In this article
Kering
said Thursday it aims to double profitability and revive its flagship brand Gucci as it announced its highly anticipated strategy to get the company back on track after a year-long luxury slump that hit it harder than its competitors.
CEO Luca de Meo announced the strategy seven months after taking over the reins, during which investors’ optimism has mounted that he’ll be able to turn the legacy conglomerate around.
“In a nutshell, a model that worked for a decade, is no longer effective for us,” he said during the company’s Capital Markets Day in Florence on Thursday. “Growth will come first from gaining share, restoring pricing power, and executing better than our peers.”
