PARIS, April 12 — Gucci appointed a new deputy chief executive yesterday as the Italian fashion house, part of the luxury group Kering, tries to turn around sliding sales. Gucci...
PARIS, April 12 — Gucci appointed a new deputy chief executive yesterday as the Italian fashion house, part of the luxury group Kering, tries to turn around sliding sales.
In February, chief executive Francois-Henri Pinault vowed to press on with a strategy to put Gucci “back on track” after Kering announced a 17-per cent fall in net profits in 2023.He warned, however, that this “won’t happen overnight” and signalled he wants to bring in top-flight experts in sales, merchandising and sourcing.
“Together with them and the entire Gucci team, we will write a new and highly successful chapter in the history of our magnificent brand,” she added.While Kering needs to turn Gucci around, analysts point out that the group’s dependence on a single fashion house is a strategic weakness. Kering also faces the challenge that Gucci is highly dependent upon Asia and a more “aspirational” clientele — younger and less rich — that follows trends more closely.
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