It would be wrong to bet against the brand reinventing itself again
“In difficult times, fashion is always outrageous,” the eccentric Italian designer Elsa Schiaparelli once said. So it is proving at one of luxury’s most storied brands. Gucci, part of the Kering corporate empire, parted ways with its creative director Sabato De Sarno this week after slumping sales and multiple profit warnings. Luxury houses are used to highs and lows. The issue here is that Kering lacks many of the soft layers that pad its peers.
’s net debt is roughly equivalent to its forecast ebitda. On S&P Capital IQ numbers, the Gucci owner’s indebtedness including capitalised leases at the end of June 2024 was three times that. It’s not like François-Henri Pinault has nothing to show for this. Kering has acquired 30 per cent of Valentino, perfumer Creed and an eye-popping €1.3bn building in Milan’s Via Montenapoleone. But there may be further calls on its resources.
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