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Have you ever wondered what it takes to be a fashion icon, to embody the essence of luxury and desirability? Gucci, the brand that once made people dream of living larger than life, is a prime example. But the story behind the scenes is far from glamorous.
How did Gucci, a symbol of Italian fashion, fall from grace and end up on the discount rack? In the late '90s, the brand's sales plummeted by 20% in Asia. What happened to the Gucci we knew, the one that made us want to live adventurously and unconventional lives?
Gucci has been owned by the French luxury conglomerate Kering for two decades. Kering, controlled by the Pinault family, is home to other prestigious brands like Yves Saint Laurent and Bottega Veneta. Despite its diverse portfolio, Gucci remains the flagship brand, accounting for 50% of Kering's sales and over 2/3 of its operating profit.
In the French fashion world, there's a duopoly between Kering and LVMH, the latter being the owner of Louis Vuitton and Christian Dior. This rivalry came to a head when LVMH's Bernard Arnault attempted to acquire Gucci, only to be thwarted by Kering's Francois Pinault.
Enter Alessandro Michele, who became Gucci's creative director in 2015. Under his leadership, the brand soared, quadrupling Kering's market cap and tripling Gucci's sales. However, maintaining that success is a challenge. The fashion retail Lyst's rankings show that Gucci has been slipping down the ladder.
Gucci's furry slippers and Marmont bags could have become timeless heritage products. Instead, they were overexposed, reflecting Kering's short-termism in maximizing sales and profits. This strategy has affected the company's share price, with investors valuing LVMH's future prospects higher due to its focus on timeless luxury products.
Francois-Henri Pinault wants Gucci to join the ranks of Hermes, Chanel, and Louis Vuitton in the exclusive luxury space. However, observers blame Pinault's laissez-faire management style for the brand's recent setbacks, including the 2022 Balenciaga scandal.
Gucci parted ways with Michele in 2022 and welcomed Sabato De Sarno from Valentino as the new designer. Pinault's vision for Gucci is taking shape, but transforming a brand is a marathon, not a sprint. Can Gucci reclaim its place in the fashion world, or will it remain a shadow of its former self? Only time will tell.
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