{"id":411,"date":"2026-04-23T21:30:44","date_gmt":"2026-04-23T13:30:44","guid":{"rendered":"https:\/\/galan.net.cn\/?p=411"},"modified":"2026-08-16T08:13:51","modified_gmt":"2026-08-16T00:13:51","slug":"%e5%8f%a4%e9%a9%b0%e8%bf%9e%e8%b7%8c11%e4%b8%aa%e5%ad%a3%e5%ba%a6%ef%bc%8c%e5%bc%80%e4%ba%91%e7%9c%9f%e7%9a%84%e5%8f%aa%e5%89%a9%e8%b5%8c%e4%ba%86","status":"publish","type":"post","link":"https:\/\/www.galan.ltd\/?p=411","title":{"rendered":"Gucci has experienced 11 consecutive quarters of decline, leaving Kering with only &#8220;gambling&#8221; as a solution"},"content":{"rendered":"<section class=\"js_darkmode__0\" data-mpa-md-key=\"text\" data-mpa-md-action-id=\"$id\">If you follow the luxury industry, you should have heard quite a bit about Gucci recently.<\/section>\n<section class=\"js_darkmode__1\" data-mpa-md-key=\"text\" data-mpa-md-action-id=\"$id\">Unfortunately, none of it is good news.<\/section>\n<section class=\"js_darkmode__2\" data-mpa-md-key=\"text\" data-mpa-md-action-id=\"$id\">In mid-April, Kering Group released its first-quarter financial report. The core brand Gucci&#8217;s revenue was 1.35 billion euros, down 8% year-on-year and lower than market expectations.<\/section>\n<section class=\"js_darkmode__3\" data-mpa-md-key=\"text\" data-mpa-md-action-id=\"$id\">What&#8217;s even more heart-wrenching is that this is the 11th consecutive quarter of sales decline for Gucci.<\/section>\n<section class=\"js_darkmode__4\" data-mpa-md-key=\"text\" data-mpa-md-action-id=\"$id\">Eleven quarters, almost three years.<\/section>\n<section class=\"js_darkmode__5\" data-mpa-md-key=\"text\" data-mpa-md-action-id=\"$id\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-713\" src=\"https:\/\/www.galan.ltd\/wp-content\/uploads\/2026\/05\/2381ee52116ab2c.jpeg\" width=\"1080\" height=\"753\" srcset=\"https:\/\/www.galan.ltd\/wp-content\/uploads\/2026\/05\/2381ee52116ab2c.jpeg 1080w, https:\/\/www.galan.ltd\/wp-content\/uploads\/2026\/05\/2381ee52116ab2c-300x209.jpeg 300w, https:\/\/www.galan.ltd\/wp-content\/uploads\/2026\/05\/2381ee52116ab2c-1024x714.jpeg 1024w, https:\/\/www.galan.ltd\/wp-content\/uploads\/2026\/05\/2381ee52116ab2c-768x535.jpeg 768w\" sizes=\"auto, (max-width: 1080px) 100vw, 1080px\" title=\"Gucci has experienced 11 consecutive quarters of decline, leaving Kering with only &#8220;gambling&#8221; as a solution\u63d2\u56fe\" alt=\"Gucci has experienced 11 consecutive quarters of decline, leaving Kering with only &#8220;gambling&#8221; as a solution\u63d2\u56fe\" \/><\/section>\n<section data-mpa-md-key=\"heading-1\">\n<section class=\"js_darkmode__bg__0 js_darkmode__6\" data-mid=\"\">\n<section class=\"js_darkmode__7\" data-mid=\"\">\n<section data-mid=\"\">01<\/section>\n<\/section>\n<section data-mpa-md-content=\"t\" data-mid=\"\" data-mpa-md-action-id=\"$id\">Gucci&#8217;s continuous decline and Kering&#8217;s subsequent &#8220;blood loss&#8221;<\/section>\n<\/section>\n<\/section>\n<section class=\"js_darkmode__8\" data-mpa-md-key=\"text\" data-mpa-md-action-id=\"$id\">How important is Gucci to Kering? Let me put it this way: Gucci alone accounts for more than half of Kering&#8217;s total revenue, and its profit share is even higher.<\/section>\n<section class=\"js_darkmode__9\" data-mpa-md-key=\"text\" data-mpa-md-action-id=\"$id\">If Gucci is good, Kering is good; if Gucci is not good, Kering will suffer.<\/section>\n<p>.