Kering : Communique AMF CP. CP24954499

Final Terms dated 7 March 2024

PROHIBITION OF SALES TO EEA RETAIL INVESTORS - The Notes are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the European Economic Area (EEA). For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended, MiFID II); (ii) a customer within the meaning of Directive (EU) 2016/97 (as amended, the Insurance Distribution Directive), where that customer would not qualify as a professional client as defined in point

1. of Article 4(1) of MiFID II or (iii) not a qualified investor as defined in Regulation (EU) 2017/1129, as amended. Consequently, no key information document required by Regulation (EU) No 1286/2014 (as amended, the PRIIPs Regulation) for offering or selling the Notes or otherwise making them available to retail investors in the EEA has been prepared and therefore offering or selling the Notes or otherwise making them available to any retail investor in the EEA may be unlawful under the PRIIPs Regulation.

PROHIBITION OF SALES TO UK RETAIL INVESTORS - The Notes are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the United Kingdom (UK). For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client as defined in point (8) of Article 2 of Regulation (EU) No 2017/565 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 (EUWA); (ii) a customer within the meaning of the provisions of the FMSA and any rules or regulations made thereunder to implement Directive (EU) 2016/97, where that customer would not qualify as a professional client as defined in point (8) of Article 2(1) of Regulation (EU) No 600/2014 as it forms part of domestic law by virtue of the EUWA; or (iii) not a qualified investor as defined in Article 2 of Regulation (EU) 2017/1129 as it forms part of domestic law by virtue of the EUWA. Consequently, no key information document required by Regulation (EU) No 1286/2014 as it forms part of domestic law by virtue of the EUWA (the UK PRIIPs Regulation) for offering or selling the Notes or otherwise making them available to retail investors in the UK has been prepared and therefore offering or selling the Notes or otherwise making them available to any retail investor in the UK may be unlawful under the UK PRIIPs Regulation.

MiFID II product governance / Professional investors and ECPs only target market - Solely for the purposes of each manufacturer's product approval process, the target market assessment in respect of the Notes, taking into account the five categories referred to in item 19 of the Guidelines published by ESMA on 3 August 2023, has led to the conclusion that: (i) the target market for the Notes is eligible counterparties and professional clients only, each as defined in MiFID II; and (ii) all channels for distribution of the Notes to eligible counterparties and professional clients are appropriate. Any person subsequently offering, selling or recommending the Notes (a distributor) should take into consideration the manufacturers' target market assessment; however, a distributor subject to MiFID II is responsible for undertaking its own target market assessment in respect of the Notes (by either adopting or refining the manufacturers' target market assessment) and determining appropriate distribution channels.

UK MiFIR product governance / Professional investors and ECPs only target market - Solely for the purposes of the manufacturer's product approval process, the target market assessment in respect of the Notes, taking into account the five categories referred to in item 18 of the Guidelines published by ESMA on 5 February 2018, has led to the conclusion that: (i) the target market for the Notes is eligible counterparties, as defined in the FCA Handbook Conduct of Business Sourcebook (COBS) and professional clients, as defined in Regulation (EU) No 600/2014 as it forms part of domestic law by virtue of the EUWA (UK MiFIR); and

1. all channels for distribution of the Notes to eligible counterparties and professional clients are appropriate. Any person subsequently offering, selling or recommending the Notes (a distributor) should take into consideration the manufacturer's target market assessment; however, a distributor subject to UK MiFIR is responsible for undertaking its own target market assessment in respect of the Notes (by either adopting or refining the manufacturer's target market assessment) and determining appropriate distribution channels.

Kering

Legal Entity Identifier (LEI): 549300VGEJKB7SVUZR78

Issue of €750,000,000 3.625 per cent. Fixed Rate Notes due 11 March 2036

under the €17,000,000,000

Euro Medium Term Note Programme

PART A - CONTRACTUAL TERMS

Terms used herein shall be deemed to be defined as such for the purposes of the Conditions set forth in the Base Prospectus dated 6 December 2023 and the supplement to it dated 4 March 2024 which together constitute a base prospectus for the purposes of Regulation (EU) 2017/1129, as amended (the Prospectus Regulation) (the Base Prospectus). This document constitutes the Final Terms of the Notes described herein for the purposes of the Prospectus Regulation and must be read in conjunction with the Base Prospectus in order to obtain all the relevant information. The Base Prospectus and these Final Terms have been published on the Issuer's website (www.kering.com) and the AMF's website (www.amf-france.org).

