Discussion: The State of Kering

[FashionPower]

I am still impressed that leather goods represent 70% of YSL sales while never being shown on the runways.

It's the opposite for me, I'm surprised LG or SLG sales are so low, I was expecting > 80% or even more like Louis.
Vaccarello's offering is extremely off putting and considered "unreachable" by the general public: too bourgeois and too snobbish, in contrast with the rock&roll groupie image by Slimane that was more considered more relatable and up to the current times.
Let's be honest, YSL is the go to brand for all the girlies who know nothing about high fashion but still want to flex the logo and the status symbol but don't want to look as "cheap" as a Louis Vuitton monogram and can afford better than a Jacquemus Chiquito. YSL is a very safe and reliable brand for the leather goods: you got the Cassandre logo that screams "look at me! I can afford a 2k bag, I am a rich and independent woman", but not as tacky as a LV monogram, the leather is decent and the designs are pretty much trendy: you got the quilting, the smooth leather, the mini bag, the tote and so on. Of course the brand equity is high and brand is well perceived among the general public. You would be shocked by the amount of tacky girls / women you can see in Milan carrying the deadly combo of a puffer jacket, basic jeans, sneakers and a LouLou from YSL...as they think that 2k bag with actual production cost of 50 bucks would elevate their basic looks. Majority of YSL customers are either these girls or russian looking hookers full of botox and lip filler hanging around with Opyum Cassandre heels and Cassandre logo wallet on chains with metal tassel. People from marketing should study why so many instagram girlies are obsessed with either Opyum heels or Givenchy Shark Lock boots.
At the end, YSL is just a Cassandre logo for the general public, of course someone would still buy the Skims looking figure hugging dresses, the leather oversized trench coats but the ratio will be like 1 out of 10 LouLou...

 

[yslforever]

It's the opposite for me, I'm surprised LG or SLG sales are so low, I was expecting > 80% or even more like Louis.
Vaccarello's offering is extremely off putting and considered "unreachable" by the general public: too bourgeois and too snobbish, in contrast with the rock&roll groupie image by Slimane that was more considered more relatable and up to the current times.
Let's be honest, YSL is the go to brand for all the girlies who know nothing about high fashion but still want to flex the logo and the status symbol but don't want to look as "cheap" as a Louis Vuitton monogram and can afford better than a Jacquemus Chiquito. YSL is a very safe and reliable brand for the leather goods: you got the Cassandre logo that screams "look at me! I can afford a 2k bag, I am a rich and independent woman", but not as tacky as a LV monogram, the leather is decent and the designs are pretty much trendy: you got the quilting, the smooth leather, the mini bag, the tote and so on. Of course the brand equity is high and brand is well perceived among the general public. You would be shocked by the amount of tacky girls / women you can see in Milan carrying the deadly combo of a puffer jacket, basic jeans, sneakers and a LouLou from YSL...as they think that 2k bag with actual production cost of 50 bucks would elevate their basic looks. Majority of YSL customers are either these girls or russian looking hookers full of botox and lip filler hanging around with Opyum Cassandre heels and Cassandre logo wallet on chains with metal tassel. People from marketing should study why so many instagram girlies are obsessed with either Opyum heels or Givenchy Shark Lock boots.
At the end, YSL is just a Cassandre logo for the general public, of course someone would still buy the Skims looking figure hugging dresses, the leather oversized trench coats but the ratio will be like 1 out of 10 LouLou...

That's actually a case study of marketing, because not one of those bags have appeared on the runways in nearly 8-10 years. And campaigns are barely focused on them.

 

[Creative]

Is there something uglier than an YSL bag? 🫣 They scream cheap or tacky party girl

 

[proseccotabis]

50 stores will be closed… (source BOF)

See when you are too greedy. Should I have stick with AM as they stick with Demna. 🥴

Someone needs to sit me down and explain to me, in detail, please, how Demna is still at the helm of Balenciaga?! When (apparently, even outside of the results from few days ago) nothing has been selling for quite some time.

I've been told the hiring freeze at Kering is on till end of 2025.... no surprises here...

