Gucci is an Italian house owned by Kering, and one of the few luxury names whose own numbers are published rather than buried in a group total. Kering names Gucci’s revenue and operating profit twice a year: €5,992 million in 2025, down 22% as reported, on a recurring operating income of €966 million.
In India the same house publishes almost nothing: no gucci.com/in, no Indian checkout, no rupee price set by Gucci. India is four boutiques on one helpline — and, on one marketplace Gucci does not run, 717 listings.
Gucci is owned by Kering, which reports the brand’s own revenue and margin every half-year, so nothing here has to be estimated. India is the opposite case: it is not one of the 44 country sites on gucci.com, so no Indian price of the house’s own exists, and Kering’s filing lists its Indian retail company at 51% without naming which House it trades for. Myntra’s Gucci shelf held 717 listings on 23 September 2026, all 40 records read declaring Italy, sold and imported by two small Delhi companies.
Snapshot
- Brand-owning company
- Guccio Gucci S.p.A., Via Tornabuoni 73/r, Florence; share capital “Euro 50,000,000 fully paid-in”; “Subject to the direction and coordination of Kering Holland NV”
- Listed parent
- Kering SA, Euronext Paris, ISIN FR0000121485
- Gucci revenue, 2025
- €5,992 million, down 22% reported and 19% comparable; recurring operating income €966 million, margin 16.1%
- Gucci revenue, first half 2026
- €2,757 million, down 9% reported; recurring operating income €468 million, margin 17.0%, up one point
- Stores
- 497 operated directly worldwide at 31 December 2025; four of them in India
- India route
- No Indian website. Kering’s 2025 filing lists Luxury Goods Retail Private Limited (CIN U51311MH2006PTC162428) among its consolidated companies in India at 51%
- Price basis in India
- Gucci publishes no Indian price. Median MRP across 100 Myntra listings read on 23 September 2026: ₹2,43,000
- Authenticity
- Guaranteed by channel — “all products purchased on Gucci.com and in Gucci stores” — with no serial, code or verification page in the terms or FAQ text read on 23 September 2026
Who owns Gucci, and what the owner publishes
The company behind the name is Guccio Gucci S.p.A., described on Gucci’s own corporate information page as organised under the laws of Italy, with VAT number 04294710480 and R.E.A. FI number 438090. The same page states it is “Subject to the direction and coordination of Kering Holland NV”. Above that sits Kering SA, listed on Euronext Paris under ISIN FR0000121485.
- Guccio Gucci S.p.A.Florence; share capital €50,000,000 fully paid-in
- Kering Holland NVNamed on Gucci’s own corporate page as directing and coordinating it
- Kering SAEuronext Paris, ISIN FR0000121485; reports Gucci by name
Most houses on this site are reported inside a division; Gucci is reported on its own line.
The 2025 line is a bad one. Gucci revenue fell to €5,992 million, 22% down as reported and 19% comparable, with recurring operating income at €966 million, down 40%, and the margin off 4.9 points at 16.1%. Directly operated stores were 92% of the total and fell 18% comparable; wholesale fell 34%. The fall eased through the year: comparable changes by quarter ran −25%, −25%, −14% and −10%. On Kering’s own published lines, Gucci was about 41% of group revenue.
The first half of 2026 shows revenue still going down and the margin coming up. Gucci took €2,757 million, 9% down reported and 5% comparable, with recurring operating income of €468 million at a 17.0% margin — up one percentage point on the same half of 2025. Second-quarter sales in directly operated stores were 2% down comparable, which Kering calls “a marked improvement of 7 points compared with the first quarter of 2026”.
Two appointments sit behind those numbers. Kering announced Demna as Gucci’s Artistic Director — its own word, not creative director — on 13 March 2025, starting early July 2025, and records that his first collection, La Famiglia, “led to renewed interest in the House”. Luca de Meo became Kering’s Chief Executive Officer on 15 September 2025, after thirty years in the motor industry and, on Kering’s own account of him, none in luxury goods. Neither has yet shown up as growth: the revenue line was still falling in June 2026.