<\/p>\n<section class=\"js_darkmode__10\" data-mpa-md-key=\"text\" data-mpa-md-action-id=\"$id\">The data for the first quarter is quite straightforward:<\/section>\n<ul class=\"list-paddingleft-1 js_darkmode__11\">\n<li>\n<section class=\"js_darkmode__12\" data-mpa-md-content=\"t\" data-mpa-md-key=\"bullet-list\" data-mpa-md-action-id=\"$id\">Gucci&#8217;s same-store sales fell by 8%, significantly worse than the 4.28% decline expected by analysts<\/section>\n<\/li>\n<\/ul>\n<ul class=\"list-paddingleft-1 js_darkmode__13\">\n<li>\n<section class=\"js_darkmode__14\" data-mpa-md-content=\"t\" data-mpa-md-key=\"bullet-list\" data-mpa-md-action-id=\"$id\">Kering Group&#8217;s total revenue was 3.57 billion euros, lower than the expected 3.62 billion euros<\/section>\n<\/li>\n<\/ul>\n<ul class=\"list-paddingleft-1 js_darkmode__15\">\n<li>\n<section class=\"js_darkmode__16\" data-mpa-md-content=\"t\" data-mpa-md-key=\"bullet-list\" data-mpa-md-action-id=\"$id\">The revenue of the core fashion and leather goods division was 2.85 billion euros, also falling short of expectations<\/section>\n<\/li>\n<\/ul>\n<section class=\"js_darkmode__17\" data-mpa-md-key=\"text\" data-mpa-md-action-id=\"$id\">The jewelry division performed well (269 million euros, exceeding expectations), and the eyewear business also grew by 7%, but the growth of these &#8216;little brothers&#8217; could not fill the gap dug by Gucci at all.<\/section>\n<section data-mpa-md-key=\"heading-1\">\n<section class=\"js_darkmode__bg__1 js_darkmode__18\" data-mid=\"\">\n<section class=\"js_darkmode__19\" data-mid=\"\">\n<section data-mid=\"\">02<\/section>\n<\/section>\n<section data-mpa-md-content=\"t\" data-mid=\"\" data-mpa-md-action-id=\"$id\">Quarterly decline. What&#8217;s the problem?<\/section>\n<\/section>\n<\/section>\n<section class=\"js_darkmode__20\" data-mpa-md-key=\"text\" data-mpa-md-action-id=\"$id\">Gucci has not been without effort.<\/section>\n<section class=\"js_darkmode__21\" data-mpa-md-key=\"text\" data-mpa-md-action-id=\"$id\">Changing creative directors, switching product styles, collaborating, marketing&#8230; everything that can be tried has been. But from the results, it seems that consumers are not buying it.<\/section>\n<section class=\"js_darkmode__22\" data-mpa-md-key=\"text\" data-mpa-md-action-id=\"$id\">The problem lies at three levels:<\/section>\n<ol class=\"list-paddingleft-1 js_darkmode__23\">\n<li>\n<section class=\"js_darkmode__24\" data-mpa-md-content=\"t\" data-mpa-md-key=\"ordered-list\" data-mpa-md-action-id=\"$id\">Brand aging and creative fatigue. Alessandro Michele&#8217;s maximalist style once made Gucci popular, but the same style has been played for too long, and consumers are tired of it. With a new designer, the style changes drastically, but old fans don&#8217;t recognize it and new fans don&#8217;t follow, so it pleases neither side.<\/section>\n<\/li>\n<li>\n<section class=\"js_darkmode__25\" data-mpa-md-content=\"t\" data-mpa-md-action-id=\"$id\">The industry has entered structural differentiation. In the past, the luxury industry was &#8220;rising with the tide&#8221;, and everyone was rising. Now the tide has receded, and only brands with real competitive advantages can stand firm. Brands like Herm\u00e8s, Chanel, and Loro Piana, which are considered &#8220;hard currency,&#8221; remain resilient, while trend-driven brands like Gucci bear the brunt.<\/section>\n<\/li>\n<\/ol>\n<section class=\"js_darkmode__26\" data-mpa-md-content=\"t\" data-mpa-md-action-id=\"$id\">Price and value are disconnected. In the past few years, Gucci has frequently increased its prices. However, consumers have realized that spending the same amount of money on Herm\u00e8s or Chanel will preserve their value better, while spending less on niche designer brands will give them a more unique personality. Gucci is caught in the middle, neither fish nor fowl.<\/section>\n<section data-mpa-md-key=\"heading-1\">\n<section class=\"js_darkmode__bg__2 js_darkmode__27\" data-mid=\"\">\n<section class=\"js_darkmode__28\" data-mid=\"\">\n<section data-mid=\"\">03<\/section>\n<\/section>\n<section data-mpa-md-content=\"t\" data-mid=\"\" data-mpa-md-action-id=\"$id\">With the new CEO taking office, Gucci is a &#8220;top priority&#8221;<\/section>\n<\/section>\n<\/section>\n<section class=\"js_darkmode__29\" data-mpa-md-key=\"text\" data-mpa-md-action-id=\"$id\">Kering Group has not been idle.