Pinault_Printemps_Redoute

Kering

Kering

French multinational corporation


Kering (French: [kɛːʁiŋ]) is a French-based multinational corporation specializing in luxury goods. It owns the brands Gucci, Balenciaga, Bottega Veneta, Yves Saint Laurent, Creed and Alexander McQueen.

Quick Facts Formerly, Company type ...

The timber-trading company Pinault S.A. was founded in 1962, by François Pinault. After the company was quoted on Euronext Paris in 1988, it became the retail conglomerate Pinault-Printemps-Redoute (PPR) in 1994, and the luxury group Kering in 2013. The group has been a constituent of the CAC 40 since 1995. François-Henri Pinault has been president and CEO of Kering since 2005. In 2023, the group's revenue reached €19.6 billion.

History

Retail

In 1962, François Pinault opened the Établissements Pinault in Brittany (France) specialized in timber trading. The company became Pinault S.A.. In 1988, Pinault S.A. was listed on the Paris Stock Exchange.[2]

In 1989, Pinault S.A. purchased 20% of CFAO, a French distribution conglomerate active throughout Africa. In 1990, Pinault S.A. and CFAO merged, and François Pinault became head of the newly formed group. This accelerated its acquisitions in the retail sector: Conforama (French furniture retailer) in 1991, Printemps (department stores in France) in 1992, which also owned 54% of La Redoute (French mail-order shopping retailer), and Fnac (French bookstore, multimedia and electronics retailer) in 1994. To align with its new activities, the group was renamed Pinault-Printemps-Redoute in 1994.[2]

In 1999, Pinault-Printemps-Redoute purchased a controlling 42% stake of the Gucci group for $3 billion and 100% of Yves Saint Laurent.[3][4][5] After Gucci, Pinault-Printemps-Redoute acquired Boucheron (2000),[6] Bottega Veneta (2001),[7] Balenciaga (2001),[8] and signed partnerships with Alexander McQueen[9] and Stella McCartney.[10] In 2004, Pinault-Printemps-Redoute reached a 99.4% ownership of Gucci.[11]

Luxury

In 2003, François Pinault handed over the helm of Artémis, the family holding company that controlled Pinault-Printemps-Redoute to his son François-Henri. In 2005, François-Henri Pinault became president and CEO of Pinault-Printemps-Redoute, succeeding Serge Weinberg.[12] The group officially changed its name to PPR.[13] and continued acquiring luxury brands: The Sowind Group (owner of Girard-Perregaux) and Brioni (2011),[14] the Pomellato Group (Pomellato and Dodo, 2012),[15] Qeelin (2012),[16] Christopher Kane (2013),[17] Ulysse Nardin (2014).[18] To further this strategy, PPR offloaded its retail assets: Le Printemps (2006),[19] Conforama (2011),[20] CFAO (2012),[21] Fnac (2012), and La Redoute (2013).[22] PPR also developed a Sport & Lifestyle portfolio with the acquisition of Puma (2007),[12] Cobra Golf (2010),[23] and Volcom (2011).[24] Cobra and Volcom have since then been divested and Kering only holds a minority share in Puma.

In March 2013, PPR changed its name to Kering.[25]

In December 2014, Alessandro Michele, a 12-year accessories designer at Gucci, was named PPR's creative director. In 2015, Kering named a new creative director, Anthony Vaccarello, to renew the brand's props.[26] In October 2015, Kering named Georgian-born designer Demna Gvasalia as creative director of Balenciaga.[27] Kering appointed Daniel Lee as creative designer of Bottega Veneta in June 2018.[28]

In 2014, Kering hired Roberto Vedovotto to launch its own eyewear manufacturing division, Kering Eyewear, and pilot its development.[29] In March 2017, Richemont partnered with Kering Eyewear to produce Cartier, Alaïa, and Montblanc eyewear.[30] In September 2019, Kering Eyewear opened a 15,000 square-metre logistics centre near Padua, Italy, with an annual output capacity of five million eyewear units.[31] In March 2022, it was announced Kering Eyewear had acquired the Hawaiian eyewear brand Maui Jim.[32] In March 2018, Kering agreed to sell its shares of Stella McCartney back to its eponymous owner.[33] Kering spun off the brand Puma in 2018[34] and sold Volcom the following year. In 2021, Kering led a $216-million investment round in the luxury resale website Vestiaire Collective[35] and acquired 100% stake in the Danish luxury eyewear manufacturer Lindberg.[36] In January 2022, the group announced its intention to sell its watches division, namely the brands Girard-Perregaux and Ulysse Nardin.[37]

In 2023, Kering's annual results declined to 19.6 billion (-4%), mainly caused by the deceleration of Gucci's streak, a transition phase according to the group's executives.[38] That same year, Kering Beauté was launched to manage in-house the development of beauty products for the group's brands.[39]

Activities

Kering's headquarters are located in the former Hopital Laennec in the 7th arrondissement of Paris. The parent holding company of Kering is Groupe Artémis. In 2023, Kering made 19.6 billion euros in revenue. The group has 46,000 employees and 1,381 stores.[1]

Kering fully or partially owns the following brands:

More information Brand, Acquisition Year ...

