“We emerge from this crisis stronger and confident in the relevance of our multi-brand model. Our brands are more desirable than ever.”


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    François-Henri Pinault photography
What are your main takeaways from 2020?
2020 was a year like no other for Kering. We have faced an unprecedented health and economic crisis. This sparked an extraordinary reaction, spurred on by acts of courage, solidarity, and creativity. Kering contributed to this collective endeavor by protecting our employees across the globe and offering our support to healthcare professionals and establishments.

Against a difficult economic background, Kering demonstrated remarkable resilience and agility. We delivered a solid performance, achieving revenue of €13.1 billion and recurring operating income of €3.1 billion. Our cash flow generation remained high and we further strengthened the Group’s financial structure. Four of our Houses increased their annual sales in a worldwide market that was still affected by store closures and a collapse in global tourist numbers.

Are you confident about the future?
First and foremost, the solidity demonstrated by Kering in 2020 is a testament to the men and women who work for the Group. They have stood out for the commitment, agility, boldness and rigor they have shown. I would like to express my sincere gratitude to them. Our performance also results from many years of strategic work. In 2020, we continued to invest in our growth platforms as we prepare to bounce back.

In 2020, we fully capitalized on the spectacular acceleration in online sales following the transition started in 2019 to bring our brands’ e-commerce platforms back in-house. As such and despite the circumstances, we remained in close contact with our brand customers. Equally, our redefined logistics operations ensured faster responsiveness during the most severe phases of the crisis and lockdown. This redefinition also served to optimize our inventory allocation between regions and distribution channels.

We emerge from this crisis stronger and confident in the relevance of our multi-brand model. Our brands are more desirable than ever. We are well positioned to leverage the rebound.

What are the highlights of this fourth Integrated Report which is being published today?
This crisis has not altered our vision of Luxury. At Kering, we believe in Luxury that is modern, creative and responsible. In fact, the pandemic has accelerated trends that were already in motion within our industry. We have already identified and incorporated them in our strategy.

COVID-19 also confirms that our ambitions and commitments towards sustainability are as relevant as ever. The Group’s transformation, which has a long history, has been strengthened and accelerated. In this context, we have developed an ambitious biodiversity strategy and raised our climate strategy targets in line with a 1.5°C pathway. Early 2021, we also published our Human Rights Policy.

The examples and testimonies presented throughout this report illustrate the ability of Kering and its Houses to create value while rising to the major challenges of our times, particularly as they relate to the environment.

We are confident in the future, thanks to the alignment between our values, our strategy, and our investments as well as the trends which craft today’s luxury market.

Signature FHP

François-Henri Pinault
Chairman and Chief Executive Officer