The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
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In the late 2010s, Gucci pulled off a successful turnaround by aligning creative director Alessandro Michele’s unique, baroque aesthetic and Jacopo Venturini’s expert merchandising under the leadership of chief executive Marco Bizzarri, according to Luca Solca, Bernstein luxury analyst and BoF contributor. They injected the brand’s heritage and tradition with streetwear codes and coolness — bringing more casual products like sneakers into the luxury fold, and sparking the era of “new luxury,” said Solca.
Lately, the brand has started to see momentum slow, falling behind rivals on organic growth. In search of a boost, Gucci has reorganised, introducing two newly created roles to support creative director Alessandro Michele.
“The onus is on Gucci to continue to drive newness so that consumers can turn their heads and say, ‘Wow, this is something I don’t have. I want to buy it,’” said Solca.
The Swiss watch sector’s slide appears to be more pronounced than the wider luxury slowdown, but industry insiders and analysts urge perspective.
The LVMH-linked firm is betting its $545 million stake in the Italian shoemaker will yield the double-digit returns private equity typically seeks.
The Coach owner’s results will provide another opportunity to stick up for its acquisition of rival Capri. And the Met Gala will do its best to ignore the TikTok ban and labour strife at Conde Nast.
The former CFDA president sat down with BoF founder and editor-in-chief Imran Amed to discuss his remarkable life and career and how big business has changed the fashion industry.