How Gucci reaches India
It does not reach India online at all. Going to gucci.com/in/en on 23 September 2026 lands on the country selector, which offers 44 country and region sites — Japan, Korea, Singapore, Thailand and the United Arab Emirates among them. India is not one of them. There is no Indian checkout, no Indian terms of use, no Indian privacy annex and no grievance officer named on gucci.com. Set that beside Indian bag makers such as VIP Industries or Safari, which print an Indian company, an MRP and a grievance officer on their own pages.
What exists here is four counters. Gucci’s store locator lists DLF Emporio in New Delhi, Jio World Plaza and Palladium in Mumbai, and Quest Mall in Kolkata — three cities, no outlet, all four sharing one India telephone number and one client-service email. Of the 497 stores Gucci operated directly worldwide at the end of 2025, four are here.
Of the two channels Gucci will vouch for, only one exists in India — the counter.
Behind the counters is a company Kering does name. Its 2025 universal registration document lists, under India, Luxury Goods Retail Private Ltd and Yves Saint Laurent India Private Ltd, both fully consolidated and both held at 51.00%. On the same pages its retail companies in Japan, Korea, Hong Kong, Macao, Singapore, Indonesia and mainland China are held at 100.00%. India is one of the few markets where the group does not own its shop outright, and no document read names who holds the other 49%.
The register carries the company itself: CIN U51311MH2006PTC162428, incorporated 23 May 2006, status active, a private limited company on the register’s own classification, paid-up capital ₹2.05 crore, filed under wholesale of textiles, clothing and footwear, at One BKC in Bandra Kurla Complex, Mumbai. One register-data mirror carries revenue of ₹265.57 crore for the year to 31 March 2025, described as 18% down — a figure a mirror carries rather than accounts anyone has read, and no second mirror repeats it.
Kering’s filing places that company in India at 51% but does not say which House it trades for. Treat it as Kering’s Indian shop, not as a seller Gucci itself names — because Gucci names none.
No Indian licensee, franchisee or distributor is named in anything read, and one negative is worth printing. Reliance Brands Limited’s own partner-brand page, read on 23 September 2026, lists Balenciaga and Bottega Veneta — two Kering Houses — along with Coach, Kate Spade, Michael Kors and Tory Burch. Gucci is not on it. Kering does have a named Indian partner, and it is for a prize: its release of 7 September 2026 announces the Kering Generation Award in India with Reliance Brands under a memorandum of understanding. That is a sustainability award, not a retail arrangement.
One register entry is easy to mistake for a live company. Gucci India Private Limited, CIN U18101DL2006PTC144435, incorporated in Delhi on 3 January 2006, carries the status “Dissolved (Liquidated)”.
Who sells Gucci on the Indian shelf
Myntra’s Gucci facet held 717 products on 23 September 2026, 175 of them handbags. Forty product records read that day carry the declarations an Indian listing must show, and they are consistent.
| Declaration line | What 40 Gucci records said, 23 September 2026 |
|---|---|
| Seller of record | Darveys Global Store Private Limited 38; Omnitech Retail 2 |
| Importer | NR Wardrobe Fuss Private Limited 38; Marcowagon Retail Pvt Ltd 2 |
| Country of origin | Italy, 40 of 40 |
| Manufacturer line | “Via Tornabuoni, 73R, 50123 Firenze FI, Italy” 38; Kering Eyewear S.p.A, Padova 2 |
Read the manufacturer line for what it is. Via Tornabuoni 73/r is the registered address of Guccio Gucci S.p.A. itself: it tells you whose bag this is, not which workshop sewed it. The two eyewear records name Kering Eyewear, the group’s spectacles company.
The seller and the importer are two small Delhi companies. Darveys Global Store Private Limited carries CIN U52609DL2018PTC331151, incorporated 19 March 2018 at 32 Ishwar Nagar, Mathura Road, New Delhi, with authorised and paid-up capital of ₹1,00,000 and a last balance sheet dated 31 March 2023. NR Wardrobe Fuss Private Limited carries CIN U51101DL2013PTC259910, incorporated 5 November 2013 at Okhla Industrial Area Phase 2, with the same ₹1,00,000 of capital and the same balance-sheet date. The register lists the same two directors for both. Omnitech Retail appears only as the declaration names it, and this audit identifies it no further.
