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.
French luxury group Kering’s top brand Gucci expects 2021 revenues to be in line or “a little higher” than their 2019, pre-pandemic level, the label’s chief executive Marco Bizzarri said on Tuesday.
Gucci’s sales totalled €9.63 billion ($10.9 billion) at the end of 2019.
Speaking at the Pambianco fashion conference in Milan, Bizzarri also said Gucci, which last year cut the number of its fashion shows, would resume presenting its collections at the Milan fashion week in February and September 2022, with an additional show to be held in late spring.
By Silvia Aloisi; Editors: Benoit Van Overstraeten and Kirsten Donovan
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Gucci Returns to Milan Fashion Week Calendar
Italy’s biggest luxury brand will show a mixed-gender collection in Milan in February, returning to an industry-organised fashion week for the first time in two years.
The group’s flagship Prada brand grew more slowly but remained resilient in the face of a sector-wide slowdown, with retail sales up 7 percent.
The guidance was issued as the French group released first-quarter sales that confirmed forecasts for a slowdown. Weak demand in China and poor performance at flagship Gucci are weighing on the group.
Consumers face less, not more, choice if handbag brands can't scale up to compete with LVMH, argues Andrea Felsted.
As the French luxury group attempts to get back on track, investors, former insiders and industry observers say the group needs a far more drastic overhaul than it has planned, reports Bloomberg.