Gucci design chief De Sarno steps down as Kering targets turnaround Retail Kering has parted ways with Gucci’s creative director Sabato de Sarno, two years after he was hired to lead a turnaround at the beleaguered brand. Sarno joined the brand in 2023 to replace Alessandro Michele, whose maximalist and genderfluid designs had defined the fashion house during his seven-year run. However, Sarno’s more paired-back direction failed [...]
Luxury stocks boom as Richemont kicks off reporting season with a bang Retail Luxury stocks across the world have been given a boost by Cartier-owner Richemont’s booming sales figures this morning. Richemont’s report, the first set of luxury results covering the festive season, indicated that the luxury market may finally be recovering from a slowdown that has lasted nearly two years. Revenue from jewellery, Richemont’s biggest division, rose [...]
Burberry, LVMH and Kering: Rebound of travel and China to boost luxury market Business Analysts have stressed the problems in the luxury market are cyclical, not structural, and predicted an upswing at brands like Burberry, LVMH and Kering as international travel looks set to rebound past pre-pandemic levels. The downturn in the luxury market, which has been suffering from the cost-of-living crisis in the West and a slowdown in [...]
Stefano Cantino: Who is Gucci’s new boss tasked with turning the luxury brand around? October 9, 2024 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 [...]
Luxury stocks ‘bask in the glow’ of a Chinese equity stimulus September 24, 2024 Luxury investors breathed a sigh of relief this morning after the People’s Bank of China announced an array of economy-boosting policies, including £84bn of liquidity support for equities. High-end European stocks were a sea of green, with French luxury fashion house LVMH up 4.2 per cent, Hermes up 4.3 per cent and Kering up 4.3 [...]
Kering suffers as luxury brands deliver mixed results July 25, 2024 Luxury fashion conglomerate Kering announced a dramatic fall in net profit of 50 per cent in the first six months of 2024.
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.