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Summary | Gucci’s new configuration

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In the late 2010s, Gucci made a successful turnaround by combining creative director Alessandro Michele’s unique baroque aesthetic with Jacopo Venturini’s expert merchandising under chief executive Marco Bizzara, according to Luca Solca, Bernstein luxury analyst and BoF contributor. They infused the brand’s heritage and traditions with streetwear codes and coolness — bringing more casual products like sneakers into luxury and sparking an era of “new luxury,” Solka said.

Recently, the brand has started to see a slowdown in growth, lagging behind its competitors in organic growth. Sounds in search of stimulation reorganizedintroducing two new roles in support of Creative Director Alessandro Michele.

“The onus is on Gucci to keep pushing the envelope so consumers can turn their heads and say, ‘Wow, I don’t have that.’ I want to buy it,” Solka said.

  • One of the long-time deputy creative directors, Alessandro Michele, will develop the brand’s commercial collections in the newly created role of director of the design studio. Maria Cristina Lamonta will oversee the merchandising and promotion of the brand as Executive Vice President, General Manager of the brand.
  • The shifts signal Gucci’s intention to appeal to a wider range of consumers while seeking a creative spark. Gucci’s biggest challenge right now, according to Solka, is to “push the novelty forward” to drive consumer demand.
  • Gucci is also trying to push even further into the market, which is a big challenge because it requires momentum and scale. But Gucci is in a relatively good position to make the significant amount of marketing and investment needed to elevate the brand, given annual sales that now exceed €10 billion.
  • Michele was Gucci’s creative director for seven years; a long stay by today’s standards. Greater exposure to a broader team could help reduce the risks of an eventual creative transition for Gucci, which has annual sales of 15 billion euros.

https://www.businessoffashion.com/podcasts/luxury/the-debrief-guccis-new-configuration/ Summary | Gucci’s new configuration

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