2025-06-16-Bernstein-开云集团（KER）_快讯_据报道_雷诺首席执行官卢卡·德·梅奥将加入开云集团_12页_426kb

Kering SA Investment Analysis

Analyst Information

• Analyst: Luca Solca
• Title: Global Luxury Goods
• Contact: +41 582 723 126, luca.solca@bernsteinsg.com

Key Ratings and Metrics

• Rating: Market-Perform
• Price Target: €170.00
• Current Close: €172.58
• Ticker: KER.FP
• Close Price YTD: Down 27.6%
• Dividend Yield: 3.5%
• Market Cap: €21.3B
• EV: €38.8B

Investment Implications

Bernstein rates Kering Market-Perform with a €170 price target. The valuation uses a relative 1.30x P/E approach to the MSCI Europe index.

Recent Developments

• CEO change: Luca de Meo (formerly Renault) joining Kering's Board
• Existing leadership split between Chairman (F-H Pinault) and two Deputy CEOs
• Gucci sales continuing to decline amid restructuring challenges

Risk Assessment

• Downside: Execution risks with new management, concerns over Chinese consumer demand
• Upside: Successful Gucci turnaround, consumer demand acceleration, strong CEO vision

Legal Disclaimers

Bernstein maintains standard conflict disclosures and regulatory information regarding coverage limitations and research independence.