PARIS/MILAN: Kering lost around $3 billion in stockmarket value on Friday after the group chose in-house talent Demna to reinvigorate its Gucci label rather than hiring one of fashion’s big-ticket names as chief designer. Kering’s shares fell by up to 13% in morning trade in Paris and were on track for their worst day in…
Desirée Bollier, wearing thick, black-rimmed glasses and a sharp grey suit, says luxury industry is facing an existential crisis after Covid. “Many luxury houses,” she says, “are using this crisis to rethink everything—from supply chains to design.” Bollier would know. She is the chair and global chief merchant of Value Retail. It is the operator…
Gucci‘s India manager Nader Wassel has quit the company, according to people in the know, exiting his role at the luxury brand at a time when its French parent, Kering, is implementing restructuring measures amid declining sales. Wassel, who also served as managing director of South Asia and the Pacific for Gucci’s watches and jewellery,…
Representative image Due to China luxury bust, India has emerged as the largest single-market in worldwide sales for Swiss watch maker Rado, a part of the Swatch group. “While there are many markets that are challenged globally, the Indian market is in a good place with a positive outlook,” Adrian Bosshard, Rado’s global CEO, has…
Representative image The wealth of France’s luxury and cosmetics titans swelled to unprecedented heights during the pandemic era, when consumers snapped up pricey handbags, gowns and grooming products. Now, three of the country’s biggest billionaires – Bernard Arnault, Francoise Bettencourt Meyers and Francois Pinault – are seeing their fortunes dwindle as restraint replaces indulgence. The…
Representative image Shares in Gucci-owner Kering rose on Thursday, shrugging off the French luxury goods company’s warning that 2024 operating income would almost halve to its lowest in years due to weak demand in China. Kering shares were up 0.5% at 0729 GMT, after positive results from rival Hermes helped lift the broader luxury sector….
Representative image French luxury goods company Kering has named Stefano Cantino as CEO of its star label Gucci, firming up management of the Italian fashion house it has been seeking to revive, and adding he would succeed Jean-Francois Palus in January. “I am confident that, building on what has been set up over the past…
French luxury group Kering expects a 40% to 45% plunge in first-half operating profit, it said on Tuesday, after first-quarter sales declined as wealthy shoppers curbed spending on products from its star label Gucci. Sales for the three months ending in March were down 10% on a comparable basis at 4.5 billion euros ($4.8 billion)….
Fears of a slowdown among Chinese shoppers have dogged the luxury industry for the better part of a year. Last week the scale of the problem hit home for one of fashion’s biggest but most exposed brands, Gucci. French group Kering SA saw $9 billion wiped off its market value after warning that sales of…
Some of the super-luxury brands that have opened stores at the recently inaugurated luxury mall, Jio World Plaza in Mumbai, have put in a condition that at least four top brands – such as Louis Vuitton, Gucci, Cartier, Burberry, Tiffany, Valentino, Bulgari, Zegna, Giorgio Armani and Bottega Veneta – should be present in the same…
