Kering: The Whole Industry Is Crossing Fingers

Kering (PPRUF) remains in decline, with sales falling for the eleventh consecutive quarter and no recovery in sight. Gucci sales have dropped 40% since Q1-21, and legacy brands are down 24%, pressuring margins and cash flows. Despite management's reiterated 2026 growth outlook, current valuations—38x forward earnings—are unjustified given persistent challenges.