Gucci

Tapping into the viral bag charm craze is ‘sensibly opportunistic’ for luxury companies that might as well ‘make some money off the back of it,’ said Neil Saunders, managing director at analytics firm GlobalData.

Incoming chief executive Luca De Meo needs to urgently tackle two problems, debt levels and management structure, writes Luca Solca.

The French conglomerate reported plummeting second-quarter sales at flagship Gucci as the brand gears up for its second creative revamp in three years. Group sales tumbled 15 percent.

A jump in standalone debt is a ‘temporary spike’ and the company is not facing liquidity problems due to a drop in dividends from Kering and other assets, it told Reuters.

The former Gucci CEO emphasised the importance of finding the right people and talent while accepting an honorary degree from the University for the Creative Arts.

The luxury goods maker is reeling from a sharp downturn in the €364 billion industry — and questions about succession are growing louder.

There’s no denying that the biggest luxury brands badly need a creative reboot. But while the designers who got the top jobs are more than qualified, the lack of female representation speaks to deficiencies in how the industry considers its talent pipeline, writes Imran Amed.

Hermès, Chanel and Louis Vuitton are among the luxury megabrands that have largely remained quiet amid a flood of viral TikToks falsely suggesting their bags are made in China.

Group revenues fell 14 percent in the first quarter as Saint Laurent and Balenciaga also suffered from the downturn in luxury demand.

Cape Town’s V&A is tripling the size of space available for rent to luxury retailers to almost 4,000 square meters (43,056 square feet) in a dedicated new wing, David Green, its chief executive officer, said in an interview.