were up 1 percent in the first quarter, compared with a 14 percent drop in the prior three months.
The first ultra-luxe Salon store opened in Los Angeles this month, complete with fresh-off-the-red-carpet gowns. “We need to reinforce the structure we have in place in China, and the quality of the people in the stores. We need to continue to elevate the brand perception,” said Duplaix. Prior to the release of the figures, Luca Solca, analyst at Bernstein, said he was confident that Kering could revive Gucci’s fortunes, following its textbook relaunch of the brand in 2015.
“We have a record sellout with the Andiamo bag, so it should contribute along the year, and that’s the plan: to reduce the level of inventories,” said Duplaix. Bottega Veneta is set to stage a repeat show of its fall 2023 collection in Beijing on July 20.
Source: Financial Digest (financialdigest.net)
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