1) Strategy & Leadership - Kering is focused on executing its brand playbooks and optimizing its store network, achieving 84 net store closures in H1 2026. - The company aims to reignite brand desirability and strengthen client engagement, particularly through Gucci's initiatives like the Rinascimento plan and partnerships, including a new beauty license with L’Oréal. - Leadership changes include the appointment of Romain Spitzer as CEO of Bottega Veneta and Gianfranco D'Attis as CEO of McQueen, aimed at enhancing brand performance.

2) Financial & Segment Results - H1 2026 revenue reached €7.2 billion, up 1% on a comparable basis, with a return to growth in Q2 (2% growth). - Recurring operating income was €921 million, a margin of 12.8%, up 40 basis points YoY. - Key segments showed varied performance: | Segment | H1 Revenue (€ billion) | YoY Growth (%) | |-------------------------------|------------------------|----------------| | Fashion and Leather Goods | 5.8 | -1 | | Kering Jewelry | 0.521 | +20 | | Kering Eyewear | 0.965 | +8 | - Gucci's revenue was €2.8 billion, down 5% YoY, but showed improvement with a 6-point sequential increase in Q2.

3) Problems / Headwinds - The market environment remains uneven, with foreign exchange fluctuations impacting reported revenue by nearly 4% in H1. - Challenges persist in China, where brand desirability has been affected, although there are signs of improvement. - The Middle East remains a challenging market, contributing to a 1 percentage point drag on group revenue growth in Q2.

4) Operational or Product Plans - Kering is committed to reducing inventory by €1 billion by year-end 2026, focusing on improving inventory turnover and efficiency. - The company is enhancing its operational rigor, including tighter inventory control and optimized retail management. - AI and technology are being integrated into operations to improve decision-making and execution across the value chain.

5) Guidance & Outlook / Investor Angle - Kering maintains its guidance for growth and improved profitability in 2026 compared to 2025. - The company is cautious about Q3, expecting flattish growth due to tougher comparisons and ongoing market volatility, but remains committed to executing its strategic initiatives.

Bottom line: Kering is on a path to recovery with a focus on brand desirability and operational efficiency, showing early signs of growth in Q2 2026. However, challenges in key markets and cautious outlook for Q3 suggest that investors should remain vigilant as the company navigates its turnaround strategy.