07 Jun '18, 10am

Gucci aims to rival Louis Vuitton with new financial targets

After surpassing Hermes, Gucci has Louis Vuitton in its sights. The Italian fashion brand, owned by Kering SA of France, aims to lift revenue to 10 billion euros ($12 billion) from last year’s 6.2 billion euros, according to an investor presentation Thursday. That would rival LVMH ’s Louis Vuitton, long the biggest and most profitable name in luxury. With a 45 percent increase in sales last year driven by designer Alessandro Michele’s decadent creations -- crystal-coated sunglasses and painted handbags -- Gucci pulled ahead of Hermes International. It’s also neck-and-neck with Chanel SA but growing faster than the privately held French brand, analysts estimate. Gucci’s ambition is to become “a definitive 21st century statement of contemporary coolness,” Michele said in the presentation. Kering shares, which have risen about 35 percent this year, were down 1.5 percent at 12...

Full article: https://www.bloomberg.com/news/articles/2018-06-07/gucci-...

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Gucci aims to become $12B brand

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