2016 First Quarter

revenue

21 April 2016 2020 First Quarter RevenueApril 21, 2020

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 andestimates of the Group’s executive management which are subject to numerous factors, risks and uncertainties. Consequently, reported figuresand assessments may differ significantly from projected figures. The following factors among others set out in the Reference Document (Documentde Référence) filed with the French Financial Markets Authority (Autorité des Marchés Financiers - AMF) on March 26, 2020 which is available onKering’s website at www.kering.com may cause actual figures to differ materially from projected figures: any unfavourable development affectingconsumer 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 Groupcompanies are required to comply; the competitive situation on each of our markets; exchange rate and other risks related to internationalactivities; risks arising from current or future litigation. Kering gives no commitment to updating and/or revising and/or commenting any projectionsand 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 2020 revenue.This document has not been independently verified. Kering makes no representation or undertaking as to the accuracy or completeness of suchinformation. None of the Kering or any of its affiliates representatives shall bear any liability (in negligence or otherwise) for any loss arising fromany 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 THEINFORMATION PROVIDED IN THIS PRESENTATION. INFORMATION IN THIS PRESENTATION, INCLUDING FORECAST FINANCIALINFORMATION, SHOULD NOT BE CONSIDERED AS ADVICE OR A RECOMMENDATION TO INVESTORS OR POTENTIAL INVESTORS INRELATION TO HOLDING, PURCHASING OR SELLING SECURITIES OR OTHER FINANCIAL PRODUCTS OR INSTRUMENTS AND DOES NOTTAKE INTO ACCOUNT YOUR PARTICULAR INVESTMENT OBJECTIVES, FINANCIAL SITUATION OR NEEDS. BEFORE ACTING ON ANYINFORMATION YOU SHOULD CONSIDER THE APPROPRIATENESS OF THE INFORMATION HAVING REGARD TO THESE MATTERS, ANYRELEVANT OFFER DOCUMENT AND IN PARTICULAR, YOU SHOULD SEEK INDEPENDENT FINANCIAL ADVICE. ALL SECURITIES ANDFINANCIAL PRODUCT OR INSTRUMENT TRANSACTIONS INVOLVE RISKS, WHICH INCLUDE (AMONG OTHERS) THE RISK OF ADVERSE ORUNANTICIPATED 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 BEFOREMAKING ANY INVESTMENT OR OTHER DECISION.

21.04.2020 2

Q1 2020 REVENUE: HEAVY IMPACT FROM COVID-19

* At constant scope and exchange rates

€3,203m

-15.4% reported-16.4% comparable*

€3,066m

-16.0% reported-16.9% comparable*

€137mo/w Kering Eyewear €130m

+0.2% reported-1.3% comparable*

GROUP REVENUE

INCREASING PERCENTAGE OF RETAIL NETWORK CLOSED DURING Q1

LUXURY HOUSES CORPORATE & OTHER

STORES CLOSED AS OF MARCH 31 BY REGION

21.04.2020 3

MainlandChina

HongKong

Macau Korea Rest ofAPAC

APAC Japan W.Europe

NorthAmerica

RoW Total

Closed Open

-80,0%

-60,0%

-40,0%

-20,0%

0,0%

20,0%

40,0%

-65%

-50%

-35%

-20%

-5%

10%

25%

40%

55%

Wee

k 1

Wee

k 2

Wee

k 3

Wee

k 4

Wee

k 5

Wee

k 6

Wee

k 7

Wee

k 8

Wee

k 9

Wee

k 10

Wee

k 11

Wee

k 12

Wee

k 13

% stores closed WW Retail sales Luxury (comp)

Q1 2020 REVENUE: €3,066m -16.0% REPORTED, -16.9% COMPARABLE

LUXURY HOUSES

AN UNPRECEDENTED QUARTER

• Extreme monthly variations– Star t ing with a s t rong January (up sol id double d ig i ts )

– A d i f f icul t February (As ia Pac i f ic s tore c losures, tour ism dec l ine in the region and W estern Europe)

– W orsening s i tuat ion in March (a l l s tores c los ing gradual ly in Europe and Amer ica, fo l lowed by central log is t ics and product ion fac i l i t ies later in March)

• Comparable revenue decline led by Asia Pacific

RetailQ1 2019 Wholesale Q1 2020FX impact Royalties and others

-7%

3,648

-23%

+1%

-19%3,066

Western Europe32% (+3pt)

North America20% (+2pt)

Asia Pacific32% (-6pt)

RoW7% (+1pt)

Japan9% (=)

REVENUE BREAKDOWN BY REGION(on total Q1 revenue, in %)

REVENUE CHANGE BY REGION AND CHANNEL(in €m, and comparable growth in %)

21.04.2020 4

Gucci

Saint Laurent

Bottega VenetaOther Houses

35%

37%

39%

41%

43%

45%

47%

49%

51%

% C

hine

se s

pend

in M

ainl

and

Chi

na

(Q1

19)