Kering also owns Kering Eyewear (luxury eyewear production arm)[29] and Kering Beauté (cosmetics division).[39]

Governance

François-Henri Pinault is the chairman of the board of Kering.

Financial data

More information Year ...
More information Years ...
  • Date of IPO: 25 October 1988, Second Marché
  • Shares listed on the Euronext Paris
  • Member of the CAC 40 index since 9 February 1995
  • Nominal value = euro
  • Main shareholders: Artémis 40.8%

Commitments

The Kering Foundation was created in 2008 to combat violence against women. Kering was one of the first companies to endorse the Women's Empowerment Principles of the UN Women.[43] Starting in 2019, the Kering Foundation developed actions to combat violence against children, making it a pillar of its operations in 2023.[44] In 2015, Kering became an official partner of the Cannes Film Festival with the program Women in Motion.[45]

Social entrepreneurs sponsorship

Each year, three social entrepreneurs are selected for the economic viability and the social added value of their projects in favor of women, their families and communities. Each selected project proposer is awarded 15 000 euros, and also receives personal and business sponsoring as well as guidance from a Kering staff member.

  • 2010
    • Sakina M’Sa, founder of the Trevo atelier in Paris
    • Maria-Teresa Leal, founder of the COOPA-ROCA, a women's cooperative in a Rio's favela in Brazil
    • Anne Roos-Weil, co-founder of the Pesinet association, fighting against infant mortality in Mali.
  • 2012[46]
    • Sophia Klumpp and Paul Grinvalds, for their social enterprise AFRIPads, encouraging the educational and vocational integration of girls in Uganda through offering washable sanitary pads. This project is sponsored by a Human Resources manager of Bottega Veneta, on communications and human resources strategies.
    • Delphine Kohler, for her organisation Filles du Facteur, supporting the empowerment of Burkinabian women through the production of crocheted accessories made from recycled plastic bags. This project will benefit from the guidance of a manager of Kering Strategy, on brand positioning and distribution strategy.
    • Miriam Espinoza and Patricia Marihuen, for the association Relmu Witral, preserving the traditional skills of the Mapuche women weavers in Chile. This project is supported by the Retail manager of Volcom, who will provide help and guidance with the redefinition of the product offer and marketing strategy.
  • 2018[47]
    • Beijing Yuanzhong Gender Development Center from China.
    • Callisto, from United States.
    • Chayn, from the United Kingdom.
    • Colori Vivi, from Italy.
    • du Pain & des Roses, from France.
    • GENDES, A.C. from Mexico.
    • Rebuild, Unite and Nurture, from China.

Other projects

Kering launched the Regenerative Fund for Nature in 2021 to finance the transition to regenerative farming practices[48] and the Climate Fund for Nature in 2022 to finance nature conservation and restoration initiatives.[49]

In May 2024, Kering partenered with the National University of Singapore to create, via the entity's Center for Governance and Sustainability, a tool for measuring the environmental impact of companies in the Asia-Pacific region. This collaboration seeks to establish a benchmark for measuring the impact of the green strategies of major Asia-Pacific companies.[50]

Awards

  • 2023: Biodiversity and Water Award at the CNMI Sustainable Fashion Awards for its regenerative practices.[51][52]

