DIRS.INFO The most relevant business & tech news

☆ The fall of Gucci was inevitable
▼ + stars: | 2024-05-03 | by ( Madeline Berg | ) www.businessinsider.com time to read: +13 min

"We got used to hearing about double-digit growth at Gucci," Fflur Roberts, the head of luxury goods at Euromonitor, told Business Insider. "I think of what a fashion editor is wearing — it's not Gucci," Lindsey Solomon, a fashion publicist, told BI. After taking the top spot on the Lyst Index of fashion's hottest brands in 2022, Gucci dropped to number 11 last quarter. "We still believe the Gucci brand's current growth rate, which is 10 times higher than that of the industry, represents a risk going forward," Morningstar's Sokolova wrote in a 2017 note. Gucci relied heavily on China for its growth, but stores — perhaps including this one in China's Hainan Province — have struggled recently.

Persons: Alessandro Michele's, loafers, Gigi Hadid, Sienna Miller, Steve Madden, ASOS, Sally Singer, Michele, Fflur Roberts, Alessandro Michele, Harry Styles, Billie Eilish, Jared Leto, Kevin Mazur, Bauer, Griffin, Jeff Kravitz, Gucci, Sabato De Sarno, Lindsey Solomon, De Sarno, François, Henri Pinault, China —, Jelena Sokolova, Solomon, Daniele Venturelli, Michele —, Sokolova, It's, Thomas Chauvet, Morningstar's Sokolova, Michele's Gucci, wasn't, Jeremy Moeller, Chauvet, Roberts, Chanel, Gucci's, Gucci hadn't, Hermès, Birkin, Louis Vuitton's Neverfull, Pinault, Louis, Euromonitor's Roberts Organizations: Creative, Gucci, The Recording Academy, Axelle, Morningstar, BI, Citi, Disney, Getty, Revenue, China News Service, Bain, Louis Vuitton Locations: Euromonitor, China, The Asia, Pacific, China's Hainan Province, Asia

☆ Gucci's owner is having a terrible year. The company's profit and stock have slumped as Asia sales dry up.
▼ + stars: | 2024-04-24 | by ( Meghan Morris | ) www.businessinsider.com time to read: +1 min

Kering predicts a 45% drop in its first half-year operating income because of Asia's consumer slowdown. Gucci, Kering's largest brand, suffered an 18% revenue decline, with a sharp drop in Asia. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . In earnings on Tuesday, the company warned that recurring operating income for the first half of the year will decline up to 45%, compared to the first half of 2023.

Persons: Kering's, —, Gucci, Yves Saint Laurent Organizations: Kering's, Service, Business Locations: Asia, China

☆ I visited Chanel's watches and fine jewelry boutique in NYC and saw why the brand is betting on in-person shopping
▼ + stars: | 2024-04-22 | by ( Samantha Grindell | ) www.businessinsider.com time to read: +6 min

In February, Chanel opened a watches and fine jewelry boutique on Fifth Avenue in New York City. My destination was Chanel's watches and fine jewelry flagship, dedicated to exclusive and vintage jewelry from the brand. Anna Weyant and Eileen Kelly at the opening of Chanel's watches and fine jewelry store in February 2024. Amandla Stenberg at the Chanel watches and fine jewelry opening in February 2024. Visiting Chanel's watches and fine jewelry boutique is an experience, which you just can't get online.

Persons: Chanel, Peter Marino, Coco Chanel, —, Bergdorf Goodman, Robb, Saint Laurent, Samantha Grindell, Gilbert Carrasquillo, Anna Weyant, Eileen Kelly, Chanel's, Sean Zanni, Marino, Coco, Amandla Stenberg Organizations: Service, Tiffany, Chanel, Hollywood, Workers, W Locations: New York City, New York

NEW YORK (AP) — Ever-present on the lips of Taylor Swift and the uniforms of both Super Bowl teams. The color red has gone boom as loud as TNT. The phenom that is Taylor Swift at boyfriend Travis Kelce's Kansas City Chiefs games was a red-hued wonder of a lead-up to Super Bowl LVIII. You can wear red accessories to add color to a more neutral look or throw on a red lip or red nail polish. THE RED VS. RED SUPER BOWLThe 49ers have some skin in the red fashion game, too, in running back Christian McCaffrey's fiancee, Olivia Culpo, and in Kristin Juszczyk, fullback Justin Juszczyk's wife.

