In 2018, more than 65% of Gucci sales were youth-oriented, and the brand is aiming to hit the verge of 10 billion Euros. 2018 was the year in Gucci’s history, where they have crossed the threshold of doubling their sales, and hit the figure of €8 billion. The phenomenal growth of the brand in recent years has increased Gucci Net Worth immensely.Image Credit: The Squander
High-End fashion has always remained talk of the town. Fashion industry more vividly known as Haute Couture – is expressively the creation of grandeur attire with high-quality fabric. Millennials are obsessed with luxury brands, and that is the reason teens love Gucci. Just scroll the social media timeline of any fashionable millennial, who loves to squander money, you will see Gucci’s iconic double G logo on bags, caps, and belts. Gucci is nowadays, almost everywhere.
When French director Agnès Varda at the age of 89 hit the red carpet of Oscar Awards, wearing Gucci silk pajama set. She proved that the Italian brand is not only for millennials and anyone can wear Gucci to give a bold and eccentric style statement. Remember Kylie Jenner’s $625 worth Gucci baby carrier that went viral? Well, if you had even half of Kylie Jenner’s net worth, you too wouldn’t hold back yourself from squandering at Gucci’s baby carrier.
People are becoming nutsier and running around to satisfy their craving of wearing lavish clothes and accessories. And, what better option than Gucci? Let’s dig deeper into this high-end brand.
Exceptionality, opulence, and perfection were driving force to shape market trends, but now the power has shifted towards consumers. The outspoken generation has come along the lines to redefine, what they want to wear and has become the determining factor in developing their own aesthetic. The Result? Gucci has transformed itself by seeing through the eyes of their audience. They are putting their efforts to make the millennial outfit with a more offbeat aesthetic.
The younger generation is far away from traditional heritage; they are moving towards the digital platforms to gratify their aspirations. They are looking forward that the luxury brands should be outspoken and shake off their outmoded outlook, by embracing newness and move beyond the pre-assumed self-constructed borderline. Gucci has performed well in this entire process by synchronizing their fashion designs with the dreams of youth. They are providing the opportunity to the millennials to play around with the brand’s aesthetic sense by keeping their appealing core designs on the shelves. The brand’s strategy of redefining the fashion outlook has provided the edge to increase Gucci net worth.
The century-old luxury brand has accomplished an unattainable feat by continuously getting through the exquisite blend of creativeness and technology. Gucci’s CEO is very enthusiastic and has a positive attitude towards technology. Most of the luxury brands were skeptical in the initial phase of digital marketing to create e-commerce sites and were reluctant to get into the realm of an entirely new market. Gucci’s outlook towards technology has paved the way for the brand to reach out millennials, which resulted in soaring Gucci net worth. The CEO of the company in a statement said:
“I was optimistic about technology because I saw the possibility of delegating the most boring tasks to technology and spending more time doing the things that I like, like being creative.”
In 2015 Marco Bizzarri became CEO of Gucci; he revamped the entire advertising strategy of the company. And from then onwards introducing new innovative ways to utilize technology and increase the brand’s outreach. From digital advertisement campaigns, sponsoring of musical bands and concerts, the brand has outgrown itself. But most of the steps by Bizzari aren’t visible to the general audience. All the intricate process is taking place behind the curtains by giving an incredibly smoother online shopping experience to the users.
In the past few years, the company has invested a lot in the formation and execution of state-of-the-art technology. By enhancing its operational functionality of merchandising, supply-chain management and sales forecasting and these are the critical factors in winning over other luxury brands. The company has a wholly new approach toward shaping the future of the fashion industry. Gucci is redefining the luxury of the current era, along with that, it is reinforcing itself to become the desirable brand of millennials. The extensive, fashionable, modern, and classy product line has touched the acme of Italian fashion expertise. That is the reason behind a massive increase in Gucci net worth.
To be precise, in the last couple of years, the brand is experiencing a new life. The creative team is inflating eagerness in the market by delivering innovative and ground-breaking luxury designs. In 2018, by adopting an advanced form of exploring creativity, the company launched Gucci ArtLab. Where they invite craft persons for the creation of Gucci products by utilizing leading-edge machines with the perfect blend of traditional artisan approach.
“In an interview, Bizarre stated “Thanks to Alessandro Michele’s aesthetic, we completely changed the way that fashion was conceived. But then, all the supporting activity, like the supply chain, was able to provide the product, and we were able to triple our production capacity quickly.”
Gucci has proved the notion that art and technology can’t exist separately; both of them are interlinked and woven with each other. Higher-ups of Gucci have created a “Shadow Committee,” which is formed on the people who are under 30, so that the company may understand their fashion outlook. Gucci is regularly inviting people under the age of 30 and make them sit with technology experts to grasp new ideas, concepts regarding fashion. The CEO believes that it is difficult to analyze the ongoing changes taking place beneath the surface in the minds of young people by being alienated from them. So, by looking from the perspective of millennials, Gucci will be able to deliver high-end quality products. The entirely new approach by the CEO and the management has considerably contributed to soar Gucci net worth.
The Italian fashion house has developed a strong foothold in the fashion industry by out casting its competitors and developed a strong brand recognition all around the world. Gucci’s product line has turned itself to become an international status symbol, by eventually growing its reputation. According to our estimate, as of 2019, Gucci net worth is $15 Billion.
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