<\/section>\n<section class=\"js_darkmode__30\" data-mpa-md-key=\"text\" data-mpa-md-action-id=\"$id\">In a few days, the newly appointed CEO Luca de Meo will officially unveil his strategic blueprint to turn around the group&#8217;s fortunes. This professional manager, who has successfully led the revival of automobile brands, is highly expected.<\/section>\n<section data-mpa-md-key=\"blockquote\" data-mpa-ai-typesetting-template=\"30012\">\n<section data-mid=\"\">\n<section data-mid=\"\"><\/section>\n<section class=\"js_darkmode__31\" data-mid=\"\">\n<section data-mpa-md-content=\"t\" data-mid=\"\" data-mpa-md-action-id=\"$id\">Luca emphasized one sentence at the meeting last night: Gucci remains a &#8220;top priority&#8221;.<\/section>\n<p>.<\/p>\n<\/section>\n<\/section>\n<\/section>\n<section class=\"js_darkmode__32\" data-mpa-md-key=\"text\" data-mpa-md-action-id=\"$id\">Other brands can be put aside for now, but Gucci must be saved. Allow for greater cost of trial and error, as long as it can lead to a turning point.<\/section>\n<section class=\"js_darkmode__33\" data-mpa-md-key=\"text\" data-mpa-md-action-id=\"$id\">The question is: how much patience does the market still have?<\/section>\n<section class=\"js_darkmode__34\" data-mpa-md-key=\"text\" data-mpa-md-action-id=\"$id\">Since the beginning of this year, the share price of Kering Group has fallen by about 8%. Analysts generally expect that Gucci may resume growth as early as this autumn. However, investors are more concerned about whether the growth is sustainable and whether the profit margin can be repaired simultaneously.<\/section>\n<section data-mpa-md-key=\"heading-1\">\n<section class=\"js_darkmode__bg__3 js_darkmode__35\" data-mid=\"\">\n<section class=\"js_darkmode__36\" data-mid=\"\">\n<section data-mid=\"\">04<\/section>\n<\/section>\n<section data-mpa-md-content=\"t\" data-mid=\"\" data-mpa-md-action-id=\"$id\">The future of Kering does not depend on how many brands it has<\/section>\n<\/section>\n<\/section>\n<section class=\"js_darkmode__37\" data-mpa-md-key=\"text\" data-mpa-md-action-id=\"$id\">Kering does not lack other brands. Saint Laurent, Balenciaga, Boucheron, Qeelin&#8230; all can be considered as leaders in their respective niches.<\/section>\n<section class=\"js_darkmode__38\" data-mpa-md-key=\"text\" data-mpa-md-action-id=\"$id\">However, their combined volume is less than half of Gucci&#8217;s.<\/section>\n<section data-mpa-md-key=\"blockquote\" data-mpa-ai-typesetting-template=\"30012\">\n<section data-mid=\"\">\n<section data-mid=\"\"><\/section>\n<section class=\"js_darkmode__39\" data-mid=\"\">\n<section data-mpa-md-content=\"t\" data-mid=\"\" data-mpa-md-action-id=\"$id\">There is a straightforward saying in the industry: The future of Kering does not depend on how many brands it has, but on whether Gucci can still win.<\/section>\n<\/section>\n<\/section>\n<\/section>\n<section class=\"js_darkmode__40\" data-mpa-md-key=\"text\" data-mpa-md-action-id=\"$id\">If Gucci wins, Kering will turn around; if Gucci loses, Kering will have no future.<\/section>\n<section data-mpa-md-key=\"heading-2\">\n<section>\n<section>\n<section class=\"js_darkmode__41\"><\/section>\n<section class=\"js_darkmode__42\" data-set-border-color=\"c1\"><\/section>\n<\/section>\n<section class=\"js_darkmode__43\" data-mpa-md-content=\"t\" data-mpa-md-action-id=\"$id\">In conclusion<\/section>\n<\/section>\n<\/section>\n<section class=\"js_darkmode__44\" data-mpa-md-key=\"text\" data-mpa-md-action-id=\"$id\">Eleven quarters of decline cannot be explained by &#8220;temporary adjustments&#8221;. Gucci faces structural issues: brand positioning, product logic, pricing system, channel strategy&#8230; It may all need to be overhauled.<\/section>\n<section class=\"js_darkmode__45\" data-mpa-md-key=\"text\" data-mpa-md-action-id=\"$id\">The appointment of a new CEO is an opportunity and also the last window.