As Kering CEO Luca de Meo outlines a radical plan to double profitability for Gucci, Saint Laurent, and Balenciaga, the strategy hinges on a principle familiar to any lingerie historian: rigorous editing. The luxury group’s pledge to close at least 100 underperforming stores mirrors the foundational move of iconic brands that mastered focus.
Consider the trajectory of La Perla, founded in 1954. Its ascent was not merely about expansion, but a meticulous curation of craftsmanship and retail presence that built an aura of exclusive desirability. Similarly, Kering’s new roadmap, ‘ReconKering,’ seeks to rebuild by stripping away the superfluous, aiming to return its houses to growth through ‘a stronger mix and focused execution.’ This is the sartorial equivalent of a perfectly fitted foundation garment—providing structure and support for what is to come.
The spotlight remains on Gucci, which accounted for 59% of group operating profit last year. Its struggle for a new creative identity under Demna recalls moments when lingerie aesthetics shifted dramatically, such as the 1990s when designers like Jean Paul Gaultier for Madonna blurred the lines between underwear and outerwear, demanding the market adapt. Kering’s challenge is analogous: translating a new creative direction into sustained commercial appeal. As the group pares back its physical footprint to sharpen its image, it applies an old lesson from the intimate apparel playbook—sometimes, less truly is more.
Originally reported by WWD