Luxury Goods Aren't Selling Well? Gucci's First Half Year Plummets: Revenue Down 26% to €30 Billion, Sales Volume Continues to Decline for Six Consecutive Quarters! 18 Stores Globally Closed

August 1, Hexun Group recently released its 2025 first-half financial report. In the first half of 2025, the group's revenue decreased by 16% to €75.87 billion, with regular operating profit of €9.69 billion, down 38.7%, and net profit of €4.74 billion, down 46%. The group's second-quarter revenue decreased by 15% to €37 billion.

According to the financial report released by Hexun Group, the core brand Gucci suffered a sharp decline. Gucci's revenue in the first half of 2025 decreased by 26% to €30 billion, and second-quarter revenue decreased by 25% to €14.6 billion.

According to media statistics, Gucci's "performance has been poor" for six consecutive quarters, with a decline in sales volume of 21%, 20%, 25%, 24%, 25%, and 25% respectively from the first quarter of 2024 to the second quarter of this year.

Apart from Gucci, other brands under Hexun Group also performed poorly. YSL's revenue in the first half of 2025 decreased by 11% to €13 billion, and second-quarter sales volume declined by 10% compared with the same period last year.

The only brand that grew was Bottega Veneta, which saw a 1% increase in revenue to €8.46 billion. The group's eyewear and beauty businesses both increased by 2% to €10.92 billion, with beauty sales up 9%.

Hexun Group Chairman and CEO Francois-Henri Pinault believes that this performance is lower than the company's potential and that it is working to strengthen its financial structure through measures such as optimizing distribution channels, reducing costs, etc.

In addition, in the first half of this year, Hexun Group closed 24 stores globally, with Gucci closing 18 stores, including 7 located outside Japan and Asia. YSL closed 1 store, while BV closed 5 stores. As of June 30, the group had a total of 1789 stores worldwide (Yan Yan).