Persons: Taylor Swift, Trav, Travis Kelce's, We've, we've, Pat McGrath, ”, Laurie Pressman, Stuart Semple, Erin Jaeger, it’s, Christian McCaffrey's, Olivia Culpo, Kristin Juszczyk, Justin Juszczyk's, Kristin, Jaeger, I’m, Sabato De Sarno, Gucci Rosso, ” Jaeger, Bianca Betancourt, Semple, Anish Kapoor, It's, “, Geothe, Michel Pastoureau's Organizations: Super Bowl, TNT, Travis Kelce's Kansas City Chiefs, Media, Chiefs, San Francisco 49ers, Pat McGrath Labs, FOOTBALL AS, North America, 49ers, Swift, Vogue Locations: Taylor, British, North, Paris, Milan, China, India

☆ Salesforce CEO Marc Benioff tells retail workers: AI won't steal your job. It can make you better at it.
▼ + stars: | 2024-01-24 | by ( Ellen Thomas | ) www.businessinsider.com time to read: +2 min

Generative artificial intelligence won't take jobs from retail workers; instead, it will make them better at their jobs, Salesforce CEO Marc Benioff told attendees at the National Retail Federation's annual conference in New York last week. They're not going to need as many agents," Benioff said. The system was able to augment those agents and make them better," Benioff said. With generative AI, he added, Gucci had taken its customer service agents to "a whole other level." "They're pretty incredible people, using generative AI for the first time," Benioff said.

Persons: Marc Benioff, Benioff, NRF, John Furner, Loro Piana, Gucci —, They're, That's, bam, Gucci Organizations: Business, Walmart, LVMH, Gucci, Kering Locations: New York, Italy

MILAN (AP) — Hot off Taylor Swift’s Golden Globe red-carpet triumph for Gucci in glittering green, the Italian brand’s creative director plunged into his menswear debut on the first day of Milan Fashion Week on Friday with somewhat shimmery, slightly subversive classics. The logo was sparing: Gucci was emblazoned in subtle raised letters on leather bags, the double-G logo appeared as repeating patterns on slim suits and the Gucci stripe inside coat slits. Bondage touches came in trailing silk ties fastened around the neck with silver hardware and half gloves in leather. The power of pairing was best displayed in a shirtless look with straight trousers, the double-G belt drifting to the hip. With a versatile sporty-to-tailored-to-dance floor silhouette, the collection was blinged up with kaleidoscopic crystal-covered tanks or trousers, or shimmery shaggy lurex coats that mix light and motion.

Persons: Taylor, Gucci, Sabato De Sarno’s, “, De Sarno, sequins, ’ De Sarno, Elliot Page, Idris Elba, Sabrina Elba Organizations: MILAN, Globe Locations: Italian, Milan

☆ Gucci staff strike over plans to relocate to Milan
▼ + stars: | 2023-11-29 | by ( Christy Choi | ) edition.cnn.com time to read: +3 min

CNN —Dozens of employees at Italian fashion house Gucci staged a strike on Monday to protest the company’s decision to move its design office from Rome to Milan. CGIL has argued that asking staff to move to Milan, approximately 300 miles north of the capital, in the first half of 2024 was tantamount to laying them off. Alessandro Garofalo/ReutersFollowing the departure of creative director Alessandro Michele in 2022, Gucci owner Kering shook up the label’s top management. While sales of luxury goods were on a tear earlier in the year, the market cooled in the second half of 2023. The designer gave the old Gucci codes a refresh sending babydoll dresses, tailored short suits, fringed skirts, hoodies and bejeweled knitwear down the runway.

