledged expectations for a continued double-digit sales decline in the second quarter but projected stabilization in the latter half of the year. She also addressed the financial impact of U.S. import tariffs, stating that the group has levers in place—such as selective price increases—to mitigate pressure on margins.

North America accounts for 24% of Kering’s global revenue. With rising tariffs, the company has continued evaluating its pricing strategies while maintaining efforts to protect profitability. Kering has already closed 25 stores since the beginning of the year, part of a previously announced plan to optimize retail operations.

Gucci, which represented 44% of Kering’s sales and two-thirds of operating profit in 2023, remains under scrutiny as it seeks to recover from slowing demand. While no major strategic shifts were announced, executives stressed internal alignment on long-term brand investment as key to overcoming short-term volatility.

As Kering’s share value has dropped by more than 30% since the beginning of 2025, analysts remain cautious. A recent note from Citi described the group as “still navigating rough waters,” citing weakened global demand for luxury and continued macroeconomic uncertainty.

While Kering’s results reflect sector-wide pressure, the company’s leadership used the AGM to project stability, transparency, and commitment to long-term growth across its brand portfolio.