Gucci is on course to top 4 billion euros ($4.5 billion) in revenue for the first time this year as the Italian luxury brand’s revival gathers speed under its new leadership duo, according to Bloomberg. Its new creative director Alessandro Michele’s creations have managed to accelerate sales, Chief Executive Officer Marco Bizzarri told reporters Thursday ahead of the brand’s resort show at the cloisters of London’s Westminster Abbey.
“We are particularly optimistic and confident,” according to Bizzarri, who took his role just 18 months ago. “Just go and visit the shops. It is the only brand that has people in the shops.”
Per Bloomberg, “Bizzarri’s bullishness contrasts with the sorry state of luxury spending. Sales of expensive handbags and other goods have slowed as China’s economy cools and as terror attacks weigh on the feel-good factor that drives purchasing. The sector will expand at best 2 percent this year, the second weakest rate since 2009, Bain & Co. estimates.”
“Today, if you want to grow you need to steal market share,” said Bizzarri. “The only way is through creativity.” And so far, Michele has demonstrated that, winning favorable press coverage and industry accolades. Now that his wares are finally in stores, sales of his women’s ready-to-wear surged 66 percent this year, while his shoes for women are up 46 percent and new handbag sales are up 7 percent, led by designs such as the $2,250 Dionysus.
Bizzarri is nothing if not confident. “There is no doubt we will outperform the market,” he said.