S&P Global has revised its credit outlook for luxury goods group Kering S.A. to negative from stable, the ratings agency said on Monday, after sales of Kering's Gucci brand and other products declined in the first half of the year.

In a report on Kering's investment grade credit rating, S&P analysts highlighted weakening consumer demand for the French group's luxury apparel across key markets, most notably a 22% year-on-year decline in revenue in the Asia-Pacific and China.

The analysts added that Kering had underperformed peers such as LVMH , Dior and Hermes so far this year. Sales of Kering's flagship Gucci brand, which made up over half of its core earnings (EBITDA) last year, fell by a quarter in the first half of 2025, the analysts added.

S&P maintained Kering's long-term

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