Kering news and archive

3 new global luxury spending markets emerge despite much-documented slowdown

As FashionUnited has reported, Gucci’s sales have tumbled in the first quarter of 2024, falling by 20 percent mostly due to a slowdown in Asia, while Kering’s overall revenue is forecast to be down 10 percent compared to Q1 last year. The group’s other brands, Saint Laurent, Bottega Veneta and Alexander McQueen, have also taken a hit, and after...

People

Kering appoints new deputy CEO for Gucci

The Italian luxury goods group Kering has appointed Stefano Cantino to the role of deputy chief executive officer at Gucci. Cantino will take up his new position on 2 May and will report to Gucci CEO Jean-François Palus, the Italian fashion house announced on Thursday. In this newly created position, Cantino will share responsibility with Palus...

Investors brace for luxury slowdown in Q1

Investors are bracing for a notable downturn in luxury sales as companies prepare to release their first-quarter results, reflecting weakened demand from China, reported Reuters. Kering's unexpected forecast of a 10 percent decline in first-quarter sales, contrasting with the 3 percent anticipated by analysts, has already cast a shadow over the...

Retail

Chanel joins luxury retail battle for Manhattan's Fifth Avenue

The race to acquire luxury real estate is getting hotter as Chanel and Louis Vuitton are bidding for the same building in Manhattan’s prestigious Fifth Avenue retail area. As top-tier luxury brands vie for their space in the world’s most iconic shopping corridors, the building at 745 Fifth Ave and 58th Street is a most prestige location and...

Retail

Kering acquires Milan's most expensive real estate

Luxury powerhouse Kering has made history with its acquisition of via Montenapoleone 8 in Italy, marking the largest single asset transaction ever recorded in the country. Purchased from Blackstone Property Partners Europe for a staggering 1.3 billion euros, the move underscores the importance for luxury conglomerates to secure prime locations...

People

Kering appoints Mélanie Flouquet and Armelle Poulou to executive committee

Kering has appointed Mélanie Flouquet, chief strategy officer, and Armelle Poulou, chief financial officer, to the group’s executive committee, effective immediately. With these two appointments, Kering said in a statement, the executive committee now comprises 13 members of which 46 percent are women. The company added that Mélanie Flouquet, a...

Fashion

IFM and Kering showcase wool swimsuits at French Senate

A fashion show featuring wool swimsuits, held at the Senate, the upper house of the French Parliament, prompted the young senator from Vosges, Jean Hingray, to humorously remark, "You can conjugate my promising career in the imperfect tense." The moment took place during the presentation of the work by students from the French Institute of...

Fashion

IFM x Kering Sustainability Certificate: students to present projects to French Senate

On Thursday, March 28, 2024, as part of the Sustainability IFM x Kering certificate programme and under the patronage of senator Jean Hingray, students from the Institut Français de la Mode (IFM) will present six collaborative projects that focus on sustainable development. One of the projects proposed by the students will be the subject of a...

Business

Gucci sales down 20 percent in first quarter after slowdown in Asia

Gucci’s sales have taken a tumble in the first quarter of 2024, falling 20 percent according to Kering’s forecasts. The transition of the house under a new creative director and commercial strategy required a phasing in of new product as well as updating store design. Kering said early customer response to Sabato De Sarno’s new Gucci was largely...

Business

Interested parties begin eyeing Selfridges stake

Following the breakdown of one of Selfridges’ two owners, various parties have reportedly been circling the British department store chain for a potential stake purchase. Gucci parent company Kering and Saudi Arabia’s Public Investment Fund (PIF) are understood to be mulling the acquisition of a stake in the luxury retailer, according to the...

People

Kering board to nominate appointment of three new independent directors

Kering’s board of directors will propose the appointment of three new independent directors, Rachel Duan, Giovanna Melandri and Dominique D’Hinnin, at the annual general meeting on April 25, 2024. Rachel Duan, a Chinese national, the company said in a release, held several senior leadership roles in the United States, Japan and China during her...

Fashion Featured

Luxury brands are grappling with billions of euros of unsold inventory

The issue of excess inventory is commonly associated with fast fashion and ultra-fast fashion retailers due to their rapid production cycles and the need to constantly introduce new styles. However luxury companies are similarly struggling with substantial amounts of unsold stock, proving the situation is no longer exclusive to the lower end of...