Key Takeaways:Kering Beauté, led by Creed Fragrances, grew approximately 9%-12% in H1 2025, helping offset steep declines across the Group’s core fashion houses.Despite falling earnings, with Gucci revenue falling 26%, free cash flow surged 126% to €2.383 billion ($2.755 billion).Kering is undergoing major leadership changes, with Luca de Meo set to become Chief Executive Officer in September and multiple creative revamps underway across its portfolio.Kering’s first-half 2025 results paint a picture of a luxury group in transition. With revenue plunging 16% year over year (YoY) to €7.6 billion ($8.7 billion) and recurring operating income down 39%, the Group is undergoing significant structural and creative shifts to regain momentum. Amid subdued luxury demand, especially in Asia-Pacific and North America, the company announced a CEO transition, leadership changes at flagship houses like Gucci, and a sharpened focus on cost efficiency. While Kering’s core fashion houses faced steep revenue declines in H1 2025, the Group’s growing beauty business emerged as a bright spot.“On the operational and financial fronts, in a particularly tough market environment, we continued to streamline our distribution and cost base, and, executing on our roadmap, we took decisive steps to strengthen our financial structure,” says François-Henri Pinault, Chairman and CEO at Kering, “Though the numbers we are reporting remain well below our potential, we are certain that our comprehensive efforts of the past two years have set healthy foundations for the next stages in Kering’s development.”Overall, Kering reported first‑half revenue of €7.6 billion ($8.