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2018 First-Half results

July 26, 2018

26.07.2018 2

DISCLAIMER

This presentation does not constitute an offer of securities for sale in the United States of America or any other jurisdiction.

Certain information contained in this document may include projections and forecasts. They express objectives based on current assessments and

estimates of the Group’s executive management which are subject to numerous factors, risks and uncertainties. Consequently, reported figures

and assessments may differ significantly from projected figures. The following factors among others set out in the Reference Document (Document

de Référence) filed with the French Financial Markets Authority (Autorité des Marchés Financiers - AMF) on March 28, 2018 which is available on

Kering’s website at www.kering.com may cause actual figures to differ materially from projected figures: any unfavorable development affecting

consumer spending in the activities of the Group in France and abroad, notably for products and services sold by the brands, the events, crises,

fears, and resulting costs of complying with environmental, health and safety regulations and all other regulations with which Group companies are

required to comply; the competitive situation on each of our markets; exchange rate and other risks related to international activities; risks arising

from current or future litigation. Kering gives no commitment to updating and/or revising and/or commenting any projections and forecasts, or their

impact on the results and perspectives of the Group, which may be contained in this presentation.

The information contained in this document has been selected by the Group’s executive management to present Kering’s 2018 first-half results.

This document has not been independently verified. Kering makes no representation or undertaking as to the accuracy or completeness of such

information. None of the Kering or any of its affiliates representatives shall bear any liability (in negligence or otherwise) for any loss arising from

any use of this presentation or its contents or otherwise arising in connection with this presentation.

IN NO WAY DOES KERING ASSUME ANY RESPONSIBILITY FOR ANY INVESTMENT OR OTHER DECISIONS MADE BASED UPON THE

INFORMATION PROVIDED IN THIS PRESENTATION. INFORMATION IN THIS PRESENTATION, INCLUDING FORECAST FINANCIAL

INFORMATION, SHOULD NOT BE CONSIDERED AS ADVICE OR A RECOMMENDATION TO INVESTORS OR POTENTIAL INVESTORS IN

RELATION TO HOLDING, PURCHASING OR SELLING SECURITIES OR OTHER FINANCIAL PRODUCTS OR INSTRUMENTS AND DOES NOT

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INFORMATION YOU SHOULD CONSIDER THE APPROPRIATENESS OF THE INFORMATION HAVING REGARD TO THESE MATTERS, ANY

RELEVANT OFFER DOCUMENT AND IN PARTICULAR, YOU SHOULD SEEK INDEPENDENT FINANCIAL ADVICE. ALL SECURITIES AND

FINANCIAL PRODUCT OR INSTRUMENT TRANSACTIONS INVOLVE RISKS, WHICH INCLUDE (AMONG OTHERS) THE RISK OF ADVERSE OR

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READERS ARE ADVISED TO REVIEW THE COMPANY'S REFERENCE DOCUMENT AND THE COMPANY'S APPLICABLE AMF FILINGS BEFORE

MAKING ANY INVESTMENT OR OTHER DECISION.

INTRODUCTION

JEAN-FRANÇOIS PALUS

GROUP MANAGING D IRECTOR

2018 FIRST-HALF RESULTS

INTRODUCTION

A PURE LUXURY PLAYER1

26.07.2018

Distribution in kind of 70% of PUMA shares to Kering

shareholders effective May 16 at a share price of €429

4

A STREAMLINED ENSEMBLE OF

BRANDS2

Agreement between Kering and Ms. Stella McCartney

regarding the sale and purchase of the Group’s stake

(50%) in her eponymous brand

Discussions underway with Mr. Christopher Kane for

him to take back full control of his eponymous brand

(51% stake held by Kering)

