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The Latest Breaking News from Kering

Gucci’s Creative Director Michele to Step Down

Creative director Alessandro Michele is leaving Kering's star label Gucci after seven years, two sources said on Wednesday, with his departure following tensions between him and Kering's senior management, one of the sources said. They said the French luxury group is expected to confirm the departure of Michele, a former…

Asharq Al-Awsat

Is Alessandro Michele leaving Gucci?

The fashion industry is a awash with rumours the creative director could be on his way out. So what’s next for the brand?

Evening Standard

Gucci set to part ways with star designer Michele: report

Paris (AFP) - The Italian designer Alessandro Michele is set to leave Gucci, where he has overseen a surge in sales at the fashion powerhouse since 2015 but seen his star fade in recent seasons, according to a report in industry bible Women's Wear Daily on Wednesday.

AFP

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Luxury goods boom in Britain as super-rich youngsters buck the recession

Rich kids of Insta use strong dollar to fuel sales of brands such as Burberry, Louis Vuitton and Gucci

The Guardian - UK

‘We like anything with the Harrods name on it’: luxury brands report booming sales

Luxury goods firms report bumper profits as richest customers remain largely untouched by economic crisis

The Guardian - UK

Fashion brands grapple with greenwashing: ‘It’s not a human right to say something is sustainable’

While business imperatives for making sustainability claims are clear, being able to prove them has become a stumbling block for the industry

The Guardian - AU

Balenciaga becomes the first major brand to delete its Twitter account

Fashion house Balenciaga has become the first brand to delete its Twitter account since the Musk acquisition.

Fortune

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Khloe Kardashian appears to public address Kanye West’s anti-Semitism remarks on social media

The Kardashians star, 38, took to Instagram to show her support for the Jewish community after anti-Semitic banners referencing West were hung from a LA highway by the Goyim Defense League

Evening Standard

Balenciaga breaks ties with Kanye West

Paris (AFP) - Paris-based fashion house Balenciaga has ended ties with rapper Kanye West following a recent run of controversial statements, including an outburst denounced as anti-Semitic, according to fashion news site WWD.

AFP

Balenciaga splits with Kanye West after rapper made antisemitic outburst

The top fashion house is the latest to cut ties with the rapper since his antisemitism controversy

Evening Standard

Kanye West dumped by major fashion chain after string of major outbursts

French fashion house Balenciaga has announced it will be cutting ties with Kanye West amid his ongoing controversies, just weeks after he opened their Paris Fashion Week show

Daily Mirror

Kering Sales Rise 14% in Third Quarter but Gucci Lags

French luxury group Kering said sales in the third quarter increased by 14%, driven by a strong showing in Europe, although revenues at its star label Gucci lagged the overall growth. Luxury giants have been brushing off concerns that the industry's post-pandemic boom could be cooling due to a looming…

Asharq Al-Awsat

Gucci’s Sales Growth Eases in Q2 as China Lockdowns Weigh

Gucci's sales growth eases in Q2 as China lockdowns weigh Sales at French luxury group Kering's top brand Gucci rose by just 4% in the second quarter, the group said on Wednesday, as a new round of lockdowns weighed on revenues in the key Chinese market. Overall sales for Kering,…

Asharq Al-Awsat

Gucci and Balenciaga owner enters the metaverse with KNXT project

So far, Kering’s project offers multiple digital drops to be tested by consumers online.

Input

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Radio France Internationale

Luxury goods market on a high, despite conflict, pandemic

Global luxury brands have posted strong results for the first quarter of this year despite global hardships including the conflict in Ukraine, inflation and Covid restrictions in Asia. This comes on the back of an exceptional year in 2021.

Asharq Al-Awsat

Gucci in Focus as China Lockdowns Weigh on Kering Q1 Sales

Disruptions from COVID-19 lockdowns in China cast a cloud on forecast-beating first-quarter sales from Gucci owner Kering on Thursday, even as the group pointed to sustained demand from the United States and Western Europe for its high-end fashion and leather goods labels. Group sales for the three months ending in…

Asharq Al-Awsat

Kering to Pay 187 Mln Euros to Settle Bottega Veneta Tax Dispute

French luxury goods group Kering agreed to pay almost 187 million euros ($207 million) to settle a dispute with Italian tax authorities centered on its fashion brand Bottega Veneta, three sources with direct knowledge of the matter said on Friday. Kering confirmed the outlines of the settlement, without giving the…

The Guardian - AU

Major jewellers to cease buying Russian-origin diamonds after increased scrutiny

Several big name brands including Tiffany, Pandora and Chopard announce a pause on buying raw materials of Russian origin amid war in Ukraine

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Asharq Al-Awsat

Gucci Powers Forecast-Beating Sales Growth at Kering

Kering (PRTP.PA) reported sharp growth in fourth-quarter sales on Thursday, beating expectations over the holiday period as marketing investments and 100th anniversary events helped boost the popularity of its top Gucci brand. Overall sales at the French luxury goods group rose 31.9% on a comparable basis to 5.41 billion euros…

Asharq Al-Awsat

Will Kering and Hermes Follow Louis Vuitton’s Lead on Prices?

When Gucci-owner Kering and Hermes report earnings this week, investors will be looking for signs that the big luxury fashion groups are confident that wealthy shoppers are willing to pay higher price tags for designer accessories. Rival Louis Vuitton, the world's largest luxury label, said on Tuesday it would raise…

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