Persons: Gucci, CGIL, ”, Gucci’s, Sabato De Sarno, Alessandro Garofalo, Alessandro Michele, Kering, Valentino, Marco Bizzarri, Jean, François, Yves, Yves Saint Laurent, Bottega, ” Gucci, De Sarno, “ Gucci Ancora ”, “, Julia Roberts, Ryan Gosling, Jessica Chastain, Kendall Jenner, Julia Garner, bejeweled Organizations: CNN, Reuters, Yves Saint, Gucci Locations: Rome, Milan, Bottega Veneta, Balenciaga

☆ Gucci employees in Rome go on strike over creative office move
▼ + stars: | 2023-11-27 | by ( ) www.reuters.com time to read: +1 min

A Gucci sign is seen outside a shop in Rome, April 20, 2023. REUTERS/Remo Casilli/File Photo Acquire Licensing RightsMILAN, Nov 27 (Reuters) - A few dozen employees at fashion house Gucci in Rome went on strike on Monday against the company's decision to move its design office from the Italian capital to Milan. Labour union CGIL's regional office said Gucci's decision was not supported by objective reasons, making hard not to think the real goal was to cut staff. The transfer "does not involve any staff reductions", a spokesperson for Gucci told Reuters. Following the departure of creative director Alessandro Michele in 2022, Gucci owner Kering (PRTP.PA) changed the label's top management, as it seeks to reignite sales momentum at its largest brand.

Persons: Remo Casilli, Gucci, Alessandro Michele, Kering, Elisa Anzolin, Mark Potter Organizations: REUTERS, Labour, CGIL's, Reuters, Thomson Locations: Rome, Milan

☆ Morning Bid: China spends, eyes on whether Europe lends
▼ + stars: | 2023-10-25 | by ( ) www.reuters.com time to read: +2 min

[1/2] A China yuan note is seen in this illustration photo May 31, 2017. Microsoft (MSFT.O) and Google parent Alphabet (GOOGL.O) each beat forecasts, but their share prices went in opposite directions as investors zeroed in on cloud computing. On the luxury front Kering (PRTP.PA), owner of Gucci and Balenciaga, reported a bigger-than-expected drop in third-quarter sales. Gucci's revamped look, unveiled last month in Milan by designer Sabato De Sarno, is yet to hit stores. European loans data and a survey of German business conditions will be closely watched later on Wednesday.

Persons: Thomas White, Tom Westbrook, Gucci, Balenciaga, LVMH, Birkin, Gucci's, Sabato De Sarno, Michele Bullock, Sam Holmes Organizations: REUTERS, Giants, Microsoft, Google, Nasdaq, Facebook, . Santander, Deutsche Bank, Dassault, Dassault Systemes, CME Group, Hilton, Boeing, IBM, Meta, Thomson Locations: China, Asia, Milan, Japan

☆ Moschino names former Gucci designer Renne creative director
▼ + stars: | 2023-10-16 | by ( ) www.reuters.com time to read: +1 min

A model presents a creation from the Moschino Spring/Summer 2024 collection during Fashion Week in Milan, Italy, September 21, 2023. REUTERS/Claudia Greco/File photo Acquire Licensing RightsMILAN, Oct 16 (Reuters) - Italian fashion group Aeffe (AEF.MI) said on Monday that former Gucci's head designer of womenswear Davide Renne would be the new creative director of its Moschino brand starting on Nov. 1. Renne will take the place of Jeremy Scott, who stepped down after a decade as Moschino's creative director, the group said. Renne will make his debut during February's 2024 Milan Fashion Week with the Fall/Winter 24-25 collection. "We are confident that he will play a pivotal role in shaping the future of Moschino," Aeffe executive chairman Massimo Ferretti said in a statement.

Persons: Claudia Greco, womenswear Davide Renne, Jeremy Scott, Massimo Ferretti, Alberta Ferretti, Lorenzo Serafini, Elisa Anzolin, Bernadette Baum Organizations: REUTERS, February's, Alberta, Thomson Locations: Milan, Italy, Aeffe

☆ Suleika Jaouad and Jon Batiste open the doors to their Brooklyn townhouse
▼ + stars: | 2023-10-04 | by ( Christy Choi | ) edition.cnn.com time to read: +5 min

Newly home to best-selling author, activist and motivational speaker Suleika Jaouad and Grammy-winning musician, singer-songwriter and TV personality Jon Batiste, the 1890s Italianate townhouse in Brooklyn, New York is a potent space for them to live and create. Jon Batiste pictured in the studio lounge of the Brooklyn home he shares with author Suleika Jaouad. “The vision for the house was deeply tied to who Jon and I are as humans — to our creativity and our lineage,” Jaouad wrote. Jaouad recalled Batiste exaggeratedly exclaiming, in reference to a lamp: “Now this light is healing!”“It cracked us up, and we put it on repeat,” she wrote. Fried chicken sandwiches and champagne were served to the small group of guests, while Batiste serenaded Jaouad on a grand piano he rented for the night.