End of partnership with Tomas Maier brand

Initiation of Volcom disposal process

PUMA

shareholding

post

Distribution

PUMA share

price as of

June 29, 18

Impact on

Kering

f inancial

statements

€501 +16.8% since distribution

► Net gain on disposal: €1.18bn booked under

IFRS 5 – net income from discontinued

operations

► Value of Kering stake as of end of June

2018 > €1.0bn

IFRS 5 Non-current Assets Held for Sale and Discontinued Operations

Applied to PUMA*, Volcom, Stella McCartney and Christopher Kane

* PUMA IFRS 5 from January 1 to May 16 and Equity-accounted since May 16

>

5

H1 and FY 2017 RESTATEMENTS

In €mRESTATED (*) REPORTED

Revenue 5,073 7,296

Gross margin

Gross profit margin

3,674

72.4%

4,725

64.8%

Recurring operating income

Recurring operating income margin

1,158

22.8%

1,274

17.5%

Consolidated net income

Of which net income, Group share

861

826

861

826

Net income, Group share, from continuing operations

excluding non-recurring items 815 872

26.07.2018

RESTATED (*) REPORTED

10,816 15,478

7,916

73.2%

10,133

65.5%

2,691

24.9%

2,948

19.0%

1,865

1,786

1,865

1,786

1,887 2,002

H1 2017 FY 2017

CAPEX

CAPEX/sales

227

4.5%

283

3.9%

Free Cash Flow from operations 848 718

605

5.6%

752

4.9%

2,206 2,318

* Restatement : PUMA, Volcom, Stel la McCartney and Christopher Kane reclassi f ied as discontinued operations for H1 and FY17 (IFRS 5)

ANALYSIS OF RESULTS

JEAN-MARC DUPLAIX

GROUP CHIEF F INANCIAL OFF ICER

FCF FROM OPERATIONS

RECURRING OPERATING

MARGIN

RECURRING OPERATING

INCOME

NET DEBT

848

1,401

H1 17 restated H1 18

22.8%

27.5%


1,158

1,772


H1 17 restated Q1 18 Q2 18 H1 18

+65%In €m In €m

7


NEW PROFILE DELIVERS SUPERIOR PERFORMANCES

* : at constant scope and exchange rates

% comparable growth*

GROUP RECURRING

OPERATING INCOME

€1,772m

+53% yoy

FCF AND NET DEBT

FCF x1.7 at €1,401m

• Record recurring operating

income

• Focus on organic growth drives

substantial operating leverage

and margin expansion

• Sharp increase in FCF

generation

• Further deleveraging, net debt

significantly down yoy

H1 revenue+26.8% reported, +€1.4bn

Q2 revenue +26.4% reported

GROUP REVENUE

continuing operations

Western Europe

32% (+25%)

North America

19% (+45%)

Asia Pacific

33% (+38%)

RoW

7% (+34%)

Japan

9% (+31%)

As a % of revenue and (% comparable growth)

26.07.2018

In €m

+53% +470 bps

€3,326m

€6,432m

€3,106m

€5,073m

+36.6% +31.5%

+33.9%

Q1’18 revenue excluding Christopher Kane

3,049

4,573

2,793

FY 17 H1 17 H1 18

8

LUXURY HOUSES

CONTINUED OUTPERFORMANCE DELIVERS HIGH MARGIN EXPANSION

H1 18 revenue: +26.9% reported; +33.9% comparable

In €m H1 18

Reported

change

Revenue 6,209 +26.9%



1,886

30.4%

+51.3%

+4.9pt

Gross CAPEX

as % of revenue

222

3.6%

+25.7%

0.0pt

H1 REVENUE GROWTH LARGELY AHEAD OF INDUSTRY

• Sustained and well balanced across channels

• E-commerce more than doubled, close to 6% of retail sales

• Negative FX headwinds easing in Q2 (-5 pt vs. Q1 -9 pt)

