Giannini's Gucci Debut Buoys PPR Sales
By Miles Socha
PARIS — Call it the Frida effect.
Boosted partly by “excellent sales” of Frida Giannini’s debut ready-to-wear collection for Gucci, luxury goods sales powered ahead 19 percent at Gucci Group to 846.8 million euros, or $1.02 billion, in the first quarter — yet another bubbly showing for the high-flying sector.
The Gucci brand, experiencing a “boom” in sales in the Asia-Pacific region, posted growth of 18.2 percent to 508.3 million euros, or $611.2 million, in the three months ended March 31.
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Gucci said it posted double-digit growth in all geographic areas, including Japan, where sales jumped 10.8 percent. Sales leaped 34.5 percent in the Asia-Pacific, 21.1 percent in North America and 16.7 percent in Europe.
Although Giannini received mixed reviews for her spring-summer 2006 collection of peak-shouldered dresses, cashmere rugby shirts and tomboy-ish pantsuits, sales of women’s rtw posted a 24.3 percent gain to 37.9 million euros, or $45.6 million, the biggest improvement among Gucci’s various product categories.
Sales of leather goods rose 20.2 percent to 294.3 million euros, or $353.9 million, while shoes stepped up 21.2 percent to 70.2 million euros, or $84.4 million. Wholesale orders also vaulted 22 percent, accounting for 29 percent of sales, but Gucci watch sales were described as “disappointing.”