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Revenue at Gucci's Russian unit fell to zero, while the business posted a net loss of 350 million rubles (€3.8 million at current exchange rates), RBC reported citing the company's financial statements.

The Italian fashion house registered this legal entity in Russia in 2013. In 2021, the last year of unrestrained operations, the company generated 5 billion rubles (€54 million) in revenue. After the start of the military campaign in Ukraine in 2022, Gucci temporarily closed its five Russian boutiques, and its revenue declined sharply. It fell to 955 million rubles (€10.3 million) in 2022 and stood at 1.03 billion rubles (€11.1 million) in 2023 before dropping to a minimum level of 3.5 million rubles (€37,820) in 2024.

The company continued to generate some revenue after boutique closures by selling most of its previously purchased inventory on a wholesale basis in 2023, according to the notes to the financial statements. In addition, its parent company, Kering, made cash contributions to the Russian unit to cover current expenses: €5 million in 2023 and €4 million in 2024. No such financial transactions were recorded last year.

As of today, Kering has no plans to wind down its Russian subsidiary, according to the filings.

By the end of 2025, Gucci had only two boutiques remaining in Russia — on Petrovka Street and at Outlet Moscow—both of which remain closed. Lease terms for these properties were not disclosed. However, the report notes that “under prevailing geopolitical conditions, it was not possible to resume retail operations in stores.” Lease agreements for the other stores were terminated.

Gucci’s Russian workforce stood at nine employees at the end of 2025, down from 135 in 2022. Globally, Gucci’s revenue in 2025 fell 22% to €6 billion, while operating profit totalled €966 million, according to Kering.