Q2: COMPARABLE REVENUE UP 31%

• Retail trends very strong with all regions up double digit

- Strong momentum confirmed in North America, APAC and Japan

- W. Europe moderating on high comps and softer tourism trends

• Wholesale up 24%, royalties & others improving at +9%

SOUND RECURRING OPERATING MARGIN, ABOVE 30%

• Significant operating leverage at Gucci, Saint Laurent and

Balenciaga

- while continuing to invest in retail network, A&P and

CRM/digitalization

• Ongoing investment in Jewelry

• Combined FX and hedging impact negative in absolute

terms and marginally dilutive in terms of profitability

CAPEX SELECTIVITY

• 3.6% of revenue in H1, higher ratio expected in H2

• Total number of DOS 1,382, 47 net openings in H1

H1 18H1 17

0%

FX impact

-5%

4,893

Retail

+37%

Scope Royalties

and others

+6%

Wholesale

+28% 6,209

R e v e n u e c h a n g e i n € m , a n d c o m p a r a b l e g r o w t h i n %

26.07.2018

9

GUCCI

HEALTHY TOP-LINE GROWTH FUELS RECORD MARGIN


In €m H1 18

Reported

change

Revenue 3,853 +36.0%



1,470

38.2%

+62.1%

+6.2pt

Gross CAPEX

as % of revenue

114

3.0%

+48.6%

+0.3pt

Wholesale Royalties

and others

+33%

RoW H1 18

+49%

Retail (86% of sales): +47%

3,853

+1%

North

America

Western

Europe

Asia

Pacific

+37%+57%

H1 17

+48%+44%

Japan

2,833

H1 18 REVENUE EQUIVALENT TO 2015 FULL-YEAR LEVEL

Q2: 6TH CONSECUTIVE QUARTER OF 35%+ COMP GROWTH

• Retail up 43% driven by LfL, further sales density improvement

- All product categories posting very healthy double-digit growth:

dynamic carryover and attractive newness offer

- N.America best performer; APAC and Japan confirming excellent

trends; W. Europe very solid supported by locals and tourists

- Online sales up 88%

• Wholesale +23%; deliveries prioritized towards DOS, retailization

of certain travel retail doors (in Japan)

• Royalties return to growth supported by Eyewear

RECURRING OPERATING MARGIN AT ALL-TIME HIGH

• Further gross margin improvement on production efficiencies

and channel mix

• Substantial operating leverage on higher store productivity

• Sustained investment to support long-term growth

- Store expenses

- Communications initiatives and customer engagement

- Omnichannel

CAPEX SKEWED TOWARDS NEW STORE CONCEPT

• H1: 30 stores converted

• DOS count up 9 net units (incl. 4 conversions)

+32%of which Q2 18

comp growth+52% +46% +47% +41% +23% +5%

TOTAL

+40%


26.07.2018

10

SAINT LAURENT

PROFITABLE GROWTH ON TRACK WITH PLAN


In €m H1 18

Reported

change

Revenue 808 +13.7%



198

24.5%

+21.1%

+1.5pt

Gross CAPEX

as % of revenue

33

4.0%

+6.9%

-0.3pt

North

America

Japan

+22%

+25%

711

+7%

+30%

Western

Europe

+4%

H1 17

Retail (68% of sales): +17%

H1 18

808

Royalties

and others

Wholesale

+11%

RoWAsia

Pacific

+29%

FURTHER RECURRING OPERATING INCOME GROWTH

AND MARGIN EXPANSION

• Delivering on operating leverage while investing in:

- retail network development

- impactful communications initiatives and Fashion Shows to

spread brand halo and influence (Men Spring 2019 in NYC

on June 6)

CAPEX DEDICATED TO STORE OPENINGS

• 18 net openings in H1

• Increased penetration in both mature and emerging

markets (Switzerland, Spain, Dubai, China, Mexico)

CONSISTENT REVENUE TRENDS IN H1

• Well-balanced, steady growth in both quarters

Q2: ANOTHER VERY SOLID PERFORMANCE

• Retail sales up 19%

- All regions contributing to growth, acceleration in the US and

Japan; Western Europe back to positive trend

- Newness remains very positively received, adding to carryover

business continuing to perform well

- E-commerce outperforming

• Wholesale up 25%; strong appreciation for Women Fall 2018

collection

+9%of which Q2 18

comp growth+33% +27% +21% +7% +25% +12%

TOTAL

+20%


26.07.2018

11

BOTTEGA VENETA

BRAND-REJUVENATION JOURNEY CONTINUES

H1 18 revenue: -6.5% reported; -0.9% comparable

In €m H1 18

Reported

change

Revenue 552 -6.5%



133

24.0%

-10.2%

-1.0pt

Gross CAPEX

as % of revenue

33

5.9%

+57.2%

+2.4pt

H1 17

+2%

North

America

Western

Europe

590

Japan H1 18

+7%-14%

+3%

Royalties

and others

RoW

+7%

Asia

Pacific

552

Wholesale

+1% -2%

Retail (82% of sales): -2%

FIRST HALF COMPARABLE REVENUE NEARLY STABLE

Q2: MIXED PERFORMANCE

• Retail -5%

- Western Europe significantly impacted by softer tourism, not offset by

other regions, though North America posted another positive quarter

- Brand appeal confirmed by continued success of Newness

• Improvement in wholesale up 10% reflecting:

- Healthier distribution network

- Encouraging orders on stabilized number of doors

CONTAINED MARGIN DILUTION

• Strict cost control, OPEX allocation targeting action plans

CAPEX INCREASE TO SUPPORT BRAND REJUVENATION

• Many openings/closings (+4 net) to better adapt network

STEP UP IN CHANGE

• New Creative Director, Daniel Lee, on board; First full

Fashion Show early 19

• Leaner and recentered organization, faster merchandising

-14%of which Q2 18

comp growth+4% -2% -3% +4% +10% +7%

TOTAL

-2%


26.07.2018

12

OTHER LUXURY HOUSES

HIGHER GROWTH AND MARGIN PROFILE


In €m H1 18

Reported

change

Revenue 996 +31.1%



85

8.5%

+202.5%

+4.8pt

Gross CAPEX

as % of revenue

42

4.2%

-12.7%

-2.1pt

996

760

+27%

H1 17 H1 18

+10%

Wholesale

+50%

Royalties

and others

Retail

ENHANCED PROFITABILITY PROFILE ON BRAND

REFOCUS

• Balenciaga delivering significant incremental profits and

margin expansion

• Continued commitment to raise our brands to the next

level

- Ongoing investment in high-potential brands Alexander

McQueen and Jewelry

- Watches: contribution improving

- Brioni: top line on path to gradually better absorb cost base

CAPEX DOWN ON PHASING

• 16 net openings, at Balenciaga, AMQ and Jewelry

H1: OUTSTANDING REVENUE TRENDS

• Retail leading growth, all regions up high double digit

- APAC and N. America up above 50%

• Wholesale performing strongly

Q2: UP 35% COMPARABLE

• Balenciaga: unfading enthusiasm for RTW and Shoes, both Men

and Women

• AMQ: accelerating further in retail and wholesale; successful

rebalancing of both Women’s RTW and Shoes offers, enlarged

Leather Goods assortment

• W&J: strong pipeline of product innovation and launches


26.07.2018

13

CORPORATE & OTHER

26.07.2018

In €m H1 18 H1 17

Total Recurring operating result

Underlying result

Corporate Long-term incentive plan

(114)

(75)

(39)

(89)

(72)

(17)

Gross CAPEX 89 50

KERING EYEWEAR UPDATE: ROBUST H1 RESULTS

• H1 total external sales of €262m, net consolidated revenue of

€208m, up 35% comparable

- Positive momentum of Cartier; successful integration and launch

- Great performance of Gucci, supported by continuous, innovative

marketing initiatives

- Strong results of Saint Laurent, establishing the brand in eyewear

- Ongoing roll-out of customized marketing tools (first Kering

Eyewear shop-in-shop at Coterie, Beijing in May 2018)

- Outstanding performance of online store on JD.com strengthening

digital presence in China

• First Balenciaga and Montblanc collections to be launched at

Silmo 2018, available in stores from January 2019

UNDERLYING RECURRING OPERATING RESULT UNDER

CONTROL

• Disciplined management of Corporate costs while

undertaking further cross-Group initiatives

• Kering Eyewear: positive contribution after amortization

of the early termination compensation

• Higher cost of Corporate LTI plan due to Kering share

price outperformance

HIGHER CAPEX ON FURTHER PLATFORM BUILDUP

• Kering Eyewear automated logistics center

• Group omnichannel/IT/CRM capabilities

15

KEYE

consolidated sales

208

H1 18 KEYE

external sales

262

Royalties and

intragroup

eliminations

-54

H1 18 Total

Corporate & Other

223

Other revenue

Revenue in €m

14

FINANCIAL PERFORMANCE

In €m H1 18 H1 17 RESTATED

Revenue 6,432 5,073

Gross margin

Gross profit margin

4,776

74.3%

3,674

72.4%



1,772

27.5%

1,158

22.8%

Other non-recurring operating income and expenses

Finance costs, net

Corporate income tax

Share in earnings of equity-accounted companies

(40)

