Moreover, all Kering segments are recording strong growth if we remain focused on the last five years: since 2018, Gucci has increased its sales by 26%; Saint-Laurent by 89%; Bottega Veneta by 57%; the other houses by 84%; while, launched in the meantime as a joint venture with Richemont, Kering Eyewear is experiencing meteoric growth.

Such a balance sheet deserves to temper criticism, even at the end of a disappointing quarter. Kering's main vulnerability remains its extreme dependence on Gucci, which alone accounts for two-thirds of operating profit. We also note that, for lack of scale, the various brands in the jewelry portfolio have so far struggled to break through.

But luxury is a long-term business. Kering, which traditionally chooses the noble path in its brand development strategy, preaches and practices this perhaps better than anyone. François Pinault and his team are well aware of the need for a pivot - even a transformation.

After a few years of inertia, one transaction followed another: the purchase of perfumer Creed - relatively unknown to the general public, but highly reputed in certain insider circles - and the acquisition of a minority stake in Valentino, which has been on the rise in recent years.

These two acquisitions, it should be noted, were made at very reasonable multiples of x23 and x19 EBITDA. Clearly, Kering is in a hurry but hasn't lost its way. The performance of the Qatari fund Mayhoola is also noteworthy, multiplying its initial investment in Valentino by eight in eleven years.

Finally, via his family holding company Artémis, François Pinault is to take control of the very powerful CAA agency, responsible for managing the image of numerous American stars. While it's always a shame for minority shareholders to see majority shareholders diversify their interests in this way, the deal will directly benefit Kering, which will be able to offer its brands a bevy of show-business ambassadors.

Gucci is not Hermès, and Kering does not have the integrated structure, diversification or scale effects of LVMH. Despite its difficult times, however, the luxury goods group still has a lot going for it. At less than fifteen times earnings, its valuation has fallen back to its five-year lows: it's hard for truly long-term investors not to see this configuration as an attractive entry point.