Persons: CNN —, Suleika Jaouad, Jon Batiste, Jaouad, “, ”, Frank Frances, Hallie Goodman, Jon, ” Jaouad, Jaouad’s, Mokhtar Lahmar, Designway, Batiste exaggeratedly, Batiste, Goodman, — Organizations: CNN, Architectural, Brooklyn, New, Facebook Locations: Brooklyn , New York, —, “, Tunisia, New Orleans, Nabeul, French, Quittner

☆ Milan Fashion Week: Stars and style align at the Spring-Summer 2024 shows
▼ + stars: | 2023-09-26 | by ( Marianna Cerini | ) edition.cnn.com time to read: +13 min

Milan CNN —Milan Fashion Week picked up where London left off last Wednesday, at least weather-wise. Both hit their strides with highly well received collections, as did a number of other familiar faces to Italy’s fashion capital. Overall, however, the festivities showed a consistency of form that continues to make the Italian city Paris’s greatest rival to the fashion scene throne. Cinematic sets and performative showsAlongside the clothes, many brands made their sets a main talking point at fashion week. Lodovico Colli di Felizzano/WWD/Getty ImagesRyan Gosling and Juila Roberts were among the star-studded crowd to pile into the Gucci show.

Persons: Milan, Gucci, Sabato de Sarno, Tom Ford’s, Peter Hawkings, Ford’s, Versace, Giulio Tanzini, Julia Roberts, Ryan Gosling, Gabrielle Union, Jessica Chastain, Paul Mescal, Jodie Comer, Emma Watson, Scarlett Johansson, Benedict Cumberbatch, Prada, Kate Moss, Linda Evangelista, Naomi Campbell, Anna Wintour, Kim Jones, Karl Lagerfeld, Rome, Tom Ford, georgette, Brigitte Bardot, Priscilla Presley, Lorenzo Serafini, Max Mara, Ian Griffiths, Carlyne Cerf, Dudzeele, Katie Grand, Lucia Liu, Gabriella Karefa, Johnson, Franco, Jeremy Scott, Cerf, Lucia Liu’s, Donatella Versace, Kendall Jenner, Gigi Hadid, Natalia Bryant, Precious Lee, Claudia Schiffer, lacy, Simone Bellotti, Francesca Murri, Matthieu Blazy, Blazy, Italy —, —, Paolo Fichera, Cavalli, Fendi, Shawn Kolodny, Pietro S, Beate Karlsson, Avavav, Sabato de Sarno's, Gregoire Avanel, Tom Ford's, Gaspar Ruiz, Pietro D'Aprano, Mattieu, Alfonso Catalano, Kim Jones nodded, Fendi Jones, Daniele Venturelli, Zakirova, Lodovico Colli di, Juila Roberts, Roberto Cavalli, Isidore Montag Organizations: Milan CNN — Milan, London, Bottega Veneta, Diesel, Prada, Britain’s Land Army, Dolce, Gabbana, Bally, Fondazione Prada, Accademia di Brera, Getty, Gucci Locations: British, Milan, Bottega, Hollywood, Fendi, organza, Los Angeles, Cannes, Bottega Veneta, Italy, French, Belgian, —, Missoni, Milan’s, Sunnei, Stockholm

De Sarno’s debut Friday, nine months after being hired in the wake of Michele’s surprise departure, was the most anticipated on the Milan Fashion Week calendar for next spring and summer womenswear. The fervor was enough to fill the front row with Hollywood A-listers including Julia Roberts and Ryan Gosling. In one recent interview, De Sarno professed admiration for Brutalist architecture, suggesting a love of the essential, and his collection was exactly that. A tiny leather bra top in embossed leather was paired with a matching midi skirt. The conversation started this week by De Sarno is to be continued.