(97)

(385)

(3)

(44)

(108)

(219)

(3)

Net income from continuing operations 1,247 784

Net result from discontinued operations 1,148 77

Consolidated net income

Of which net income, Group share

2,395

2,360

861

826

Net income, Group share, from continuing operations excluding non-

recurring items 1,262 815

Net income, Group share, per share (in euro)

Net income per share from continuing operations, Group share, excluding

non-recurring items (in euro)

18.74

10.02

6.55

6.47

26.07.2018

Mainly PUMA net

capital gain and P&L

contribution

11

15

H1 18 FREE CASH FLOW FROM OPERATIONS

In €m H1 18 H1 17 RESTATED

Cash flow before taxes, dividends and interests

Change in working capital requirement (excluding taxes)

Corporate income tax paid

2,032

(82)

(240)

1,361

(120)

(167)

Net cash flow from operating activities 1,711 1,074

Acquisition of fixed operating assets

Sale of fixed operating assets

(311)

1

(227)

1

Free cash flow from operations 1,401 848

26.07.2018

H1 18 NET FINANCIAL DEBT BRIDGEIn €m

16

CHANGE IN NET FINANCIAL DEBT

251

23776

95

Net debt at

June 30, 2018

Free cash flow

from

operations

2,793

Net interest paid and

dividend received

Dividend paid Net financial

investments

and other

-1,401

Net debt from

continuing

operations at

January 1, 2018

Discontinued

operations IFRS 5

Net debt at

December 31, 2017

3,049

3,300

26.07.2018

CONCLUSION

JEAN-FRANCOIS PALUS

GROUP MANAGING D IRECTOR


CONCLUSION

26.07.2018

Successful transformation – unlocking value in the short term and over the long

term

18

3

1

2Demonstrating further sustainable profitable growth in H1 18 –

straightforward strategies, determined execution and substantial margin

expansion

Group accelerators to foster our Houses’ development – focus on

omnichannel, digital

Going forward – outperformance against tougher comps in uncertain

environment; further operating leverage potential

4

Couverture

- En attente -

Appendix

GROUP H1 REVENUE – CONTINUING ACTIVITIES

in €m

21

GROUP H1 RECURRING OPERATING INCOME

in €m

H1 18 REVENUE AND RECURRING OPERATING INCOME

H1 18

H1 17

restated

Change (%)

Reported

Comparable

(*)

Total Houses

o/w Q1 18 (**)

o/w Q2 18

6,209 4,893 +26.9%

+27.6%

+26.2%

+33.9%

+36.9%

+31.3%

Corporate & other 223 180 +24.1% +32.4%

Kering 6,432 5,073 +26.8% +33.9%

26.07.2018 * : at constant scope and exchange rates

** : restated from Christopher Kane

H1 18 H1 17 restated

Change (%)

Reported

Total Houses 1,886 1,247 +51.3%

Corporate & other (114) (89) -28.3%

Kering 1,772 1,158 +53.1%

Saint Laurent

+43

H1 18

6,432

BV Corporate

& other

+237

Other

Houses

-38

+1,359

H1 17

restated

Gucci

+1,020+97

5,073

BV

-15

+57

Saint

Laurent

+34

Gucci

+53%

1,158

H1 17

restated

+5631,772

-25

Corporate

& other

Other

Houses

H1 18

22

H1 18 REVENUE

Reported change

In €m H1 18 H1 17 €m %

Gucci

Saint Laurent

Bottega Veneta

Other Luxury Houses

3,852.8

808.2

552.2

995.5

2,832.5

710.8

590.4

759.5

1,020.3

97.4

(38.2)

