Behind the scenes of luxury, Gucci is trying to stitch its narrative back together. Under the direction of Demna, newly arrived from Balenciaga, the Italian house is showing a flicker of recovery in North America (+7%), though not enough to conceal ongoing strains in Western Europe and China, where Kering acknowledges missteps in distribution and a loss of desirability.

The French group stumbled in the first quarter, with revenue down 6.2% to €3.57 billion. Its chief executive, Luca de Meo, speaks of an initial stabilization, a seam still fragile, yet promising.

Geographically, only North America shows signs of life (+9%), while the rest of the world loses momentum. Leather goods and fashion are declining, and the group is now keeping the performance of Saint Laurent and Bottega Veneta under wraps.

A surprise highlight: jewelry. Led by Jean-Marc Duplaix, it shines with a 22% increase, confirming its role as a discreet yet solid growth engine. Between eyewear and new launches such as Valentino, Kering is betting on accessories that catch the light as ready-to-wear falters.

In short, a collection in transition, unveiled on the eve of a strategic moment where the group will have to prove that elegance can also rhyme with rebound.

FM