 

[proseccotabis]

Majority of YSL customers are either these girls or russian looking hookers full of botox and lip filler hanging around with Opyum Cassandre heels and Cassandre logo wallet on chains with metal tassel.

JAIL

 

[Frederic01]

The Debrief | Can Kering Fix Gucci?​

Luxury editor Robert Williams joins executive editor Brian Baskin and senior correspondent Sheena Butler-Young to discuss Gucci’s dramatic sales decline, leadership churn, and the broader challenges facing the luxury group Kering, as the conglomerate seeks a path to recovery.

18 February 2025

Background:​

Gucci has long been the shining star of Kering’s luxury portfolio, but the brand’s recent struggles have exposed weaknesses in the conglomerate’s position. Gucci’s sales plummeted 24 percent in the fourth quarter of 2024, dragging Kering’s overall performance down by 12 percent. The shock departure of creative director Sabato De Sarno after less than two years only deepens the group’s instability.

Luxury editor Robert Williams joins executive editor Brian Baskin and senior correspondent Sheena Butler-Young to discuss how Gucci’s downturn is affecting Kering’s broader portfolio, why its attempt at a creative reset didn’t resonate, and what’s next for the group as it searches for a new vision.

Key Insights:​

• Gucci’s downturn has been severe, with sales falling by almost a quarter in 2024. This dramatic slide highlights the challenge of reinvigorating the brand. “[Gucci] has had a few really big booms, but then also some pretty big busts afterward. That creates additional complications for the group and how much they’re able to invest in acquiring new brands, in developing the brands they have. And honestly, to also just continue to exist,” says Williams.
• Gucci’s identity has become muddled as it leans too heavily on its heritage, potentially limiting its appeal. “Gucci can stand for a lot of things and I think that’s where they got a bit confused. It’s the biggest Italian luxury brand and maybe they started to think that it was more of a heritage house than it should be,” Williams explains.
• Williams outlines a protective strategy where the group is preemptively selling off valuable real estate. He cites the sale of luxury jewellery house Boucheron headquarters and flagship store on Place Vendôme, stating, “choosing to cash in on the fact that this building is worth a lot of money is a bit worrying that they feel the need to get that treasury right now.”
• Gucci’s potential for a rapid rebound hinges on securing the right creative leadership to tell a compelling story of the brand and leveraging its extensive assets. “I think real potential for the rebound is there if they can get the right person in place just to tell a very convincing fashion story. It can go very high, very fast again,” Williams says. “They have a lot of real estate, they have a lot of stores in great locations and they have a whole supply chain behind them that’s really like rooting for their comeback because it’s the biggest client for so many suppliers in the Italian fashion system.”

BOF

 

[yslforever]

Is there something uglier than an YSL bag? 🫣 They scream cheap or tacky party girl

It really depends if they have the Cassandre or not. I quite like the Cassandre, for sentimental reason, but only at the entrance of a store or the end of a runway, not on every bag. AV dislikes working with it too.
And the way L'Oréal works it really cheapens it, it's not entirely Kering's fault there.
Anyway, I prefer Pilati's bags, the Muse and especially the Mombasa (and we all saw what you did BV with your Sardine).

 

[proseccotabis]

(and we all saw what you did BV with your Sardine).

does anyone buy this bag at all? its hideous!

 

[yslforever]

does anyone buy this bag at all? its hideous!

Never saw one in the wild...
Speaking of hideous, Gucci are surpassing themselves today:

https://www.gucci.com/fr/fr/nst/dance-me-out

This 2nd edition of Gucci cub3d will certainly help Kering's cash drain and cash issue.

 

[proseccotabis]

Never saw one in the wild...
Speaking of hideous, Gucci are surpassing themselves today:

https://www.gucci.com/fr/fr/nst/dance-me-out

This 2nd edition of Gucci cub3d will certainly help Kering's cash drain and cash issue.

What in the Nike disgrace is that...

 

[VogueDisciple93]

These sneakers are prime example why Gucci will face even worse sales for at least this quarter. A house of clutter and tacky sh*t!

I would never buy anything from Gucci, under any designer at any point in history, but it is painful how incredibly intent they are to drive it into the ground.