GUCCI ENTERS THE HIGH END JEWELLERY MARKET AS ITS REVENUE SOARS
Gucci is all set to make a foray into the fine jewellery market with the presentation of its first collection to the press and clientele next Spring – Summer.
This refined line will consist of two hundred items comprising numerous coloured precious stones, and all models will be produced in Italy. According to Francois Henri Pinault, President and CEO of Kering, the group which owns the Florentine brand, the intent is to source all gold from 100% sustainable mines in the space of twenty-four months, compared to a current percentage of 70%. The extended product offering of the Tuscan signature brand would appear to be a somewhat strategic decision. Consultancy firms have in fact evidenced the fact that jewellery has been one of the highest performing segments of the luxury industry during the current year, which is expected to close with a further comparable sales growth of 7% on a global level. The extremely lavish and eccentric world of designer Alessandro Michele has got what it takes to make a strong statement in this ambit too. The jewellery the designer is creating for Gucci has every chance to become a market protagonist without even trying. After all, this is a magical moment for the double G brand, which is collecting new records in sales growth and profits, one after another. In the first nine months of 2018, sales reached the 3.9 billion Euro mark with a rocketing increase compared to the same period of the previous year. A successful trend which, as pointed out during the recent meeting with financial analysts, is not expected to decline in the short term. Gucci’s retail business grew by 35% in the third quarter, with a peak of 42% on the Asian continent, while sales through online channels soared by 68%.