Kering

Timber (1962-1988)

In 1962, François Pinault opened the Établissements Pinault in Brittany (France) specialized in timber trading with a 100,000 francs loan from the bank.^[2] His business grew rapidly by acquiring many failing local timber operations and building its own import bridges, turning Pinault S.A. into a leading timber trader in France in the 1980s. By 1988, the group owned 180 companies and 33 factories for an annual revenue of 10 billion francs.^[3]

Retail (1988-2013)

In 1988, Pinault S.A. was listed on the Paris Stock Exchange and started an era of growth in the retail sector through major acquisitions.^[2] In 1989, Pinault S.A. purchased 20% of CFAO, a French distribution conglomerate active throughout Africa. In 1990, Pinault S.A. and CFAO merged, and François Pinault became head of the newly formed group which acquired Conforama (French furniture retailer) in 1991, Printemps (department stores in France) in 1992, which also owned 54% of La Redoute (French mail-order shopping retailer), and Fnac (French bookstore, multimedia and electronics retailer) in 1994. The group was renamed Pinault-Printemps-Redoute in 1994.^[2]

In 1999, Pinault-Printemps-Redoute purchased a controlling 42% stake of the Gucci group for $3 billion and 100% of Yves Saint Laurent.^[4][5][6] Those investments marked the cornerstone of the group's shift towards luxury. Through Gucci, Pinault-Printemps-Redoute acquired Boucheron in 2000,^[7] Bottega Veneta in 2001,^[8] Balenciaga in 2001,^[9] and signed partnerships with Alexander McQueen^[10] and Stella McCartney.^[11]

In 2003, François-Henri Pinault, son of the founder François Pinault, became general manager of Artémis, the family holding company that controlled Pinault-Printemps-Redoute. In 2005, he was named president and CEO of Pinault-Printemps-Redoute,^[12] a year after the group had reached a 99.4% ownership of Gucci.^[13] The group continued acquiring luxury brands: Sowind Group (watch company owner of Girard-Perregaux)^[14] and Brioni (Italian tailor) in 2011,^[15] Pomellato Group (jewelry company owner of Pomellato and Dodo)^[16] and Qeelin (jewelry) in 2012,^[17] Christopher Kane (British fashion house)^[18] and Richard Ginori (porcelain) in 2013,^[19] Ulysse Nardin (watches) in 2014.^[20] The group also sold its retail assets: Le Printemps in 2006,^[21] Conforama in 2011,^[22] CFAO in 2012,^[23] Fnac in 2012, and La Redoute in 2013.^[24] PPR developed a Sport & Lifestyle portfolio with the acquisition of Puma in 2007,^[12] Cobra Golf in 2010,^[25] and Volcom in 2011,^[26] all of which were sold the following decade.^[27]

Luxury (since 2013)

In March 2013, PPR changed its name to Kering.^[28] The leather-weaver Bottega Veneta was transformed into a "quiet luxury" icon, hitting the billion-dollar mark in sales in 2012.^[29] In 2014, Kering created its own eyewear production arm, Kering Eyewear, growing its revenue to 1.5 billion euros in 2023, and acquired the eyewear brands Lindberg in 2021^[30] and Maui Jim in 2022.^[31] The traditional Balenciaga house was turned into a disruptive fashion house^[32] and Yves Saint Laurent hit the 2-billion dollar sales mark in 2019.^[33] However, from 2015 to 2022, the group's revenue was essentially driven by Gucci's year-on-year high performance, hitting the 10-billion dollars sales mark in 2022.^[34] The group divested its interests in Stella McCartney in 2018,^[35] Christopher Kane in 2019,^[36] and its entire watch division (Girard-Perregaux and Ulysse Nardin) in 2022.^[37]

In 2023, Kering's annual results declined to 19.6 billion (-4%), mainly caused by the deceleration of Gucci's streak, a transition phase according to the group's executives.^[38] That same year, Kering acquired the fragrance company Creed,^[39] 30% of the fashion house Valentino,^[40] and Kering Beauté was launched to manage in-house the development of beauty products for the group's brands.^[41]