Persons: — Sabato De Sarno, Gucci —, “ Gucci Ancora, “ Gucci, De Sarno, Alessandro Michele, Sarno’s, Julia Roberts, Ryan Gosling, Tom Ford, Guccio Gucci, De, tinsel, — Organizations: MILAN, Prada, Dolce, Gabbana, Milan, Hollywood, Gucci Locations: Valentino, London, Brera

"Gucci is the opportunity to fall in love with fashion, ancora," De Sarno said in a post on Instagram in the run-up to the show, using the Italian word for "again." Debut collections can generate mixed reactions, and even positive press reviews are not always a proxy for their future commercial success. Kering shares closed 1.5% higher after the show. At their current price, Kering shares are trading at the equivalent of around 14 times expected earnings over the next 12 months, according to LSEG data. Reporting by Mimosa Spencer and Elisa Anzolin, editing by Silvia AloisiOur Standards: The Thomson Reuters Trust Principles.

Persons: Sabato De Sarno, Kering, De Sabato, Kenneth Richard, Federico Giglio, Giglio.com, Gucci, De Sarno, De, Antoine Belge, Francois, Henri Pinault, Julia Roberts, Ryan Gosling, Louis, Dior, Alessandro Michele, Marco Bizzarri, Jean, Hermes, Mimosa Spencer, Elisa Anzolin, Silvia Aloisi Organizations: luxe, Reuters, Exane BNP, fashion's, Louis Vuitton, Moncler, Thomson Locations: Milan, Italy, New York, Chengdu, Bangkok, London, Brera

☆ Gucci CEO Bizzarri to leave company in September
▼ + stars: | 2023-07-18 | by ( ) www.reuters.com time to read: +1 min

July 18 (Reuters) - Kering (PRTP.PA) managing director Jean-Francois Palus has been appointed to lead star label Gucci after a management reshuffle at the top ranks of the French luxury goods company. Marco Bizzarri, Gucci's president and chief executive since 2015, will leave the company on Sept. 23, the French owner of Italian brand Kering said on Tuesday. As part of the changes, Francesca Bellettini, who has run fast-growing fashion label Yves Saint Laurent since 2013, has been named Kering's deputy CEO in charge of brand development while group finance chief Jean-Marc Duplaix has been named as Kering deputy CEO in charge of operations and finance. “We are building a more robust organisation to fully capture the growth of the global luxury market," Kering Chairman and CEO Francois-Henri Pinault said in a statement Tuesday. Reporting by Piotr Lipinski and Mimosa Spencer Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

Persons: Jean, Francois Palus, Gucci, Marco Bizzarri, Kering, Francesca Bellettini, Yves Saint Laurent, Marc Duplaix, Francois, Henri Pinault, Piotr Lipinski, Mimosa, David Goodman Organizations: Thomson

☆ Luxury retail workers earn about $45,000 per year to sell handbags and jewelry that can cost more than their take-home pay
▼ + stars: | 2023-06-30 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +4 min

Luxury brands are increasingly having trouble finding and retaining talent for high-touch sales roles. Entry-level associates earn about $35,000 base pay per year, plus about $10,000 commission. On average, luxury retail sales associates earn about $35,000 base pay per year, plus about $10,000 commission, per Glassdoor data. A job at Gucci required three years of luxury fashion experience and the ability to "maintain an active, accurate, neat and organized client book," per BoF. Do you work in luxury retail?