1.	(a)	Series Number:	39
	(b)	Tranche Number:	1
	(c)	Date on which the Notes will be	Not Applicable
		consolidated and form a single Series:
2.	Specified Currency or Currencies:	EUR (€)

3. Aggregate Nominal Amount:

	(a)	Series:	€750,000,000
	(b)	Tranche:	€750,000,000
4.	Issue Price:	99.636 per cent. of the Aggregate Nominal
			Amount
5.	(a)	Specified Denomination(s):	€100,000
	(b)	Calculation Amount:	€100,000
6.	(a)	Issue Date:	11 March 2024
	(b)	Interest Commencement Date	(if
		different from the Issue Date):	Issue Date
7.	Maturity Date:	11 March 2036
8.	Interest Basis:	3.625 per cent. Fixed Rate
			(further particulars specified below)
9.	Redemption/Payment Basis:	Subject to any purchase and cancellation or early
			redemption, the Notes will be redeemed on the

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1. Change of Interest Basis:
2. Put/Call Options:

Maturity Date at 100 per cent. of their nominal amount.

Not Applicable

Investor Put (Change of Control) Make-whole Redemption by the Issuer Residual Maturity Call Option Issuer Clean-up Call Option (further particulars specified below)

12. Date(s) of corporate authorisation(s) for Decision dated 6 March 2024 of Mr. Jean-Marc

	issuance of Notes:	Duplaix, in his capacity as Directeur général
			adjoint of the Kering Group in respect of the issue
			of the Notes.
PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE
13.	Fixed Rate Note Provisions:	Applicable
	(a)	Rate of Interest:	3.625 per cent. per annum payable in arrear on
			each Interest Payment Date
	(b)	Interest Payment Date(s):	11 March in each year from and including 11
			March 2025 to and including the Maturity Date
	(c)	Fixed Coupon Amount:	€3,625 per Calculation Amount
	(d)	Broken Amounts:	Not Applicable

1. Day Count Fraction (Condition 5(a)): Actual/Actual ICMA

	(f)	Determination Date(s)	11 March in each year
		(Condition 5(a)):
14.	Floating Rate Provisions:	Not Applicable
15.	Zero Coupon Note Provisions:	Not Applicable
PROVISIONS RELATING TO REDEMPTION
16.	Issuer Call:	Not Applicable
17.	Issuer Clean-up Call Option:	Applicable
	Notice period (if other than as set out in the	As set out in the Conditions
	Conditions):
18.	Redemption following an Acquisition Event:	Not Applicable
19.	Investor Put:	Not Applicable
20.	Investor Put (Change of Control):	Applicable
	(a)	Optional Redemption Date(s):	As set out in the Conditions
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1. 1. Optional Redemption Amount:
   2. Notice period (if other than as set out in the Conditions):
2. Final Redemption Amount:
3. Make-wholeRedemption by the Issuer:
4. 1. Reference Bond:

€100,000 per Calculation Amount

As set out in the Conditions

€100,000 per Calculation Amount

Applicable

Calculated by reference to a reference security being the German Government Bund DBR 0.00 per cent. due 15 May 2035 (ISIN Code: DE0001102515)

	(b)	Make-whole Margin:	+ 0.20 per cent.
	(c)	Make-whole Calculation Agent:	Aether Financial Services
	(d)	Partial Redemption:	Applicable
23.	Residual Maturity Call Option:	Applicable
	(a)	Call Option Date:	Each Business Day from, and including, 11
			December 2035 to, but excluding, the Maturity
			Date
	(b)	Notice period:	As set out in the Conditions

24. Early Redemption Amount:

(a)	Early Redemption Amount(s) payable €100,000 per Calculation Amount
	on redemption for taxation reasons
	(Condition	6(i)),	for	illegality
	(Condition	6(m)) or	an	Event of

Default (Condition 9):

1. Redemption for taxation reasons Yes permitted on days other than Interest Payment Dates (Condition 6(i)):

(c)	Unmatured Coupons to become void	Not Applicable
	upon early redemption (Materialised
	Bearer Notes only) (Condition 7(b)):
GENERAL PROVISIONS APPLICABLE TO THE NOTES
25. Forms of Notes:	Dematerialised Notes
(a)	Form of Dematerialised Notes:	Bearer dematerialised form (au porteur)
(b)	Registration Agent:	Not Applicable
(c)	Temporary Global Certificate:	Not Applicable

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1. Additional Financial Centre(s) (Condition 7(g)):
2. Talons for future Coupons to be attached to Definitive Notes:
3. Redenomination, renominalisation and reconventioning provisions:
4. Consolidation provisions:
5. Purchase in accordance with applicable laws and regulations:
6. Exclusion of the possibility to request identification information of the Noteholders as provided by Condition 1(a)(i):
7. Masse (Condition 11):

Not Applicable

Not Applicable

Not Applicable

Not Applicable

Applicable

Not Applicable

Name and address of the Representative:

Aether Financial Services 36 rue de Monceau 75008 Paris

France

The Representative will receive a remuneration of €400 per year.

