Kering embarks on second Gucci relaunch(2025)

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Kering embarks on second Gucci relaunch
French luxury group Kering has been hampered by Gucci’s underperformance in 2024, and is pinning its hopes on its flagship label's turnaround to steady its course this year. According to Kering's top executives, in the past two years Gucci has undergone a drastic efficiency therapy, and has consolidated its fundamentals by putting its rich heritage centre-stage, for example launching revamped versions of some of its signature handbag models, like the Blondie, Jackie and Bamboo. The arrival of a new creative director is expected to inject the directional vibe and desirability that Gucci is currently lacking

Gucci accounts for almost half of the Kering group's revenue, and two-thirds of its operating income. However, its sales have been plummeting of late, slumping further throughout 2024. The Italian luxury label ended the year with a 23% revenue shortfall (and a 21% one on a comparable basis), down to €7.65 billion

Gucci has recently been working on the quality of its articles, and on different product lines with complementary strategies. For example, it introduced entry-level products to attract a more extensive clientèle and capture new customers, while still focusing on its more upmarket collections. “There is no question of abandoning the aspirational customer segment. It's one of the key segments for our positioning. We intend to remain very relevant, very strong in this segment, while adding a more upmarket niche in what we call our brands’ elevation strategy,” said Kering CEO François-Henri Pinault

On February 6, Gucci dismissed Sabato De Sarno, who was in charge of style for just three seasons. De Sarno had succeeded the iconic Alessandro Michele, and was presented at the time as the embodiment of a new chapter for Gucci, associated with a repositioning towards the highest end of the market and a more minimalist aesthetic, more in tune with the Florentine label’s heritage. “Alessandro's style was downright maximalist, while Sabato De Sarno's aesthetic approach was less extravagant, less maximalist, but it allowed us to do exactly what we wanted,” said Francesca Bellettini, Kering’s deputy CEO in charge of brand development

During the conference with analysts held after the publication of Kering’s annual results, Bellettini explained how Gucci cemented its position during this period by drawing on its fundamentals, notably leather accessories - like its iconic handbags and classic moccasins model, which have been re-introduced in new versions - whose performances in the fourth quarter were “very encouraging.” In a way, Gucci’s post-Alessandro Michele relaunch does require a first phase in which the slate is wiped clean, reconnecting the label’s style with its historical identity, before triggering a second phase underpinned by the appeal of a more directional aesthetic

FASHIONNETWORK.COM