That is the register speaking, and it is the whole of what this audit says about any of them. No document read names an authorised arrangement between these companies and Gucci, and Gucci publishes no list of authorised Indian sellers, so nothing here is a finding about the goods.
What Gucci costs in India
There is no answer from Gucci. It publishes no Indian price, so no MRP of its own exists to quote. What it does publish is two other markets, with the tax basis of each stated.
| Bag | Style code as printed | Price, 23 September 2026 | Tax basis stated |
|---|---|---|---|
| Jetset GG Marmont small shoulder bag, gucci.com (US) | A006X1 AAG8N 1068 | US$1,750 | “exclusive of all applicable taxes” |
| Jetset GG Marmont small shoulder bag, gucci.com (Italy) | A006X1 AAG8N 1068 | €1.500 | Price “comprensivo di tutte le tasse o imposte applicabili” — inclusive of all applicable taxes |
| Paparazzo medium top handle bag, gucci.com (US) | 875018 FAFV9 9653 | US$3,250 | “exclusive of all applicable taxes” |
| Paparazzo medium top handle bag, gucci.com (Italy) | 875018 FAFV9 9653 | €2.600 | Inclusive of all applicable taxes |
| Gucci, India | — | No price published by Gucci | No statement exists |
Prices are printed raw, with no conversion and no computed gap. Price the style code, not the name: the American listing page showed other Paparazzo medium top handle bags at US$3,650 the same day, in different materials.
The only rupee figures are other people’s. Across a sounding of 100 Myntra listings on 23 September 2026 the median MRP was ₹2,43,000 and the median price paid ₹2,06,840 — 85.1% of MRP — with 82 of the 100 reduced. Handbags were 37 of that sample; a pair of cateye sunglasses listed at ₹96,000 sold at ₹72,090.
That median is the only actual Indian selling price available, so it is the basis for the band: at ₹2,43,000 Gucci sits far above our ₹40,000 Luxury floor for bags — a band resting on a marketplace figure, not on anything Gucci sets. A buyer comparing it with an Indian bag brand such as Wildcraft is comparing two different kinds of object.
On tax, IGST — the integrated goods and services tax charged on imports — runs at 18% on heading 4202, which covers handbags, under Notification No. 9/2025-Integrated Tax (Rate) of 17 September 2025. The Budget annexure cut the duty on goods imported for personal use to 10% from 1 April 2026.
Where the bags are made
Per product, the answer is plain. Both bags priced above carry “Made in Italy” on their own gucci.com pages, and all 40 Myntra records read declared Italy as the country of origin.
Across the house, Gucci publishes two clauses under the same heading, “Authenticity of products branded ‘Gucci'”, and they do not say the same thing. The international site’s terms, dated on the page as “Updated to May, 2016”, carry this:
“The products branded ‘Gucci’ promoted through the Website are made with the finest materials, and they are all MADE IN ITALY, with the only exception of those products related to watches, which are produced in Switzerland, and fragrances, which are produced in France.”
The UK site’s clause of the same name, read the same day, is about counterfeits and ends: “We guarantee the authenticity of all products purchased on Gucci.com and in Gucci stores.” It mentions Italy nowhere. Both are Gucci’s own terms, live on Gucci’s own sites on 23 September 2026. This audit prints both and settles neither.
Kering’s numbers are group numbers, not Gucci’s. Its 2025 registration document describes “a network of several thousand suppliers located mainly in Europe (87%) and particularly in Italy (78%)”. In 2025 all tanneries the group owns held ISO 14001 certification and 83% held Leather Working Group certification — the Leather Working Group being an industry body that audits and rates tanneries. The document gives no count of those tanneries, does not name them, does not say which Houses they supply, and gives no count of Gucci’s own factories, so anyone quoting a number of Gucci ateliers is not quoting Kering.
