That’s why they’re selling luxury fashion brands

Gucci CEO Marco Bizzarri, who steered the company out of depression following Tom Ford’s resignation in 2004, will step down this September amid a management restructuring that saw the appointment of a new creative director earlier this year and the promotion of other executives, now deputy executive directors of parent company Kering.

Called by him “one of the most respected authorities in the business of world luxury” new York TimesBizzarri’s resignation reportedly followed a year of declining sales and the replacement of creative director Alessandro Michele, who left after eight years, with Sabato di Sarno, who previously worked for Dolce & Gabbana, Prada and Valentino.

He pointed out that the leadership change was one of several announced by Kering this week wall street journal: Francesca Bellettini, managing director of Yves Saint Laurent, and Jean-Marc Dupleix, managing director of the parent company, will now serve as assistants to Kering’s managing director, François-Henri Pinault, and Jean-François Palus, managing director of Kering, will currently take the reins of Gucci in Milan.

According to the WSJ, Gucci’s sales have fallen in the past year against competitors such as Louis Vuitton and Dior, both of which are owned by Bernard Arnault’s LVMH.

The Kering empire, which is ranked 328th on the Forbes Global 2000 with a market value of approximately $74,000 million, also owns the Balenciaga, Bottega Veneta, Alexander McQueen, Yves Saint Laurent, Puma and Cobra brands.

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How are the 5 leading luxury fashion brands?

hermes, The company reported $12,900 million (11,600 million euros) in revenue in 2022, up 23% from 2021. Growth in the US was “extraordinary”, according to the brand’s financial report, following the opening of new stores in Austin and Madison Avenue in New York, with one floor devoted entirely to renovations. Hermès does not have any famous brand ambassadors and, on the other hand, relies on the exclusivity of its customers and hero products such as the Birkin pocket to generate income.

Prada, The Italian fashion brand, which also owns Miu Miu, sees its revenue rising 21% to $4,400 million (4,200 million euros) by 2022. The company reported that retail sales grew by 24% and that the Asia Pacific market is considered the most profitable. Sales also increased in Europe by 59% and in the US by 37%. The brand said Enero welcomes a new CEO, Andrea Guerra, replacing Patrizio Bertelli and Miuccia Prada.

Actresses Letitia Wright and Scarlett Johansson, as well as model Hunter Schafer, are among Prada brand ambassadors.

louis vuitton, Louis Vuitton’s revenue will exceed $22,400 million (20,000 million euros) for the first time in 2022 and, although parent company LVMH, Moët Hennessy Louis Vuitton does not report specific income from the brand, as the parent company’s fashion and leather goods sector experienced only 20% organic growth in income.

Financial documents attribute Louis Vuitton’s success to the opening of two new stores in France, several new stores, and a twentieth-anniversary collection of Tambor watches, a line called Tambor Twenty, designed by Bradley Cooper. Zendaya and Big Time Rush musician J-Hope were named brand ambassadors this year.

An LVMH representative did not respond to a request for specific brand data for Louis Vuitton, Tiffany & Co. Dior.

Channel, French fashion house Chanel reports revenue of US$17,200 million in 2022, up 17% from 2021. This month, Chanel began a three-year curatorial sponsorship at the M+ Museum of Contemporary Art in Hong Kong and opened a 30,000-story food boutique in Beverly Hills. The channel is represented by several high-profile brand ambassadors, including actor Timothée Chalamet, actress Whitney Peake and K-pop star MinJi.

Gucci, The brand reported revenue of $11,700 million in 2022, up 8% from its reported 2021, a year that included the premiere of the film House of Gucci and emerging collaborations with brands like The North Face.

In the coming year, Gucci’s movements included an exhibition called Gucci Cosmos, which was shown for three months in Shanghai and the launch of the Gucci Salon, a VIP shopping concept open to high-end customers by prior arrangement only. Harry Styles, Dakota Johnson, Indian actress Alia Bhatt and K-pop group Hunny are brand ambassadors for NuGenes.

Bernard Arnault, who oversees an empire of 75 LVMH fashion and cosmetics brands, is currently the second richest person in the world. forbes It is estimated that his net worth is 235 thousand million dollars. François Pinault, owner and honorary chairman of Kering, has an estimated net worth of $40,300 million.

This article was first published on Forbes US

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