Tech

Kering has reported a year of declining revenues and profits in 2025 but says “decisive action” taken in the second half has laid the groundwork for a return to growth and margin improvement this year. The luxury group posted revenue of €14.7 billion (£12.82 billion), down 13% as reported and 10% on a comparable basis, as demand remained uneven across regions and brands. Fourth-quarter revenues declined 9% as reported and 3% on a comparable basis. Operating income fell 33% to €1.63 billion (£1.42 billion), with the group’s operating margin declining to 11.1%, compared with 14.5% a year earlier. Net income came in at €532 million (£463 million). Chief Executive Officer, Luca de Meo, who took up the role in September 2025, said: “The performance in 2025 does not reflect the Group’s true potential. In the second half, we took decisive actions – strengthening the balance sheet, tightening costs, and making strategic choices that lay the foundations for our next chapter. “On April 16, during our Capital Markets Day, we will present a clear roadmap to boost the desirability of our Luxury Houses and reignite growth, with well-defined brand strategies, a more effective organisation, and strong financial discipline. As we enter 2026, the entire team is fully committed to delivering a leaner, faster Kering, enhancing brand positioning and sales, rebuilding margins, and strengthening cash generation to ensure sustainable, long-term value creation.” Gucci continued to weigh heavily on group performance. The flagship brand saw revenues fall 22% to €6 billion (£5.23 billion), with retail sales down 18% and wholesale revenue declining 34% on a comparable basis. At Yves Saint Laurent, revenue declined 6% on a comparable basis to €2.6 billion (£2.27 billion). Bottega Veneta was a standout performer, delivering 3% comparable revenue growth to €1.7 billion  (£1.48 billion) and achieving its highest-ever fourth-quarter sales. Revenue from Other Houses, including Balenciaga, Alexander McQueen and Kering’s jewellery brands, fell 6% on a comparable basis. Jewellery continued to perform strongly, with Boucheron delivering double-digit growth. Kering Eyewear remained resilient, posting 3% comparable growth to €1.6 billion (£1.4 billion). Following the strategic partnership agreed with L’Oréal, Kering Beauté has been reclassified as a discontinued operation, with the transaction expected to close in the first half of 2026. Looking ahead, Kering said it is targeting a return to growth and margin improvement in 2026, despite ongoing macroeconomic uncertainty.

Spanish luxury fashion house Loewe has promoted Thierry Conrad Reutenauer to the role of Chief Marketing Officer, taking over from Charlie Smith, who has left the company. Reutenauer joined Loewe in October 2025 as Global Communications Director, having previously spent five years and eight months at Bottega Veneta – the last year and a half as Global Communications Director. According to WWD, it is understood that Reutenauer joins Loewe’s executive committee, with his new role seeing him take on board art direction, brand and product marketing, social media, events coordinating and VIP relations. Loewe is entering a new era under joint Creative Directors Jack McCollough and Lazaro Hernandez, who joined the company in April 2025 following Jonathan Anderson’s departure after 11 years to head up creative direction at Dior. Prior to his time at Bottega Veneta, Reutenauer spent six and half years at Chloé, culminating in the role of PR, VIPs and Events Director. Reutenauer’s successor as Global Communications Director of Loewe is yet to be named. Founded in 1846 in Madrid, Loewe has been part of LVMH since 1996 and specialises in luxury leather goods, clothing, fashion accessories and perfumes.

Digital department store Freemans has reported a rise in new customer numbers during the fourth quarter, covering the key Christmas period. Following its transition from a catalogue-led business to a pureplay digital retailer, Freemans delivered a 9% increase in sales for the 12 weeks to 2 January 2026, reflecting the sixth consecutive year of festive sales growth. New customer numbers lifted 9% over the same period, supported by a 10% rise in website visits. The company said the growth reflects continued momentum in attracting shoppers who had not previously engaged with the brand. Freemans attributed its performance to a three-part strategy focused on developing its pureplay offer, targeting women aged 40 and over with affordable fashion-led products, and partnering with established consumer brands across its categories. The retailer said this approach has helped broaden its customer base, alongside “strong” customer service, flexible payment options and home delivery. Fashion sales rose by 3% during the quarter, with particularly strong performance in Freemans’ UK-designed own-buy ranges, which were up 43% year-on-year. During the four weeks to Christmas, Freemans delivered sales growth of 12%. Festive trading was supported by the retailer’s first online-only Christmas advertising campaign, designed to drive immediate online purchasing. Ann Steer, CEO, Freemans said: “The so-called ‘Golden Quarter’ has shone very brightly for Freemans. We have seen exceptional growth across every department, even against a background of decreased consumer spending, with the momentum we have created clearly continuing. “The results are testament to everyone in the business who has been willing to adapt, think and act in an agile way and focus relentlessly on giving our customers old and new their very best shopping experience. “Our brand partnerships continue apace with more big names to be unveiled for 2026 and we will continue to listen, act and deliver for all our customers through this new year and beyond.”