<\/section>\n<section class=\"js_darkmode__46\" data-mpa-md-key=\"text\" data-mpa-md-action-id=\"$id\">Time is running out for Gucci.<\/section>\n<h2>TL;DR<\/h2>\n<p>If you follow the luxury industry, you should have heard quite a bit about Gucci recently. Unfortunately, none of it is good news.<\/p>\n<h2>Frequently Asked Questions<\/h2>\n<h3>What is the key development covered in this article?<\/h3>\n<p>If you follow the luxury industry, you should have heard quite a bit about Gucci recently.<\/p>\n<h3>Why does this matter for the leather and footwear industry?<\/h3>\n<p>In mid-April, Kering Group released its first-quarter financial report.<\/p>\n<h3>What should buyers, suppliers, and investors watch next?<\/h3>\n<p>Time is running out for Gucci.<\/p>\n<h2>Key Takeaways<\/h2>\n<p>If you follow the luxury industry, you should have heard quite a bit about Gucci recently. The implications extend across the leather, tannery, and footwear value chain\u2014signals that buyers, suppliers, and investors should track closely.<\/p>\n<h2>Related Articles<\/h2>\n<ul>\n<li><a href=\"https:\/\/www.galan.ltd\/%e4%b8%ad%e4%b8%9c%e4%b8%80%e6%89%93%e4%bb%97%ef%bc%8clv%e8%80%81%e6%9d%bf%e4%ba%8f%e4%ba%86554%e4%ba%bf%e7%be%8e%e5%85%83%ef%bc%9a%e5%a5%a2%e4%be%88%e5%93%81%e6%9c%80%e6%80%95\/\">The LV boss lost $55.4 billion due to the war in the Middle East: the &amp;#8220;worst-case scenario&amp;#8221; for luxury goods has occurred<\/a><\/li>\n<li><a href=\"https:\/\/www.galan.ltd\/%e5%8f%a4%e9%a9%b0%e5%85%b3%e5%ba%97%e3%80%81zegna%e9%80%86%e8%a2%ad%ef%bc%9a%e4%b8%ad%e5%9b%bd%e5%a5%a2%e4%be%88%e5%93%81%e5%b8%82%e5%9c%ba%e5%86%b0%e7%81%ab%e4%b8%a4%e9%87%8d%e5%a4%a9\/\">Gucci store closures, Zegna&amp;#8217;s turnaround: China&amp;#8217;s luxury market is experiencing a &amp;#8220;world of contrasts&amp;#8221;<\/a><\/li>\n<li><a href=\"https:\/\/www.galan.ltd\/loro-piana-%e5%87%ba%e8%8f%9c%e7%af%ae%e5%ad%90%e4%ba%86%ef%bc%9f%e5%88%ab%e7%ac%91%ef%bc%8c%e8%bf%99%e5%8f%aa%e5%8c%85%e6%af%94%e4%bd%a0%e5%ae%b6%e7%9a%84%e6%b2%99%e5%8f%91%e8%bf%98\/\">Loro Piana has released a &amp;#8220;vegetable basket&amp;#8221;? Don&amp;#8217;t laugh, this bag is even more exquisite than your sofa<\/a><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>If you follow the luxury industry, you should have heard quite a bit about Gucci recently. Unfortunately, none of it is good news. In mid-April, Kering<\/p>\n","protected":false},"author":1,"featured_media":414,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_georankopt_ai_score":72,"_georankopt_ai_analysis":null,"_georankopt_ai_recommendations":null,"_georankopt_focus_keyword":"","_georankopt_ai_last_analysis":"2026-08-16 08:13:54","footnotes":""},"categories":[4],"tags":[],"class_list":["post-411","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-industry-news"],"_links":{"self":[{"href":"https:\/\/www.galan.ltd\/index.php?rest_route=\/wp\/v2\/posts\/411","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.galan.ltd\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.galan.ltd\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.galan.ltd\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.galan.ltd\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=411"}],"version-history":[{"count":4,"href":"https:\/\/www.galan.ltd\/index.php?rest_route=\/wp\/v2\/posts\/411\/revisions"}],"predecessor-version":[{"id":1211,"href":"https:\/\/www.galan.ltd\/index.php?rest_route=\/wp\/v2\/posts\/411\/revisions\/1211"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.galan.ltd\/index.php?rest_route=\/wp\/v2\/media\/414"}],"wp:attachment":[{"href":"https:\/\/www.galan.ltd\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=411"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.galan.ltd\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=411"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.galan.ltd\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=411"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}