|Traded as||Euronext: KER
CAC 40 Component
|Industry||Retail and Fashion design|
|Headquarters||40 rue de Sèvres, Paris, France|
(Chairman and CEO)
|Revenue||€12.385 billion (2016)|
|€1.886 billion (2016)|
|€1.282 billion (2016)|
|Total assets||€24.139 billion (2016)|
|Total equity||€11.964 billion (2016)|
Number of employees
Kering S.A. (French: [kɛːʁiŋ]) is an international luxury group based in Paris, France. It owns various luxury goods brands, including Gucci, Yves Saint Laurent, Balenciaga, Alexander McQueen, Bottega Veneta, Boucheron and Brioni, as well as Puma and Volcom in its Sport & Lifestyle portfolio.
The company was known from 2005 to 2013 as PPR and was known before 2005 as Pinault-Printemps-Redoute. It has been quoted on Euronext Paris since 1988 and has been a constituent of the CAC 40 index since 1995. The company has been headed by François-Henri Pinault since 2005.
In 1963, with a loan from his family and a bank, François Pinault opened the Établissements Pinault in Brittany (France) and specialized in timber trading. The company grew organically and through successful acquisitions. In 1988, Pinault S.A. was listed on the Paris Stock Exchange, multiplying the group’s financial power.
In 1989, it 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 Paris) 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 the group’s identity with its new activities, it was renamed Pinault-Printemps-Redoute (PPR) in 1994.
In 1999, Pinault-Printemps-Redoute purchased a controlling 42% stake of the Gucci group for $3 billion. Through the Gucci deal, Pinault-Printemps-Redoute also acquired the brand Yves Saint Laurent. It confirmed this new strategy with its following acquisitions, which included the French high-jewelry house Boucheron (2000), the Italian leather goods maker Bottega Veneta, and the fashion house Balenciaga (2001). In 2001, Pinault-Printemps-Redoute also signed strategic partnerships with ex-Givenchy fashion designer Alexander McQueen and with Stella McCartney.
With a new strategy for the group, Pinault-Printemps-Redoute offloaded its assets in the retail sector one after the other: Pinault Bois et Matériaux, upon which the whole group developed and grew, was acquired in 2003 by the British group Wolseley.
In 2003, François Pinault handed over the helm of Artémis, the family holding company that controlled Pinault-Printemps-Redoute and other assets (Château Latour, Christie’s, etc.), to his son François-Henri. In 2004, Pinault-Printemps-Redoute acquired almost all of the remaining shares of the Gucci group to reach a 99.4% ownership of the Italian luxury company. In 2005, François-Henri Pinault chose a hands-on approach to managing Pinault-Printemps-Redoute and decided to take over the position of CEO. The group officially changed its name to PPR.
The divestment of the group’s retail assets continued: Le Printemps (2006), Conforama (2011), CFAO and Fnac (2012), and La Redoute (2013). In the meantime, PPR acquired the Sowind Group (owner of Swiss high-end watchmaker Girard-Perregaux) and the Italian bespoke tailor Brioni (2011), the Italian group Pomellato (Pomellato and Dodo jewelry brands), the Chinese jeweler Qeelin (2012), the fashion designer Christopher Kane, and luxury watch manufacturer Ulysse Nardin (2014).
On March 22, 2013, PPR changed its name to Kering in order to fully achieve the group’s shift towards luxury goods. Pronounced [kɛːʁiŋ], to sound like the English word "caring", the new name is a reference to the Pinault family’s region of origin, Brittany, where kêr means "home". The new logo has an owl as its emblem, a bird that can rotate its head 270 degrees, giving it extraordinary vision, and François Pinault’s favorite animal.
In December 2014, Alessandro Michele, an unknown accessories designer, was named creative director of Gucci, and quickly revitalized the brand’s creativity, fashion relevance, and profitability. In 2015, following Hedi Slimane’s four-year success at the creative helm of Yves Saint Laurent, Kering named a new creative director, Anthony Vaccarello, to pursue the evolution of the brand while maintaining its growth pace. In October 2015, Kering named Georgian-born designer Demna Gvasalia as creative director of Balenciaga, quickly turning the house into a performing brand on the fashion scene.
Kering is organized into two sections: Luxury and Sport & Lifestyle.
The Luxury portfolio includes brands specialized in the design, manufacture and sale of luxury products, especially in the leather-goods, shoes, ready-to-wear, watches and jewelry sectors. Ninety-four percent of the group’s operating income in 2016 was generated by the following brands:
The Sport & Lifestyle portfolio includes:
In April 2012, Kering committed to a 4-year plan aiming to significantly reduce its impact on the environment. The group defined a set of quantifiable targets covering both environmental and social issues, and developed the Environmental Profit & Loss account (E P&L) to measure its progress.
Published in 2016, Kering’s sustainability report showed that Kering was able to control some supply/production chains more than others: while it reached 99% on its PVC-free goal, it only reached 15% on its goal to purchase its gold from verified "fairmined gold" providers, and 64% of its goal to purchase its leather from responsible and verified sources. Carbon emissions were reduced by 11%, waste output by 16% and water usage by 19%. Six thousand supplier audits were performed. Kering then announced its new sustainability program, which targets a 40% reduction of its global environmental impact by 2025, a strategy aligned with the UN Sustainable Development Goals.
The Kering Foundation is committed to defending women’s dignity and rights by combating violence against women and promoting women’s empowerment. Since 2009, the Foundation has initiated 47 partnerships with NGOs and supported many social projects oriented towards women’s rights.
Many brands have their own philanthropic projects, which the Kering Foundation supports. Gucci, one of the Group's major brands, launched its project "Chime for Change", an international campaign led by actress Salma Hayek Pinault, then Frida Giannini (former creative director of Gucci) and Beyoncé Knowles, to raise funds for women’s emancipation, focusing on education, health and justice.
Every year since 2012, the Kering Foundation has contributed to the International Day for the Elimination of Violence against Women with the White Ribbon for Women campaign.
The Women in Motion Awards have been awarded annually by Kering in partnership with the Cannes Film Festival since 2015. Winners include:
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