The decline was part of a 13 percent drop in revenue at the brand’s parent company, Kering.
High-Earning Diners Want Restaurants to Abolish Tipping and Pay Staff a Living Wage: Surveyon Wednesday. That’s worse than the 6.2 percent drop analysts were expecting.
The elevation mentioned by Pinault is perhaps a nod to the fact that luxury brands are seeing success by catering to the ultra-wealthy, as noted by Bloomberg. Brands like Hermès and Brunello Cucinelli are beating expectations by selling the type offavored by many millionaires and billionaires. In contrast, Gucci has in the past exuded a more maximalist vision, spearheaded by its
Now, however, the brand has instated Sabato De Sarno in that role, and his first collection for Gucci contained mostly understated looks that the company is hoping will appeal to the 1 percent. Those clothes, however, won’t be in stores until the end of January, Bloomberg wrote.
Elsewhere at Kering, Yves Saint Laurent and Bottega Veneta have also seen declines: Saint Laurent saw organic sales drop 12 percent in Q3, while Bottega saw a drop-off of 7 percent. Bloomberg suggested that both brands could take a similar tack to Gucci, focusing on their highest-priced accessories and aiming for the ultra-rich rather than aspirational shoppers.
Pinault and his team seem to agree—if the CEO’s statement about elevating Kering’s brands is anything to go by, that is.Louis Vuitton Is Back as the Official Sponsor of the America’s Cup Sailing ChampionshipLouis Vuitton Is Back as the Official Sponsor of the America’s Cup Sailing Championship
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