Company comparison
Hermès vs Gucci: Revenue and Margin, 2019 vs 2025.
Two houses, two trajectories — 2019 against 2025
Company comparison
Two houses, two trajectories — 2019 against 2025
A listed group against a single house inside Kering — same IFRS basis, different corporate wrappers
Revenue (EUR million)
Gucci's peak was 2022 (€10,487m); measured from there, revenue is down 42.9%.
Recurring operating income (EUR million)
Recurring operating margin (%)
Gucci's 2019 margin (41.0%) is exactly where Hermès arrived in 2025 — the same profitability, reached from opposite directions.
Hermès only — Kering does not disclose these for Gucci as a segment
Net profit (group share) (EUR million) · Hermès (group) only
Workforce (employees) (people) · Hermès (group) only
Both figures are on the same IFRS basis, so the metrics compare directly even though the corporate wrappers differ. Net profit and headcount show for Hermès only — Kering doesn't disclose them for Gucci as a segment (marked, not estimated). Operating-margin change is in percentage points (pp). Hermès's 2025 net profit of €4,524m — up 5.5% on 2024 — is after the exceptional French levy on large companies' profits; excluding it, Hermès reports €4,860m. 2019 is the last pre-pandemic year and the point at which Gucci's margin was at its peak — 41.0%, the widest point of the gap being measured. Gucci's revenue peak came later, in 2022.
Reading the data
01 What's shown
Revenue, profitability, scale and headcount for Hermès and Gucci, 2019 against 2025.
02 What it shows
Hermès more than doubled revenue and tripled operating income; Gucci lost more than a third of its revenue and three-quarters of its operating profit. The two crossed on margin: Gucci's 2019 figure is Hermès's 2025 figure.
03 How to read it
04 Sources
05 Method
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