Sales and profits at Gucci have increased by 48.7% for the first quarter fiscal 2018 which is mostly due to its shoppers but Kering Chief Finance Officer Jean-Marc Duplaix says it’s not just because of “notoriously fad-led” millennials.
According to an article on Reuters, sales and profits at Gucci have increased by 48.7% for Q1 which is mostly due to its shoppers. Kering Chief Finance Officer Jean-Marc Duplaix, however, says it’s not just because of “notoriously fad-led” millennials.
Earlier this year in February, Kering, parent company of Gucci, Hermès, Saint Laurent, and more, released sales results for 2017, which was said to be the company’s most profitable year ever. The company recently released sales results for Q1 where Gucci had revenue increase by 48.7% compared to last year.
The brand redesigned many of its products and released many trendy collections, which have made sales at the brand increase. Although, Reuters says, “analysts have questioned whether consumers might tire of Gucci’s distinct look, though Kering Chief Finance Officer Jean-Marc Duplaix said Gucci’s growth was sustainable and the brand was not just reliant on notoriously fad-led younger buyers.”
The brand, like pretty much every luxury brand lately, has been courting millennials with its trendy collections, ad campaigns, t shirts, bags, belts, shoes, accessories, and more. The brand has been courting them for a while and millennials are pretty much why sales have increased at the brand as much as they have.
The brand’s sales increase may not be just due to millennials but it’s mostly due to them. Sales and profits might not continue to increase as much if millennials don’t continue to buy the brand’s products.
As for if sales and profits will continue to increase, we’ll just have to wait and see.
So, what do you think? Is Gucci’s sales increase due to millennials? Let me know in the comments below. Also, don’t forget to subscribe to get new posts sent directly to your inbox and follow me on Facebook, Instagram, and Snapchat.
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