Persons: —, salespeople, Sandy Sholl, there's, Teddy Bear, Jessica Cloutier, Nordstrom's, Cloutier, Neiman Marcus, Sukeena Rao, Dominick Organizations: Service, Target, Walmart, MadaLuxe, Business, Gucci, SMCP, Saks Fifth Locations: Costco, Patagonia

☆ Gucci’s horsebit loafer is still a coveted status symbol 70 years on
▼ + stars: | 2023-06-08 | by ( Leah Dolan | ) edition.cnn.com time to read: +5 min

Despite their vastly differing personal styles and occupations, they have all been spotted in a pair of Gucci horsebit loafers. In mid-June, coinciding with the menswear shows at Milan Fashion Week, Gucci will stage an exhibition celebrating the legacy of its signature loafer. In 1974, George H. W. Bush wore a pair of horsebit loafers to meet then-President Gerald Ford. Through the decadesThe success of Gucci’s horsebit loafers has been far-reaching, and the secret to their ongoing relevance may lie in the shoe’s versatility. The horsebit loafer is Gucci’s answer to the near-philosophical question: What shoes do I wear?

Persons: George H, Bush, ’, Jane Birkin, Wiz Khalifa, Gucci horsebit, Gucci, loafers, Gerald Ford, David Hume Kennerly, Birkin, Francis Ford Coppola, Sophia Loren, Charlotte Casiraghi, Jodie Foster, Brad Pitt, Zoe Kravitz, Gigi Hadid, Guccio Gucci —, —, Aldo, Rodolfo, Vasco, Guccio, Serge Gainsbourg, Gucci’s, Alessandro Michele, JB Lacroix Organizations: CNN, Metropolitan Museum of, Milan Fashion, Golden Globe, MTV VMA, Savoy, Wall Locations: Cannes, Monégasque, London, Florence, Italy, New York, France

☆ Salesforce CEO Marc Benioff says new AI-enhanced products will be a 'revelation'
▼ + stars: | 2023-05-31 | by ( Julie Coleman | ) www.cnbc.com time to read: +2 min

CEO of cloud software company Salesforce Marc Benioff told CNBC's Jim Cramer on Wednesday that artificial intelligence will be and already is a boon for the company, especially when it comes to one of its recently-acquired products, messaging application Slack. "It's going to be an incredible revelation for our customers, that they've got intelligence by their side with Slack." He added that Salesforce's use of AI has already started to benefit it clients, from New York's Northwell Health hospital group to luxury retailer Gucci, which used Salesforce's AI products to enhance their call center employees' performance. "It actually transformed the call center agents into sales agents, into marketing agents, it gave them capabilities they did not have, it augmented them." Salesforce reported a decent quarter on Wednesday after the market's close, with profits up 68% year-to-date by the market's close.

Persons: Marc Benioff, CNBC's Jim Cramer, Slack, Benioff, Cramer, they've, " Slack, it's, Salesforce Organizations: Health, Gucci Locations: New

PARIS, April 20 (Reuters) - Europe's flourishing luxury goods industry was under scrutiny on Thursday after European Union antitrust regulators inspected Gucci's Milan headquarters this week as part of an investigation spanning several countries and companies. Reuters reported on Wednesday that as part of the probe EU antitrust regulators were inspecting a facility of luxury goods company Gucci in Milan, one of the fashion capitals of the world. The inspection of the Gucci site was aimed at possible violations of the European Union's Article 101, according to a source with direct knowledge of the matter. The article prohibits agreements that restrict, prevent or distort competition within the EU and which have an effect on trade between EU member states. Kering (PRTP.PA), the French-listed owner of Gucci, late on Wednesday confirmed the inspection, adding that it was cooperating fully with the European Commission investigation into the industry.

☆ Milan Fashion: Gucci revisits past to pave new way, sober looks at Tod's
▼ + stars: | 2023-02-24 | by ( ) www.reuters.com time to read: +3 min

[1/2] A model presents a creation from the Gucci Fall/Winter 2023/2024 collection during Fashion Week in Milan, Italy, February 24, 2023. One model wore a crumpled shirt tucked into a miniskirt, others were dressed in coats with voluminous shoulders. At Tod's (TOD.MI), creative director Walter Chiapponi offered a sober collection in earthy tones that played with tailoring. Models wore pea coats as well as long oversized coats, and also appeared in parkas and cropped aviator and elongated bomber jackets. Reporting by Marie-Louise Gumuchian in London and Elisa Anzolin in Milan Editing by Matthew LewisOur Standards: The Thomson Reuters Trust Principles.

