Kering plans to double Bottega Veneta’s non-leather revenue by 2030. But the move raises a harder question: when a brand is built entirely on craft specificity, what happens when you try to scale beyond it?
Kering CEO Luca de Meo set out an ambitious ‘ReconKering’ plan to more than double the group’s operating profit margin by 2030, with Gucci’s revival at the centre. Markets were unimpressed: shares fell 3.9%.
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Hermès opened its 25th leather workshop in France in March 2026, with three more under construction to 2030. The production network is the structural foundation behind leather goods growing 9.4% in Q1 — and why owned craft is a business model, not just a brand story.
Hermès Q1 revenues reached €4.1bn, up 6% at constant exchange rates. Leather goods led all divisions at +9.4%, driven by new introductions and strong Americas demand — while Middle East disruptions and currency headwinds clouded the overall picture.
LVMH fashion and leather fell 2% in Q1 2026, alongside an 8% drop at Gucci and a below-consensus result at Hermès. Vogue Business identifies three structural shifts: price fatigue, China normalisation, and Middle East tourism disruption.
Vogue’s spring 2026 handbag report maps eight key directions: archival revivals, petite pouches, slouchy silhouettes, bowling bags, lady bags, mesh structures, chain accents, and Y2K callbacks. Cobalt blue dominates colour.