Kering : Présentation - Chiffre d'affaires du 1er trimestre 2019 (en anglais uniquement)

2019 First Quarter Revenue

April 17, 2019

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 27, 2019 which is available on Kering's website at www.kering.commay cause actual figures to differ materially from projected figures: any unfavourable development affecting consumer spending in the activities of the Group in France and abroad, notably for products and services sold by our Luxury 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 1st quarter 2019 revenue. 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 TAKE INTO ACCOUNT YOUR PARTICULAR INVESTMENT OBJECTIVES, FINANCIAL SITUATION OR NEEDS. BEFORE ACTING ON ANY 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 UNANTICIPATED MARKET, FINANCIAL OR POLITICAL DEVELOPMENTS AND, IN INTERNATIONAL TRANSACTIONS, CURRENCY RISK. READERS ARE ADVISED TO REVIEW THE COMPANY'S REFERENCE DOCUMENT AND THE COMPANY'S APPLICABLE AMF FILINGS BEFORE MAKING ANY INVESTMENT OR OTHER DECISION.

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Q1 2019 REVENUE: OUTPERFORMANCE CONTINUES

GROUP REVENUE		LUXURY HOUSES		CORPORATE & OTHER

€3,785m	€3,648m	€137m
+21.9% reported	+21.7% reported	+26.5% reported
+17.5% comparable*	+17.4% comparable*	+21.5% comparable*

SUSTAINED REVENUE GROWTH ON TOP OF DEMANDING COMPS (€m)

	+21.9%
		reported
+27.2%		+17.5%
		comparable
reported
+36.6%
comparable		+679	3,785

+6633,106

2,443

Q1 2017 **

YoY

Q1 2018

YoY

Q1 2019

*At constant scope and exchange rates

** Volcom, Stella McCartney and Christopher Kane treated as discontinued operations (IFRS 5). From May 16, 2018, Puma is equity-accounted. 2017 figures have been restated accordingly.

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LUXURY HOUSES

Q1 2019 REVENUE: €3,648m

+21.7% REPORTED, +17.4% COMPARABLE

REVENUE CHANGE BY REGION AND CHANNEL						REVENUE BREAKDOWN BY REGION
(in €m, and comparable growth in %)						(on total Q1 revenue, in %)
		+12%	+29%		3,648	RoW
	+19%					6%
						Western Europe
2,998	+4%
						29%

Asia Pacific

38%

						Japan	North America
Q1 2018	FX impact	Retail	Wholesale	Royalties	Q1 2019
						9%	18%
				and others

SOUND GROWTH ON HIGH COMPS

•FX a 4ppt tailwind

•Retail up 19%

-APAC leading thanks to strong progress across all countries;

W. Europe and Japan performing well; N. America facing record high comps (Q1'18: +54%)

-Further e-commerce penetration

•Solid wholesale at +12%

CREATIVITY AND INNOVATION SUPPORTING GROWTH

•Resounding Fall Winter '19 Fashion Shows

•Ongoing implementation of initiatives to foster customer engagement across all touchpoints

•Number of DOS at end of March: 1,286 (new store count

methodology: see Appendix)

‒8 net openings during the quarter

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