Home Lifestyle Gucci’s CEO, Marco Pizzarri, is resigning as the brand lags behind competitors

Gucci’s CEO, Marco Pizzarri, is resigning as the brand lags behind competitors

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Gucci CEO Marco Bizzarri, who lifted the company from a cliff after Tom Ford’s resignation in 2004, will step down in September, as part of a management shakeup that saw the hiring of a new creative director in early 2023 and the promotion of two other executives as deputy executives at parent company Kering.

He has been described as “one of the most respected CEOs in the global luxury industry” by The New York TimesAnd Marco Bizzari He resigns as CEO of Gucci as the luxury brand faces a turbulent year between declining sales and a replacement for the creative director. Alessandro Michelle by Sabato to Sarno. The latter has previously worked for Dolce & Gabbana, Prada and Valentino.

A management change is one of several items Kering announced this week, according to Wall Street Journal : Francesca BellettiniCEO of Yves Saint Laurent, W Jean Marc duplexCEO of the parent company, will now be deputies Francois Henry PinaultKering CEO, W Jean Francois palosCEO of Kering, will take the reins of Gucci in Milan for the time being.

according to Wall Street JournalLast year, Gucci’s sales lagged behind rivals such as Louis Vuitton and Dior, both of which belong to LVMH, a conglomerate. Bernard Arnault.

Empire Keyring, rank 328H in order Forbes Global 2000 With a market valuation of about $74 billionalso owns the brands Balenciaga, Bottega Veneta, Alexander McQueen, Yves Saint Laurent, Puma and Cobra.

How are the top five luxury fashion brands faring?

Hermes Hermès brand achieved sales of 11.6 billion euros in 2022, up 23% from 2021. Growth in the US was “exceptional,” according to the brand’s financial report, following the opening of new stores in Austin and on New York’s Madison Avenue, which have an entire floor dedicated to repairs. Hermès does not have celebrity ambassadors and instead relies on the exclusivity of its customers and flagship products, such as the Birkin bag, to generate revenue.

Prada – The Italian fashion brand, which also owns Miu Miu, saw its turnover increase by 21% in 2022 to reach 4.2 billion euros. The company said retail sales rose 24%, with the Asia Pacific market being the most profitable. Sales also increased by 59% in Europe and 37% in the Americas. The brand welcomed a new CEO in January, Andrea Guerrathat replaced Patrizio Bertelli And Miuccia Prada. Actresses Letitia I saw And Scarlett JohanssonAlso, the doll Fisher man Shaferamong the Prada brand ambassadors.

Louis Vuitton – Exceeding Louis Vuitton’s sales volume 20 billion euros For the first time in 2022, and although parent company LVMH-Moët Hennessy Louis Vuitton did not report brand-specific revenue, it reported growth in the parent company’s fashion and leather segment by 20%. Louis Vuitton’s success in financial records is attributed to the opening of two new ateliers in France, several new boutiques and 20H Memory of Tambour watches, a line called Tambour Twenty Bradley Cooper was the ambassador. Zendaya And J Hopethe musicians of Big Time Rush, have been named brand ambassadors this year.

Chanel – French fashion house Chanel announced sales $17.2 billion in 2022, an increase of 17% compared to 2021. This month, Chanel launched a three-year sponsorship with the M + Museum of Contemporary Art in Hong Kong and opened a boutique in Beverly Hills. The Chanel brand is represented by a number of high-profile ambassadors, including the actor timothy Chalametan actress Whitney summit and a K-pop star Mingi.

Gucci – The brand announced its sales figure 10.5 billion euros In 2022, an increase of 8% compared to 2021 marked by the premiere of the film Gucc houseMe and through collaborations with brands like The North Face. Since the beginning of the year, Gucci has specially organized an exhibition entitled Gucci Cosmoswhich lasted three months in Shanghai, and launched Gucci Salon, a VIP shopping concept open to high-end clients by appointment only. Harry stylesAnd Dakota JohnsonIndian Actress Alia Bhatt And glad From K-pop group NewJeans are brand ambassadors.

Bernard Arnaultat the helm of the LVMH empire, is currently the second richest person in the world. ForbesHis estimated net worth is $235 billion. Wealth Francois Pinaultowner and honorary president of Kering Corporation, est $40.3 billion.

Translated article from the American magazine Forbes – Author: Mary Whiteville Roelofs

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