Gucci Plans To Grow With “Bold New Changes”.
In 2021, Gucci will turn 100 years old. So what’s next for the luxury brand? In a recent interview with WWD, Marco Bizzarri; Gucci’s President and CEO, spoke about the future of the brand. One of the key points is the change that they want to make to see Gucci continue to have a competitive advantage and a profitable future.
Alongside Alessandro Michele’s seven-part film series, co-directed with Gus Van Sant, Gucci is planning a fresh design course, product expansion and collaborations. Bizzarri spoke of the impact of COVID-19 and how this has helped “accelerate the changes” they want to see at the brand. This includes decreasing the amount of new yearly collections from five to two. Bizzarri added that it is important to remain different in a highly competitive market, and that “each brand should craft its own path”, adding that “bold changes must be made in tough times”. One of these changes seen is the cutting back of the brand’s wholesale distribution, with the goal of lowering the channel’s share of overall revenue for better control.
For 2021, Gucci also has plans to build on its lifestyle appeal, by developing its décor offering. This will include gaming cards, bottles as well as gifts. They have already announced a collaboration with The North Face for a co-branded collection, although details are scarce at this time. In addition, Gucci has also announced a partnership with luxury consignment company The RealReal and will launch an online shop featuring Gucci products, to help promote their fashion line. This comes with the goal of working on sustainability. This will include biodegradable packaging as well as “recycled, organic, bio-based and sustainably sourced materials.” Finally, Gucci is planning to hold a series of events next year, although few details are known at this time.
Bizzarri stated that Gucci in 2021 will be “different” and “readier for the future, compared to a year ago.”
What do you guys make of this? Are you excited to see what Gucci has to offer for 2021?