Bottega Veneta is (more and more) in the spotlight. Its performance in the third quarter of the year was amazing: +20.7% at fixed rates of exchange. The fashion brand, which is part of Kering group, took centre stage again last year thanks to Pouch bags, décolleté square toe shoes and trench coats designed by new creative director Daniel Lee. Not to mention the “Padded Cassette case” (in the picture, right), a bag which has become the undisputed queen of social networks. Chief Executive Officer Bartolomeo Rongone (in the box, top in the middle) is about to reveal the secret of Bottega Veneta during an interview given to Business of Fashion.
The secret of Bottega Veneta
Although accessories are still the main product, the brand has “changed its overview”. In fact, as pointed out by Rongone, “since Daniel Lee (in the box, below in the middle) joined the company, we have been moving from one single product to a new profile and a new attitude of mind. Financial results turn out to be a consequence of this overview”. They now make not only leather woven bags (by the way, such weaving highlights a deep creative upgrading), but also shoes, prêt-à-porter and jewels. It is no coincidence, as emphasized by Business of Fashion, that Bottega Veneta’s best item, for this winter season, is not a bag but, instead, Tire boot (in the picture, left).
Daniel Lee’s style successfully managed to target and catch that share of young buyers whom Bottega Veneta could hardly tackle before. As a result of it, BV clients who are less than 40 years old now account for about 60% of sales. Last year they used to account for less than 30%, commented Kering during a recent call. Not coincidentally, then, Lyst, a global fashion search platform, claimed that search for Bottega Veneta bags, throughout 2020 third quarter, increased by 89%. In contrast, search for “bags”, as an overall category, only reached +31%.
The value of progression
Despite sales booming in the last quarter, financial analysts do not believe Bottega Veneta will enjoy a sharp rise in the same way as Gucci. In other words, they rather opt for a slow though progressive growth, more like Saint Laurent’s trend.