Millennials, creativity, tradition, made in Italy, Gucci and Saint Laurent: Pinault’s recipe for success

Luxury has new customers, and fashion needs to adapt to change. François-Henri Pinault (pictured) traces the future of a world he knows as his pockets and warns the big brand from the new advancing. In an interview with Corriere della Sera, Kering’s president explains that “luxury is experiencing a significant change,” which is leading as the first novelty to the acquisition of concepts such as “heritage and crafts” to make space for emotions. “If I look at some of my major brands, I see that world sales to people under 35 are 56% of Gucci’s revenue and 65% of Saint Laurent and Balenciaga this year,” Pinault explains. “Customers are looking for that thrill that comes from creativity”. However, “some brands are not on this path” and quoting the Gucci case (which after a promising 2012 had slowed down), explains how they decided to “reposition the brand to meet new customers, restoring a powerful creative proposition”. Pinault has not foreseen any diversification for its brands, and stresses, “My strength is my Italian part. What makes Italian and French brands great is their ‘made in’: made in Italy and done in France. It’s a piece of history you find everywhere, not just in the product. If you’re a brand of American luxury, you can produce anywhere. “


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