From Gucci to Brioni and Valentino: Kering, Italy is worth half of the turnover
Kering evaluates its impact on the Italian economy, analyzing its contribution to GDP growth, investments, research, exports and employment, where it has an increasingly relevant position with 13,500 direct employees and a total of 94,000 jobs generated, including the entire production system. This is reported by Corriere della Sera. After 25 years since its introduction in Italy, which began with the acquisition of Gucci in 1999, Kering has expanded its portfolio to include brands such as Bottega Veneta, Brioni, Pomellato, DoDo, Ginori 1735 and created Kering Eyewear. Recently, it acquired 30% of Valentino for 1.7 billion, with the intention of owning 100% of the brand, demonstrating the strategic importance of Italy for the group multinational.
Revenues of 11.6 billion euros confirm the leading position of Kering in the luxury sector in Italy, accounting for more than half of the French luxury giant’s total revenues globally. Of these revenues, 10.5 billion come from exports, fueling the group’s global sales. This underlines Italy’s role as a global factory of luxury products for Kering, exploiting artisanal and creative skills that characterize the entire production chain, involving 4,000 suppliers, of which 88% are SMEs who have found in Kering a partner for international expansion and sustainability of their activities. Every hire made in Italy, on average, generates another 6.5 jobs in the country.
This framework, which represents more than two decades of growth, is the first study conducted by an international group in the luxury sector in Italy. Made in collaboration with Teha (The European House – Ambrosetti), evaluates the added value generated by Kering on the Italian territory and addresses key aspects such as production, with 49 product development centres, plants and logistics hubs, as well as investment in skills and training, with a budget of 10 million dedicated to preserving and innovating artisan traditions. Francesca Bellettini, deputy CEO of Kering with responsibility for brand development since July 2023, declares: “We are proud of these results. We will continue to invest in creativity, skills and innovation, respecting people and the planet, to consolidate Kering’s leadership in the fashion and luxury sector in Italy”.
The study will be repeated every two or three years to monitor the impact on the Italian system. It coincides with the appointment of Bellettini as group leader, supported by Jean-Marc Duplaix as deputy CEO responsible for Operations and Finance. Kering is focused on strengthening its operations in the country, contributing added value 10.9 billion which has a positive impact on the GDP, representing 0.6% of the national total, demonstrating how the intense activity in the fashion and luxury sector is the third largest manufacturing sector after mechanics and automotive. In 2022, Kering and its brands contributed 12.1% of the sector’s total turnover, representing 13.1% of Italian exports. Duplaix underlines: “Kering is present in 19 of the 36 Italian production districts, showing a large presence in the territory”.
The focus remains on investments, with particular attention to research and development, with 42 million euros invested in 2022. Analysis of the employment impact is one of the key points of the study conducted with Teha. Surprisingly, Italy represents 28% of Kering’s global employees and 68% of European employees. Tuscany is the main work center, involving 44.5% of the multinational’s direct employees. Lombardy and Veneto follow with 11.9% and 13.2% respectively. Kering concentrates investments in these regions, seeking talent in historic districts. In 2023, Saint Laurent’s Atelier Maroquinerie was inaugurated in Scandicci (Florence), involving over 500 artisans and technicians, and the Bottega Veneta Footwear Atelier in Vigonza (Padua) in the footwear district. Bellettini concludes: “These significant results are the result of important investments of our fashion houses, both Italian and foreign, such as Saint Laurent, Balenciaga and Alexander McQueen”.
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