33. RMB Provisions:

(a)	RMB Currency Event:	Not Applicable
	(As referred to under Condition 7(i))

1. Relevant Currency for Condition 7(i): Not Applicable
2. Relevant Spot Rate Screen Pages for Condition 7(i):
3. 1. Relevant Spot Rate Screen Not Applicable Page (Deliverable Basis):
   2. Relevant Spot Rate Screen Not Applicable Page (Non-deliverable Basis):

(d)	Party responsible for calculating the Not Applicable
	Spot Rate for Condition 7(i):

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Signed on behalf of the Issuer:

By: Ms. Jasmine Casvigny

Duly authorised

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PART B - OTHER INFORMATION

1. LISTING AND ADMISSION TO TRADING

1. Listing and admission to trading:

Application has been made by the Issuer (or on its behalf) for the Notes to be listed and admitted to trading on Euronext Paris S.A. with effect from the Issue Date.

1. Estimate of total expenses related to admission to trading:

2. RATINGS Ratings:

€11,790

The Notes to be issued have been rated: "A" by S&P Global Ratings Europe Limited (S&P).

S&P is established in the European Union and is registered under Regulation (EC) No. 1060/2009 (as amended) (the CRA Regulation) and included in the list of credit rating agencies published by the European Securities and Markets Authority on its

website(www.esma.europa.eu/credit-rating-agencies/cra-authorisation)in accordance with the CRA Regulation.

S&P is not established in the United Kingdom and is not registered under the Regulation (EC) No 1060/2009 as it forms part of the domestic law of the United Kingdom by virtue of the European Union (Withdrawal) Act 2018) (the UK CRA Regulation) but is endorsed by S&P Global Ratings UK Limited, which is established in the UK and registered under the UK CRA Regulation and included in the list of credit rating agencies registered in accordance with the list of registered and certified credit ratings agencies published on the website of the UK

FinancialConductAuthority (https://www.fca.org.uk/markets/credit-rating-agencies/registered-certified-cras). As such, the rating issued by S&P may be used for regulatory purposes in the United Kingdom in accordance with the UK CRA Regulation.

According to S&P's definitions, an obligation rated 'A' is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher-rated categories. However, the obligor's capacity to meet its financial commitments on the obligation is still strong.

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1. INTERESTS OF NATURAL AND LEGAL PERSONS INVOLVED IN THE ISSUE
   Save for the fees payable to the Managers, so far as the Issuer is aware, no person involved in the issue of the Notes has an interest material to the offer. The Managers and their affiliates have engaged, and may in the future engage, in investment banking and/or commercial banking transactions with, and may perform other services for, the Issuer and its affiliates in the ordinary course of business.
2. YIELD

Indication of yield:

3.663 per cent. per annum

5. USE AND ESTIMATED NET AMOUNT OF THE PROCEEDS

1. Estimated net amount of proceeds:
2. Use of proceeds:

The yield is calculated at the Issue Date on the basis of the Issue Price. It is not an indication of future yield.

€744,995,000

The net proceeds will be used for the Issuer's general corporate purposes.

6. OPERATIONAL INFORMATION

(a)	ISIN:	FR001400OM28
(b)	FISN:	KERING/3.625 MTN 20360311 Sr
(c)	CFI:	DTFNFB
(d)	Common Code:	278296156

1. Depositaries:
2. 1. Euroclear France to act as Yes Central Depositary:
   2. Common Depositary for No Euroclear and Clearstream:

(f)	Any clearing system(s) other than	Not Applicable
	Euroclear and Clearstream and the
	relevant identification number(s):
(g)	Delivery:	Delivery against payment
(h)	Names and addresses of additional	Not Applicable
	Paying Agent(s) (if any):

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7. DISTRIBUTION

1. If syndicated, names of Managers:

1. Date of Subscription Agreement:
2. Stabilisation Manager (if any):
3. If non-syndicated, name of relevant Dealer:
4. U.S. Selling Restrictions:
5. Prohibition of Sales to EEA Retail Investors:
6. Prohibition of Sales to UK Retail Investors:

Crédit Agricole Corporate and Investment Bank

Deutsche Bank Aktiengesellschaft

Intesa Sanpaolo S.p.A.

Société Générale

UniCredit Bank GmbH

ING Bank N.V., Belgian Branch

7 March 2024

Société Générale

Not Applicable

The Issuer is Category 2 for the purposes of Regulation S under the U.S. Securities Act of 1933, as amended.

TEFRA Not Applicable

Applicable

Applicable

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