Checking a bag is the real thing
Gucci’s guarantee is a guarantee about where you bought it. Clause 9.1 of its UK conditions of use reads: “Gucci products are crafted with the highest quality materials, design and workmanship… We guarantee the authenticity of all products purchased on Gucci.com and in Gucci stores.”
What follows from that wording is the useful part. It offers no serial number, no code, no QR, no hologram, no certificate and no route to a verdict on a bag you already own or are being offered second-hand. No verification page, authenticity link or code checker appears in the footer of Gucci’s own site, and the words “authentic”, “counterfeit” and “serial” did not appear in the text of the FAQ pages read on 23 September 2026. The digital passport route is open to this industry and Gucci is not on it: the Aura Blockchain Consortium names LVMH, OTB Group, Prada Group and Richemont as founders and lists member brands including Prada, Bvlgari and Tiffany & Co.
For an Indian buyer that arithmetic is short: Gucci guarantees two channels, and one of them does not serve India. So the checks are the ordinary ones — buy at one of the four counters, keep the invoice, match the style code against gucci.com, and read the importer and origin lines on any listing before you pay.
The record in India
The Indian courts database, searched on 23 September 2026, showed six results for “Guccio Gucci”. Four are matters with a Gucci entity as a party and three could be read in full. Searched the same day, “Louis Vuitton Malletier” showed 304, so the small number here is a finding about Gucci’s Indian litigation footprint, not a failure of the search.
All three read were decided for Gucci and all three ended in a permanent injunction against counterfeit goods. Two — Delhi district court judgments of 24 November 2023 and 29 January 2024 — went ex parte, decided on one side only after the defendant stopped defending. The third, of 17 May 2023, was contested: the defendants filed written statements and the court found their marks “structurally, visually and phonetically similar” to Gucci’s registered GUCCI AND BEE LOGO marks, holding there was infringement and passing off, with costs to Gucci. In none of the three did Gucci recover money — the damages and accounts claims were withdrawn or not proved.
Read those for exactly what they are. Each was decided on that suit as it then stood, against those defendants, on the evidence before that court; an ex parte decree is not a case tested on both sides. Nobody has ruled on any listing, seller or importer named in this audit, and nothing here is a finding against any of them. The private individuals who were defendants are not named here.
One check stayed shut. The Indian trade-mark register’s public search now requires a one-time-password sign-in, so it was not readable in this pass, and this audit says nothing about who holds the Gucci mark in India or what its status is. The only trade-mark evidence here is a court’s description of those marks as registered.
Common questions
Can I buy a Gucci bag from Gucci online in India?
No. India is not one of the 44 country and region sites on gucci.com, and there is no gucci.com/in, no Indian checkout and no rupee price set by Gucci. The house’s Indian points of sale are four boutiques, in Delhi, Mumbai and Kolkata.
Who sells Gucci on Myntra?
Of 40 records read on 23 September 2026, 38 named Darveys Global Store Private Limited as seller of record and NR Wardrobe Fuss Private Limited as importer; two named Omnitech Retail and Marcowagon Retail Pvt Ltd. Both Delhi companies carry ₹1,00,000 of paid-up capital and the register lists the same two directors for both.
Does Kering own Gucci’s Indian business outright?
Its 2025 filing lists Luxury Goods Retail Private Ltd in India at 51.00%, against 100.00% for its retail companies in Japan, Korea, Singapore, Hong Kong, Macao, Indonesia and mainland China. No document read names who holds the other 49%.
Are all Gucci bags made in Italy?
Both bags priced in this audit say “Made in Italy” on their product pages, and all 40 Myntra records read declared Italy. Gucci’s own terms carry two clauses under one heading that do not agree on the point, and this audit prints both without choosing.
Can Gucci tell me whether my bag is real?
It guarantees authenticity by channel — anything bought on Gucci.com or in a Gucci store — and publishes no serial lookup, code, QR check or certificate for an individual bag was found. Since Gucci.com does not serve India, the counter is the only channel it vouches for here.