% Chinese cluster (Q1 19)

LUXURY HOUSES

• RETAIL -19% COMP.– Asia Pac i f ic : c . 2 /3 of the decrease in absolute terms, led by

Hong Kong SAR

– Gradual improvement in Main land China throughout March

– E-commerce up 21% with Main land China up t r ip le d ig i ts

– E-commerce penetrat ion r is ing to 9% of reta i l sa les (+3pp YoY)

• NATIONALITIES AND LOCALS vs. TOURISTS SPENDING– Dif ferent ia ted s i tuat ion across brands, according to:

– LY comparison base

– Relat ive exposure to As ia Pac i f ic , m ix of nat ional i t ies , esp. weight of Chinese c lus ter W W and i ts spending at home vs. abroad

– Common t rend:

– Heavy repatr ia t ion of spending

• WHOLESALE -7% COMP. ON A COMBINATION OF FACTORS– More selec t ive dis t r ibut ion

– Order adjus tments

– Logis t ics central hub c losure late in the quar ter

21.04.2020

AN UNPRECEDENTED QUARTER CONTRIBUTION OF KEY REGIONS TO RETAIL COMP. REVENUE CHANGE IN Q1

EXPOSURE TO CHINESE CLUSTER AND LOCAL SPEND VS. Q1 20 RETAIL DECLINE (IN COMP.)

5

Bubble size: value of Q1 20 revenue change

Greater China

Rest of APAC

Western Europe

North America

JapanRoW

GUCCI

Q1 2020 REVENUE: €1,804m-22.4% REPORTED, -23.2% COMPARABLE

COVID-19 OVERSHADOWING BRAND STRENGTH

• Retail down 24%– Strong pos i t ions in As ia Pac i f ic and h igh penetrat ion on Main land Chinese consumer impact ing brand’s dynamic in February;

Gradual recovery of sa les in Main land China s ince ear ly March

– Conf i rmed momentum in Nor th Amer ica in January and February, up double d ig i ts

– Strong s tar t to the year in W estern Europe reversed f rom mid-February

– E-commerce penetrat ion at 9.5% of reta i l sa les , led by s t rong increases in Main land China and Japan

• Wholesale down; impact of logistics central hub shutdown late March

JapanNorth America

Q1 2019

-19%

RoWWestern Europe

Asia Pacific

Wholesale Q1 2020

2,326

-20% -11%

-32% -21% -20% -17%1,804

Royalties and others

Retail (85% of sales): -24%

Western Europe28%

North America21%

Japan9%

Asia Pacific37%

RoW5%

REVENUE CHANGE BY REGION AND CHANNEL(in €m, and comparable growth in %)

REVENUE BREAKDOWN BY REGION(on total Q1 revenue, in %)

21.04.2020 6

SAINT LAURENT

Q1 2020 REVENUE: €435m-12.6% REPORTED, -13.8% COMPARABLE

Western Europe

Asia Pacific

0%

Q1 2019 RoWNorth America

Q1 2020Royalties and others

498

-11% -17%-34% -11% -6% -11%

435

WholesaleJapan

Retail (63% of sales): -18%

Western Europe38%

North America24%

Japan7%

Asia Pacific25%

RoW6%

REVENUE CHANGE BY REGION AND CHANNEL(in €m, and comparable growth in %)

REVENUE BREAKDOWN BY REGION(on total Q1 revenue, in %)

REGIONAL EXPOSURE MITIGATING DECLINE

• Retail down 18%

– Some protect ion f rom low relat ive penetrat ion in As ia Pac i f ic , s t rong pos i t ion wi th local c l iente les in W estern Europe and the

US, and cur rent ly l im i ted exposure to Main land Chinese c l iente le WW

– Robust t rends in Nor th Amer ica through late February, of fset by March downturn

– W estern Europe supported unt i l end of February by local c l iente le

– E-commerce penetrat ion accelerat ing, though brand not yet l ive onl ine in Main land China

• Wholesale down 6% following shipment discontinuation due to closure of logistics central hub

21.04.2020 7

BOTTEGA VENETA

Q1 2020 REVENUE: €274m+10.3% REPORTED, +8.5% COMPARABLE

RoWQ1 2019 Asia Pacific

Western Europe

North America

+31% +9%

248

Royalties and others

Q1 2020

+74%

WholesaleJapan

+25%-19%

-20%

+55% 274

Retail (76% of sales): -1%

Western Europe30%

North America16%

Japan13%

Asia Pacific32%

RoW9%

REVENUE CHANGE BY REGION AND CHANNEL(in €m, and comparable growth in %)

REVENUE BREAKDOWN BY REGION(on total Q1 revenue, in %)