[1/2] A man looks at a window display outside a Gucci store, part of the Kering group, at Tsim Sha Tsui shopping district in Hong Kong January 17, 2013. But while Gucci, which accounts for the bulk of profits and revenues at Kering, was the only brand to post a fall in sales, analysts said other labels too posted lower-than-forecast results. Kering said sales fell by 15% in North America in the fourth quarter and by 19% in Asia Pacific. But the situation has been more complicated for Kering, since Gucci relies more heavily on China than competitors. LVMH's fashion and leather goods division, home to Louis Vuitton and Dior, grew sales by 10% over the fourth quarter.

☆ Gucci's challenge: reigniting heat while boosting timeless appeal
▼ + stars: | 2023-01-30 | by ( Mimosa Spencer | ) www.reuters.com time to read: +4 min

PARIS, Jan 30 (Reuters) - Sabato De Sarno, newly appointed by Kering (PRTP.PA) to reinvigorate its prized Gucci brand, needs to spark heat with a new direction, analysts say - a delicate task, given the emphasis executives have also put on the label's timeless appeal. De Sarno, a senior fashion designer from Valentino, is tasked as creative director with reviving the fortunes of the brand that accounted for two-thirds of Kering's profits in 2021. Analysts welcomed Kering's choice of a seasoned but relatively unknown designer, noting that previous creative director Michele did not have a public profile when he was appointed in 2002. His experience at Valentino suggests a "less eccentric aesthetic" than Gucci's previous designer, noted Carole Madjo of Barclays. The designer rose through Valentino's ranks after his arrival in 2009 to become fashion director overseeing both the men's and women's collections, working closely with chief designer Pierpaolo Piccioli.

☆ Kering appoints De Sarno as Gucci creative director
▼ + stars: | 2023-01-28 | by ( ) www.reuters.com time to read: +2 min

[1/2] A Gucci sign is seen outside a shop in Paris, France, January 27, 2023. REUTERS/Sarah Meyssonnier/FilesPARIS, Jan 28 (Reuters) - French luxury giant Kering (PRTP.PA) has appointed Sabato De Sarno, a senior fashion designer at Valentino, as creative director of its top brand Gucci, it said on Saturday. I am touched and excited to contribute my creative vision for the brand,” De Sarno said in Kering's statement. He will present his debut Gucci runway collection at Milan Women's Fashion Week in September 2023. Former creative director Alessandro Michele, known for his flamboyant and gender-fluid styles, left Gucci abruptly in November after seven years in the job, following tensions between with Kering's top management, sources told Reuters.

PARIS/MILAN, Jan 13 (Reuters) - Gucci kicked off Milan fashion week on Friday with a lineup of slouchy, androgynous menswear styles, forging ahead with its latest collection while the industry waits for owner Kering (PRTP.PA) to name a new designer for the label. The question of who will steer Gucci's creative direction loomed over the megabrand's first men's show in the Italian fashion capital in three years. Events run through Jan. 17, drawing an audience that includes major retail buyers sizing up which styles might be future top sellers. Gucci held back on marketing investments during the pandemic, while larger rival LVMH's two biggest labels Louis Vuitton and Dior pushed ahead, a move that analysts say helped them gain ground on rivals. Despite the current turbulence at Kering, however, expectations are high given the group's strong track record nurturing brands, analysts say.

News of the loosening lifted stock markets worldwide, with luxury shares in particular benefiting. Shares in LVMH (LVMH.PA), the world's biggest luxury group and Europe's number 1 company by market capitalisation, were up 2.7% while Cartier-owner Richemont (CFR.S) rose almost 4%. Before the current slowdown, it had for years been the fastest growing region, with young, urban, middle class professionals powering the luxury market by splashing out on Hermes' 10,000 euro-plus ($10,633) Birkin handbags and Gucci's 1,000 euro fur-lined loafers. According to a recent report by the McKinsey consultancy, while non-luxury fashion sales are expected to rise between 2% and 7% in 2023, luxury sales should climb 9% to 14% over the same period. ($1 = 0.9405 euros)Reporting by Silvia Aloisi; Editing by Louise Heavens Editing by Robert BirselOur Standards: The Thomson Reuters Trust Principles.

Search resuls for: "Gucci's"

25 mentions found