News 
In a quarter severely affected by the Covid-19 epidemic, Kering posted a consolidated revenue of 3,203 million euros, minus 15.4% as reported and minus 16.4% at comparable exchange rates.
The quarter was marked by strong disparities. After an exceptional good start to the year in January, the month of February was a more contrasting month, reflecting store closures in Asia-Pacific. In March, the situation deteriorated sharply due to the gradual closure of stores across Europe and the United States, the halt in tourism and the partial shutdown of production and logistics facilities towards the end of the quarter.
Revenue from the directly-operated stores of the Luxury Houses were down 19.5% on a comparable basis. In March, however, Kering noted encouraging signs in mainland China with the reopening of most of its stores. There was a significant increase in e-commerce for all Houses, at +21.1% for the period under review.
At the Annual Meeting of Shareholders, to be held behind closed doors on June 16th, the Board of Directors will propose a revised amount for the dividend to be distributed for this financial year of 8 euros per share, representing a decrease of 30% compared to the dividend initially proposed.
Given the current context of the COVID-19 pandemic and its impact on economic activity, François-Henri Pinault, Chairman and CEO of Kering, has decided to reduce the fixed portion of his salary by 25% as of April 1st until the end of 2020. In addition, François-Henri Pinault and Jean-François-Palus, Group Managing Director, have decided to waive the entirety of the variable portions of their annual remuneration for 2020.
April 30, 2020