Gucci’s first nine months of 2026 brought in €4.05 billion

The first quarter accounted for most of the nine-month decline

The year-on-year gap was €224 million in Q1, €46 million in Q2 and €52 million in Q3, using the rounded reported revenue in each release. Q1 represented about 70% of the €322 million gap across the first nine months. Source 1 Source 4 Source 5 Source 6

The Q3 sales channels moved in different directions

Kering reported a 9% decline in directly operated retail revenue on a comparable basis in Q3. Its broader wholesale and other revenue category rose 35% on the same basis. Wholesale alone grew 45% to €120 million, around 9% of Gucci’s quarterly revenue. Source 7

Why the two growth rates differ

Kering puts Q3’s year-on-year decline at 4% as reported and 6% on a comparable basis. The reported figure comes from comparing the euro amounts. Kering’s comparable measure also adjusts for exchange rates and changes in the businesses included in the comparison. Source 6 Source 3

Keep full years and partial years apart

Kering recorded €5.992 billion in Gucci revenue for all of 2025, compared with €7.650 billion in 2024. The January to September 2026 total belongs alongside the same nine months of 2025. The chart covers complete quarters available in the latest release. Source 2 Source 6

Gucci’s first nine months of 2026 brought in €4.05 billion

The first quarter accounted for most of the nine-month decline

The Q3 sales channels moved in different directions

Why the two growth rates differ

Keep full years and partial years apart

Sources