Kering and Hermès Post First-Quarter Revenue Below Estimates; Middle East Sales Dip Amid US-Iran Conflict

# Kering and Hermès Earnings Miss Estimates Kering reported first-quarter revenue below analyst estimates on April 15, 2026. Gucci's first-quarter revenue plunged 8%. The US-Iran conflict started late in the first quarter.

Kering's sales in the Middle East dropped 11% in the first quarter. The Middle East accounts for about 5% of Kering's revenue. The US-Iran conflict shaved roughly 1 percentage point off Kering's overall first-quarter sales.

Shares Decline After Reports Shares of Kering in Paris traded down as much as 10% following the earnings report.

5% year-to-date as of the article's publication. Hermès reported first-quarter sales below analyst estimates. 6% at constant exchange rates. 44%. Hermès shares in Paris declined by 10% following the earnings report.

Middle East and France Impact Sales Hermès sales in the Middle East fell 5.

9% in the first quarter. 8% in the first quarter. More than 50% of Hermès sales occur in France. Natasha de la Grense of Goldman Sachs stated that most luxury companies reported a -100 to -150 basis points headwind in the first quarter from Middle East events.

The Goldman Sachs EU Luxury Goods Index (GSXELUXG) declined more than 4% following the Kering and Hermès earnings reports.

Analyst Views on Luxury Sector Goldman's Natasha de la Grense stated on the morning of the article's publication: "Money was waiting on the sidelines to buy luxury for a de-escalation play – that feels premature with three misses in three days.

" The Goldman Sachs EU Luxury Goods Index (GSXELUXG) declined 4% on the morning of the article's publication. Consensus expects 9% growth for Hermès in FY26. The article was published on April 15, 2026, at 07:45 UTC.