Footwear manufacturers and apparel exporters emerged as major winners in the joint framework for an interim trade deal between the US and India.

Parcel locker group InPost has agreed to be bought by a consortium led by delivery giant FedEx and private equity firm Advent for €7.8 billion (£6.8 billion) as it aims to expand further across the UK and Europe. The consortium has offered €15.60 (£13.59) a share for Polish-headquartered InPost, which is 17.3% higher than the firm’s closing price in Amsterdam on Friday, and 50% above its share price in January before it revealed a takeover approach from an unnamed suitor. The company will continue under the InPost brand as a standalone firm, with its headquarters in Poland and with founder and Chief Executive Rafat Brzoska remaining at the helm. Advent, A&R – a private investment firm founded by Mr Brzoska – and PPF, which is the investment company of the Czech Kellner family, already own stakes of 6.5%, 12.49% and 28.75% in InPost respectively. Following the deal, Advent and FedEx will each own 37% holdings, with A&R owning a 16% stake and PPF the remaining 10%. The deal, which is expected to complete in the second half of 2026, will see InPost expand in its existing markets in France, Spain, Portugal, Italy, Benelux and the UK, which is the largest e-commerce market in Europe. In the UK, the group is looking to more than double the locker points to 30,000 from 14,000 currently, while it also has 5,500 pick-up and drop-off points. Hein Pretorius, Chair of the supervisory board of InPost and the special committee, said: “We believe that the transaction provides a solid foundation for the future of InPost, with the consortium that has a long-term perspective on value creation and fully endorses the strategy.” Brzoska – who has not taken part in the boardroom talks due to his interest in the takeover – said: “Building on our success in Poland, this transaction will support our next phase of growth as we continue to grow across Europe. “By partnering with the long-term financial and strategic investors of the consortium who know our business and the industry well, we benefit from the expertise, stability and resources needed to capitalise on the strong tailwinds including increasing e-commerce penetration, rising consumer demand for speed and convenience and the shift towards more sustainable delivery solutions. “Together, we will strengthen our network and reach more consumers with enhanced fast and flexible delivery options as we continue our objective of redefining the European e-commerce sector.” The firms said there were “no immediate costs identified” to be cut following the deal. Founded in 1999 by Mr Brzoska, InPost has a network of over 61,000 lockers and more than 33,000 pick-up and drop-off points across nine European countries – Poland, the UK, France, Italy, Spain, Portugal, Belgium, the Netherlands and Luxembourg. The group, which also offers courier and fulfilment services for online sellers, delivered 1.4 billion parcels in 2025. It listed on the Amsterdam Euronext in 2021. Raj Subramaniam, Chief Executive of FedEx, said: “We will be entering into agreements with InPost following completion of the transaction that will provide our customers access to InPost’s last-mile B2C (business-to-consumer) capabilities while bringing FedEx’s global network and logistics expertise to support InPost’s next phase of growth.” The firms said the deal to take InPost private will allow the firm “to operate more efficiently” while also cutting out costs linked to being listed on the stock market, and “dependency on market expectations driven by short-term performance outlook and periodic reporting”.

Watchmakers ranging from Omega, Breitling, Rolex and TAG Heuer to indie label Norqain are investing millions in blockbuster sports deals but success is not guaranteed.

With hiring slowing and AI reshaping entry-level work, recent graduates are turning to a mix of old-school tactics and unconventional paths to get a foothold.