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The Italy based fashion house bets on creativity to outperform the sluggish luxury market in 2016 as sales of the new red leather collection proves to be a success.
Under the leadership of Alessandro Michele, Gucci’s new Creative Director, and Marco Bizarri CEO, Gucci says it aims to top €4 billion in revenue for the first time this year.
Despite the general economic slowdown and forecasts that show the luxury sector will expand, at best, 2% in 2016 (the second weakest rate since 2009 according to Bain & Co), Bizarro is optimistic and confident about Gucci’s revival.
“Today, if you want to grow you need to steal market share. The only way is through creativity”, Bizarri told reporters.
Michele’s new red leather collection has been available in the shops since the third-quarter and the brand is still slowly wiping out his predecessor’s items.
According to Bizarri, Gucci’s efforts to reorganise management, cut the number of products by 30% and change everything from packaging to store design are proving to be beneficial. Sales of Michele’s women’s ready-to-wear have increased 66%, shoes for women +46% and new handbag sales +7%.
Michele’s collections are said to account for about 70% of sales. The full complement of his designs are expected to arrive in stores by early 2017.
Bizarris’s long-term ambition is to lift Gucci revenue to €6 billion, according to an investor presentation published on June. Sales of Gucci items at other retailers, the wholesale revenue, are said to be positive for a third straight quarter.