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For Luxury Brands, the Latest Battle Is for Local Customers

In the third quarter, Gucci underperformed LVMH’s fashion and leather goods division as well as Kering stablemates like Saint Laurent, underscoring the growing importance of local customers in the age of Covid-19.
Gucci store in Paris | Source: Getty Images
By
  • Vikram Alexei Kansara
BoF PROFESSIONAL
  • Gucci beat analyst expectations but trailed luxury peers in Q3, something parent company Kering attributed to the brand's dependence on tourists
  • Rival Louis Vuitton and Kering stablemate Saint Laurent have focused on engaging local customers
  • There may be 1.1 billion fewer international travellers this year

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