236.0

+36.0%

+13.7%

-6.5%

+31.1%

Total Luxury Houses 6,208.7 4,893.2 1,315.5 +26.9%

Corporate & Other 223.2 179.8 43.4 +24.1%

Kering continuing operations 6,431.9 5,073.0 1,358.9 +26.8%

26.07.2018

y-o-y change

In €m % comparable % reported

Q1 18

Q2 18

1,867

1,986

+48.7%

+40.1%

+37.9%

+34.3%

23

H1 18 REVENUE: €3,853m

+36.0% REPORTED; +44.1% COMPARABLE

GUCCI

Western Europe

28%

North America

21%Japan

8%

Asia Pacific

37%

RoW

6%

116 119

72

222

118 118

79

223

W estern Europe Nor th Amer ica Japan Emerging markets

YE 2017: 529 HY 2018 : 538

Revenue breakdown by region

Number of directly operated stores

26.07.2018

y-o-y change


Q1 18

Q2 18

408

400

+19.6%

+19.8%

+12.0%

+15.5%

26.07.2018 24

H1 18 REVENUE: €808m


SAINT LAURENT

Western Europe

35%

North America

22%

Japan

8%

Asia Pacific

29%

RoW

6%

47

29 30

78

52

31 31

88


YE 2017: 184 HY 2018: 202



y-o-y change


Q1 18

Q2 18

261

291

+0.7%

-2.3%

-6.8%

-6.1%

25


-6.5% REPORTED; -0.9% COMPARABLE

BOTTEGA VENETA

Western Europe

26%

North America

11%

Japan

15%

Asia Pacific

41%

RoW

7%

61

30

59

120

61

30

59

124


YE 2017: 270 HY 2018: 274



26.07.2018

y-o-y change


Q1 18

Q2 18

462

534

+38.6%

+34.7%

+31.6%

+30.6%

26



OTHER LUXURY HOUSES

Western Europe

46%

North America

15%

Japan

9%

Asia Pacific

21%

RoW

9%

126

32

81

113

131

33

79

125


YE 2017: 352 HY 2018: 368



26.07.2018

27

H1 18 RECURRING OPERATING INCOME

Reported change

In €m H1 18 H1 17 €m %

Gucci

Saint Laurent

Bottega Veneta

Other Luxury Houses

1,470.5

198.0

132.5

85.0

907.3

163.5

147.5

28.1

563.2

34.5

(15.0)

56.9

+62.1%

+21.1%

-10.2%

+202.5%

Total Luxury Houses 1,886.0 1,246.4 639.6 +51.3%

Corporate & Other (114.1) (88.9) (25.2) -28.3%

Kering continuing operations 1,771.9 1,157.5 614.4 +53.1%

26.07.2018

28

H1 18 EBITDA

Reported change

In €m H1 18 H1 17 €m %

Gucci

Saint Laurent

Bottega Veneta

Other Luxury Houses

1,601.8

218.0

152.5

123.0

1,007.4

186.6

169.9

57.9

594.4

31.4

(17.4)

65.1

+59.0%

+16.8%

-10.2%

+112.4%

Total Luxury Houses 2,095.3 1,421.8 673.5 +47.4%

Corporate & Other (73.7) (51.7) (22.0) -42.6%

Kering continuing operations 2,021.6 1,370.1 651.5 +47.6%

EBITDA: defined as recurring operating income + net charges to depreciation, amortisation and provisions on non-current operating assets, recognised in recurring operating income

26.07.2018

29

H1 18 NET FINANCIAL COSTS AND INCOME TAX

In €m H1 18 H1 17

Cost of net debt

Other financial income and expenses

(43.4)

(53.7)

(59.1)

(48.8)

Financial costs (net) (97.1) (107.9)

In €m H1 18 H1 17

Tax on recurring income

Tax on non-recurring items

(391.3)

6.3

(219.6)

0.6

Total tax charge (385.0) (219.0)

Effective tax rate 23.5% 21.8%

Recurring tax rate 23.4% 20.9%

26.07.2018

30

H1 18 CONDENSED CONSOLIDATED BALANCE SHEET

In €mH1 18 H1 17

Goodwill, brands and other intangible assets - net

Other net non-current assets

Net current assets

Net assets held for sale

Provisions

9,748

2,561

(178)

367

(348)

14,763

808

1,446

-

(388)

Capital Employed 12,150 16,629

Shareholders’ Equity 9,357 12,057

Net debt 2,793 4,572

26.07.2018

Gucci • Saint Laurent • Bottega Veneta

Balenciaga • Alexander McQueen • Brioni

Boucheron • Pomellato • Dodo • Qeelin • Ulysse Nardin • Girard-Perregaux

Kering Eyewear

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