UBS reiterates its neutral recommendation on the value with a target of E 540 after the appointment at Gucci.
' This weekend, Kering announced the appointment of Sabato De Sarno as Creative Director of its largest brand, Gucci (~75% of group EBIT). In November 2022, the company unexpectedly parted ways with its long-time chief designer, Alessandro Michele ' reminds UBS.
' In his new role, Sabato De Sarno will head the house's creative studio, with responsibility for defining and expressing its creative vision. He will present his first collection at Milan Women's Fashion Week in September 2023', the group said.
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A global Luxury group, Kering manages the development of a series of renowned Houses in Fashion, Leather Goods, and Jewelry: Gucci, Saint Laurent, Bottega Veneta, Balenciaga, Alexander McQueen, Brioni, Boucheron, Pomellato, Dodo, Qeelin, Ginori 1735, as well as Kering Eyewear and Kering Beauté.
By placing creativity at the heart of its strategy, Kering enables its Houses to set new limits in terms of their creative expression while crafting tomorrow's Luxury in a sustainable and responsible way. It captures these beliefs in its signature: Empowering Imagination.
In 2023, Kering had 48,964 employees and restated revenue of EUR 19.6 billion.
At the end of 2023, the Group had a network of 1,771 stores under its own management, located primarily in Western Europe (367), North America (316), Japan (238), and in emerging countries (698).
Net sales are distributed geographically as follows: Western Europe (27.6%), Japan (7.2%), Asia/Pacific (35%), North America (23%) and other (7.2%).
KERING 