See also


References

  1. 2023 Annual results, 9 February 2024
  2. Guardian Staff (3 April 1999). "From timber merchant to corporate axeman". The Guardian. ISSN 0261-3077. Retrieved 25 August 2019.
  3. Sri Ramakrishnan (16 November 1999). "Gucci to Buy Parent Of Yves Saint Laurent". Washingtonpost.com. Retrieved 24 July 2017.
  4. "Gucci fades on court ruling". Cnn.com. 27 May 1999. Retrieved 24 July 2017.
  5. "GUCCI BUYS AGAIN: DEAL FOR BOUCHERON BOOSTS JEWELRY UNIT". WWD. 24 May 2000. Retrieved 1 May 2024.
  6. "GUCCI STRIKES AGAIN: BUYS MAJORITY SHARE OF BOTTEGA VENETA". WWD. 8 February 2001. Retrieved 1 May 2024.
  7. Finch, Julia (7 July 2001). "Gucci liked the designer so much it bought Balenciaga". The Guardian. ISSN 0261-3077. Retrieved 1 May 2024.
  8. Bellafante, Ginia (5 December 2000). "Gucci secures a deal with Alexander McQueen". The New York Times. ISSN 0362-4331. Retrieved 1 May 2024.
  9. McNeil, Peter; Riello, Giorgio (19 May 2016). Luxury: A Rich History. Oxford University Press. p. 256. ISBN 9780191640278.
  10. Suzanne Kapner (23 March 2004). "PPR moves to buy last 30% of Gucci Group". Nypost.com. Retrieved 24 July 2017.
  11. Joshua Levine (15 February 2013). "The Man Behind the Curtain". The New York Times. Retrieved 24 July 2017.
  12. Christina Passariello (8 November 2011). "PPR Buys Menswear Brand Brioni". Wsj.com. Retrieved 24 December 2013.
  13. Luisa Zargani, Miles Socha (24 April 2013). "Kering Acquires Pomellato". Wwd.com. Retrieved 24 July 2017.
  14. "PPR acquires majority stake in Chinese Qeelin". Fashiounited.com. 9 December 2012. Retrieved 24 July 2017.
  15. Ella Alexander (15 January 2013). "PPR Buys Majority Stake In Christopher Kane". Vogue.co.uk. Retrieved 24 July 2017.
  16. Elizabeth Doerr (30 July 2014). "Kering (Previously PPR, Gucci Group) Acquires Ulysse Nardin". Forbes.com. Retrieved 24 July 2017.
  17. Sara Gay Forden, Jacqueline Simmons (20 June 2006). "As sales fall, PPR works to unload Printemps". The New York Times. Retrieved 24 July 2017.
  18. "Puma acquires Cobra Golf and announces becoming Cobra-Puma Golf". Worldgolf.com. 10 May 2010. Retrieved 24 July 2017.
  19. Chris V. Nicholson (2 May 2011). "PPR to Buy Volcom, a Sportswear Maker". The New York Times. Retrieved 24 July 2017.
  20. Jolly, David (22 March 2013). "PPR to Show Breton Roots With Rebranding as Kering". The New York Times. Retrieved 22 November 2023.
  21. Maura Brannigan (10 February 2017). "10 months after Hedi Slimane's departure, Yves Saint Laurent is still Kering's big money-maker". Fashionista.com. Retrieved 24 July 2017.
  22. Jess Cartner-Morley (2 October 2016). "Demna Gvasalia reinvigorates Balenciaga with strategic disrespect". Theguardian.com. Retrieved 24 July 2017.
  23. Gilles, Florent (18 November 2013). "Former Safilo CEO Roberto Vedovotto joins Kering". FashionNetwork.com. Retrieved 25 October 2022.
  24. Deeny, Godfrey. "Kering inks eyewear partnership with Cartier". FashionNetwork.com. Retrieved 7 April 2019.
  25. Dominique Muret, Kering Eyewear creates €500 million business in five years, Fashion Network, 7 October 2019
  26. "Kering Eyewear acquires Hawaiian eyewear brand Maui Jim". The Moodie Davitt Report. 14 March 2022. Retrieved 14 March 2022.
  27. Ben Stevens (29 March 2018). "Kering offloads entire stake in Stella McCartney". Retailgazette.co.uk. Retrieved 19 June 2018.
  28. Beth Wright (16 May 2018). "Kering officially spins off Puma". Just-style.com. Archived from the original on 13 November 2019. Retrieved 19 June 2018.
  29. "Kering increases investment in resale, while LVMH steers clear". Glossy. 2 March 2021. Retrieved 21 March 2021.
  30. Mira, Nicola (9 July 2021). "Kering Eyewear buys 100% stake in Danish brand Lindberg". FashionNetwork.com. Retrieved 30 September 2021.
  31. Sudip Kar-Gupta, Mimosa Spencer and Silke Koltrowitz, Luxury goods group Kering to sell watches division, Reuters.com, 24 January 2022
  32. Guilbault, Laure (3 February 2023). "Kering enters beauty with new entity led by former Estée Lauder exec". Vogue Business. Retrieved 1 May 2024.
  33. Bossi, Andrea (26 June 2023). "Kering Makes First Major Beauty Acquisition". Fashionista. Retrieved 22 November 2023.
  34. "Kering acquisisce il 30% di Valentino per 1,7 miliardi di euro". ilsole24ore.com. ilsole24ore.com. 28 July 2023. Retrieved 28 July 2023.
  35. Wynne, Alex (3 March 2016). "Kering Partners With UN Women". WWD. Retrieved 1 May 2024.
  36. Diderich, Joelle (20 September 2023). "Kering Foundation Expands Remit to Combat Violence Against Children". WWD. Retrieved 1 May 2024.
  37. Keslassy, Elsa (30 March 2015). "Cannes Film Fest, Kering Launch Women in Motion". Variety. Retrieved 21 May 2024.
  38. "Kering Corporate Foundation : Social Entrepreneurs Awards". Fondationppr.org. 9 June 2010. Archived from the original on 2 April 2012. Retrieved 7 September 2013.
  39. "Kering Foundation Awards". Kering Foundation. 19 June 2018. Retrieved 16 July 2018.
  40. "Kering launches a new regenerative fund to support leather, cotton, wool and cashmere farmers". World Business Council for Sustainable Development (WBCSD). Retrieved 1 May 2024.
  41. "Kering, L'Occitane Group Launch €300 Million Nature Fund". The Business of Fashion. 12 December 2022. Retrieved 1 May 2024.
  42. "The CNMI Sustainable Fashion Awards 2023". Ellen MacArthur Foundation. Retrieved 23 April 2024.

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