Gucci: Profit halved as ‘high competition’ eats into sales Retail Profit at the UK arm of luxury fashion brand Gucci has cut almost in half during its latest financial year after “high competition” impacted its sales. The West Sussex-headquartered division has reported a pre-tax profit of £4.8m for 2023, down from the £9m it achieved in 2022. Newly-filed accounts with Companies House also show its [...]
Stefano Cantino: Who is Gucci’s new boss tasked with turning the luxury brand around? Business First Mulberry, then Burberry, and now Gucci – reshuffles at the very top of luxury businesses are definitely in vogue. Gucci, owned by Kering, has announced the appointment of Stefano Cantino as its new chief executive. He will take over from interim boss Jean-Francois Palus on 1 January 2025. Much like Mulberry and Burberry’s new [...]
Kering suffers as luxury brands deliver mixed results Business Luxury fashion conglomerate Kering announced a dramatic fall in net profit of 50 per cent in the first six months of 2024.
LVMH revenue slides as luxury retailer continues to combat uncertain market July 23, 2024 LVMH, the multibillion-pound owner of Dior and Louis Vuitton, has reported a drop in revenue in the first half of the year, joining other major fashion brands which are suffering from a slump in demand. Revenue for the luxury retail brand came in at €41.7bn (£35bn) for the first half of 2024, the firm said [...]
Gucci box of cash and diamond Rolex watches seized as London crime group with ‘tentacles’ everywhere dismantled July 16, 2024 Further probing into the group's activities led to identifying other gang members, now under separate police investigations.
Luxury retailer Kering warns of profit slump as Gucci burdens continue April 23, 2024 Kering braces for a profit slump in the first half of the year as the luxury goods giant struggles to win back Gucci sales.
Gucci, Prada, and Burberry are no longer in Vogue as ‘richcession’ bruises luxury sales March 20, 2024 A profit warning from the parent brand of Gucci has sunk the share price of not only the brand but also its rivals, in the latest sign that luxury designers are falling out of fashion with investors.