Kering still attaches great importance to the Asian market and they will continue to do so in the future.

Kering is a French multinational corporation specializing in luxury goods. The company owns the luxury brands Balenciaga, Bottega Veneta, Gucci, Alexander McQueen and Yves Saint Laurent.

In 2021, Kering said the popularity of Gucci, an important brand to the group, has declined since the start of the pandemic. This is especially true in China, where Gucci’s growth has slowed relative to that of its competitors in the luxury sector.

Kering said its growth in 2018 came from brands with less exposure to the Chinese market than other brands under Kering. The label, run by creative director Anthony Vaccarello and chief executive officer Francesca Bellettini, has seen global sales grow 34% to $1.5 billion annually. However, China’s business performance dragged down the entire Asia-Pacific region, while US consumers and European markets recovered in the first two quarters of the year. Kering remains optimistic about the potential of the Asian market.

The Kering Group wants to expand its presence in Asia and strengthen its commitment to sustainability. The group also revealed plans to strengthen the Gucci brand’s presence in China, where it aims to become a market leader by 2025. Recently, luxury brands Kering Eyewear and Lotte Internet Duty Free (LotteD2) cooperates to open Kering Korea store. The largest store in Asia and located on the 8th floor of LotteD2 in Busan. LotteD2 provides virtual glazing service for Kering glasses using Augmented Reality (AR) Technology. Kering Eyewear plans to implement an engine virtual reality (VR) that will allow customers to view the store 360 degrees without going to the store. Reliance Retail Ventures Ltd. (RBL) is a subsidiary of Reliance Industries Ltd. RBL started operations in 2007 and has a mission to introduce and build global fashion and style brands. Over the past 5 years, RBL has also invested in building and operating domestic Indian design brands.

Kering has hired former Tiffany executive Laurent Cathala to run the China operations for Gucci, the brand that generates half of the group’s revenue. Analysts say Mr Cathala is expected to assist teams operating in China, helping them capture marketing and advertising activities, an unusual move in the fashion industry, where promotional strategies Reports are often directed by European executives such as Paris or Milan.

According to Leaf Greener, a Shanghai-based luxury brand consultant, empowering units to operate in China is seen as an important factor in the context of understanding the culture and needs of local customers. is becoming increasingly important. Analysts say the government’s stimulus measures, to revive the economy following the lifting of coronavirus-related lockdowns, may not be enough to spur a spending recovery. of consumers.

Convinced that luxury sales in China will decline by 15% in the first half of the year, but will then increase by about 11% in the second half of 2022, Gucci has a plan to create a high-end jewelry collection. new; released the star-studded Love Parade campaign to accompany the “Guccywood Club” event in Chengdu; kick off cultural project “Blooming Shanghai”…

During the recent presentation to investors, the group once again emphasized its plan to increase Gucci’s annual revenue to 15 billion euros by increasing prices, producing more high-end collections and promoting accelerate business operations in China – which is one of the drivers of revenue growth for luxury brands.

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