What’s wrong with Gucci? ...Middle East

Quartz - Economy
What’s wrong with Gucci?
Not so long ago, Gucci was the shining star in the constellation of brands owned by Kering, the French luxury group. Sales had gone up like a rocket after Alessandro Michele introduced his frenetically geeky look to the brand when he took over as creative chief in 2015.Now Gucci is bringing Kering down. In the recent quarter (pdf), the brand’s sales fell 13.5% compared to the same period last year. Saint Laurent, Kering’s next largest label, dipped too, but not to the same degree. Bottega Veneta, which has been in the midst of a revival, actually grew in the quarter.Given that Gucci makes up more than half of Kering’s revenue, its performance was a drag on the whole company. At the same tim

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