SUCCESSFUL REINVENTION PROVIDES SOME IMMUNITY

• Achievement in retail, nearly unchanged YoY

– Outs tanding appreciat ion of the col lec t ions by local c l iente les in W estern Europe and Nor th Amer ica: both regions up s t rong double d ig i ts despi te c losure of a l l s tores f rom m id-March

– Asia-Pac i f ic most ly penal ized by HK SAR and Macau; Japan lagging

– Except ional momentum of e-commerce, revenue t r ip led f rom low penetrat ion base

• Wholesale up sharply thanks to SS20 collection orders, despite limited delivery capacity towards end of quarter

21.04.2020 8

OTHER HOUSES

Q1 2020 REVENUE: €553m-4.1% REPORTED, -5.4% COMPARABLE

COUTURE & LEATHER GOODS

• Limited exposure to APAC, recent store network expansion and retailization provide some protection

– Balenc iaga and Alexander McQueen res i l ient reta i l

per formance in W estern Europe and the US, near ly of fsett ing

dec l ine in Japan and APAC

• Wholesale up, reflecting appreciation of the collections, despitedisruptions affecting deliveries late March

RetailQ1 2019

-1%

Wholesale Royalties and others Q1 2020

577

-7%-49%

553

REVENUE BREAKDOWN BY REGION(on total Q1 revenue, in %)

REVENUE CHANGE BY REGION AND CHANNEL(in €m, and comparable growth in %)

Western Europe45%

North America16%

Japan9%

Asia Pacific22%

RoW8%

921.04.2020

JEWELRY & WATCHES

• Negative performance

– Dr iven by wholesale (c .60% of revenue m ix on average)

– And h igh W estern Europe reta i l presence for Boucheron and

Pomel lato, heavi ly penal izing March per formance

– Qeel in buck ing the t rend

FULLY MOBILIZED AGAINST COVID-19 PANDEMIC

21.04.2020 10

• Making health and safety of employees and clients our top priority

• Manufacturing medical equipment in Italy and France • Masks and overalls in Gucci’s Italian workshop network• Masks in the French workshops of Balenciaga and Yves Saint Laurent

• Importing masks from China for French and British health systems

• Supporting research on Covid-19 with a financial donation to Institut Pasteur

• Supporting innovative projects such as the “3D COVID” project, making bank of 3D printers available to the Public Hospitals of Paris

• Tackling the emergency needs through financial donations to:• the Hubei Red Cross in China • four major hospitals foundations in Italy in Kering’s Houses home regions• the CDC Foundation in the US

• Backing initiatives supporting the fashion industry in the US

• Along with concrete initiatives from our Houses: • Gucci, in support of the World Health Organization, and the Italian Civil

Protection Department• Pomellato and Dodo through a crowdfunding initiative against domestic

violence in Italy

SUPPORTING OUR EMPLOYEES, OUR CONSUMERS AND SOCIETY

ENSURING BUSINESS CONTINUITY AND READINESS

21.04.2020 11

• Inventory management of SS 20

• Central management to allow inventory reallocation across regions or towards e-commerce

• Regional warehouses still operating

SUPPLY CHAIN & LOGISTICS

• Adaptation of the collections and merchandising (shelf life, depth and #SKUs in the assortment)

• Virtual showrooms

• Optimization of distribution and product allocation

MERCHANDISING & DISTRIBUTION

• Rent relief: ongoing negotiations with landlords

• Personnel variable remuneration, salary & hiring freeze

• Reduction in executive compensation

• SG&A control, A&P

COST REDUCTION

• Postponement of non-critical projects

• Safeguarding key capex projects related to growth platforms (digital, e-commerce, IT, logistics)

• Focus on inventory management

CASH MANAGEMENT

• Low financial leverage

• No significant short-term maturities, well-balanced bond repayment schedule

• Undrawn confirmed lines of credit: €3bn• Strong support from our banks, extension

of confirmed lines of credit, access to financial markets

SOLID FINANCIAL STRUCTURE LlQUIDITY SECURED

• Ensuring health and safety

• Resuming production and central logistics operations

• Planning for gradual store reopeningsand upcoming collections

• Be ever more agile, flexible, relevant

GETTING READY TO RESTART

Q&A

APPENDIX: LUXURY HOUSES DOS NETWORK

21.04.2020 13

NUMBER OF DIRECTLY OPERATED STORES

324226 220

499

112

321226 220

503

113

W es te rn Eu rope Nor th Am er i c a J apan APAC RoW

As of December 2019: 1,381 As of March 2020: 1,383

As of YE2019

As of end of March2020

Net openingsin the quarter

Breakdown by Houses

Gucci 487 487 -

Saint Laurent 222 224 +2

Bottega Veneta 268 264 -4

Other Houses 404 408 +4

Total Luxury Houses 1,381 1,383 +2

Gucci • Saint Laurent • Bottega Veneta Balenciaga • Alexander McQueen • Brioni •

Boucheron • Pomellato • Dodo • Qeelin • Ulysse Nardin • Girard-PerregauxKering Eyewear