Kering's sales grew for the first time since mid-2023, driven by strong demand for jewelry and eyewear. The French luxury group reported a 2 percent rise in like-for-like sales to €3.65bn in the second quarter.

Despite the overall growth, sales at Gucci fell 2 percent. The wider fashion and leather goods division, including Saint Laurent and Bottega Veneta, remained flat. These results underscore the challenges for new chief executive Luca de Meo, who joined from Renault last year to spearhead a restructuring.

De Meo's turnaround plan involves reducing inventory, cutting costs, and closing stores, alongside bolstering smaller brands and lessening reliance on Gucci. Operating income for the first half was €921mn, with margins slightly increasing to 12.8 percent. Kering's shares have fallen significantly over the past three years, with the company's market capitalization around €31bn, trailing competitors like LVMH and Hermès.