References
- Kering, first-half 2026 results, 28 July 2026 — Gucci revenue €2,757 million, recurring operating income €468 million, the 17.0% margin and the quoted seven-point improvement in the second quarter
- Kering, 2025 annual results release, 10 February 2026 — Gucci 2025 revenue, the 92% retail share and the wholesale decline
- Kering, 2025 Universal Registration Document — the Gucci segment table and quarterly figures, the 497 directly operated stores, the India entries at 51.00% against 100.00% elsewhere in Asia, the supplier and tannery sentences, the supplier-audit count and Gucci’s site certifications
- Kering, Demna appointed Artistic Director of Gucci, 13 March 2025 and the appointment of Luca de Meo, 16 June 2025 — the titles, the dates and de Meo’s motor-industry record
- Gucci corporate information page — Guccio Gucci S.p.A., the Florence address, VAT and R.E.A. numbers, the share capital and the Kering Holland NV wording, and the footer with no authenticity link
- Gucci country and region selector and the store locator — the 44 sites with no India among them, and the four Indian boutiques with their shared telephone number and email, read 23 September 2026
- Gucci international terms of use, “Updated to May, 2016” and the UK conditions of use, clause 9 — the two clauses printed side by side under the same heading
- Gucci US conditions of sale and Gucci Italy conditions of sale, clause 4.1 — the American prices stated as tax-exclusive, the Italian prices as tax-inclusive, and the Italian counterfeit wording
- Jetset GG Marmont small shoulder bag and Paparazzo medium top handle bag — style codes, American prices and the “Made in Italy” line, with the Italian pages for the euro prices, read 23 September 2026
- Indian companies register mirror, Luxury Goods Retail Private Limited and a second mirror of the same company — CIN, incorporation date, status, capital, activity code, address and the single-mirror revenue figure for FY2025
- Indian companies register mirror, Gucci India Private Limited — CIN, incorporation date, capital and the dissolved status
- Reliance Retail partner brands and Kering, Kering Generation Award in India, 7 September 2026 — Balenciaga and Bottega Veneta listed while Gucci is not, and the award memorandum with Reliance Brands
- Indian companies register mirror, Darveys Global Store Private Limited and NR Wardrobe Fuss Private Limited — CINs, incorporation dates, addresses, paid-up capital and the shared directorships
- Myntra brand facet, a 100-listing shelf sounding and 40 product declarations for Gucci, with a control brand read the same day, 23 September 2026 — 717 listings, the median MRP and price paid, the sellers of record, importers, manufacturer lines and countries of origin
- Aura Blockchain Consortium — the founders and member brands listed, with neither Gucci nor Kering among them
- Delhi District Court, 17 May 2023, 24 November 2023 and 29 January 2024 — the three decided Guccio Gucci matters read in full, with the injunctions, the two ex parte decrees and the money claims withdrawn or not proved
- Notification No. 9/2025-Integrated Tax (Rate), 17 September 2025, and the Union Budget customs annexure — 18% IGST on heading 4202, and the personal-import rate cut to 10% from 1 April 2026
On disclosure, Gucci is the best-documented house on this site. Kering prints its revenue, operating income and margin by name twice a year, so nobody has to estimate what Gucci sells — €5,992 million in 2025, €2,757 million in the first half of 2026, a margin rising while the revenue line falls. Per product, the origin question has a plain answer too: “Made in Italy” on the page, Italy on all 40 Indian records read.
In India the same house publishes almost nothing a buyer can use: no Indian site, no Indian price, no grievance officer, no list of authorised sellers, no serial or code found to check a bag against — while 717 listings sell here through two Delhi companies with ₹1,00,000 of capital each, at a median MRP of ₹2,43,000 Gucci had no hand in setting. And its two clauses under one heading do not agree on where its goods are made.
A house that tells its investors everything and its Indian buyers nothing: buy at one of the four counters, keep the invoice, and expect no verdict from Gucci on anything bought anywhere else.
