The Italian luxury brand Gucci, formerly known as the powerhouse for it’s owner Kering, has allegedly reduced their prices by 30% according to an American fashion TikToker. The user observed that prices for the brand’s staple pieces have dropped pretty obviously, but without any announcements.
Gucci Allegedly Reducing Prices
The TikToker added that the same could be said for Chanel as they have a steady increase of bags that cost below $4,000 (RM16,000). On Gucci’s Singapore website, the previously popular Ace sneakers in the older style is down to S$735 (RM2,337).
The older Ace sneaker models were over S$1,080 back in 2023. The same could be said for a number of brands. Outlet locations have increased the number of seasonal sales and have pushed their percentage to well above the 70% mark, especially if they’re a luxury designer brand.
Aggressive price hikes once fueled luxury growth, especially in China, but that model has faded and has alienated their core customers who aren’t in the top 1% category.
Currently, Gucci’s recovery remains fragile. Comparable sales narrowed their decline from –8% to –2%, with U.S. demand lifted by new handbags.
Management is simplifying assortments, focusing on leather goods, and reducing stores to sharpen brand positioning. Early demand for Borsetto and Paparazzo lines supports Gucci’s “Rinascimento” plan toward sustainable growth.
Follow us on:
Read More News at #latestmalaysia #BusinessNews and #WorldFuture
