From Breakingviews - Next Gucci CEO may have toughest job in luxury
The main challenge for Gucci is figuring out how to rely less on China, which makes up more than one-third of sales compared with roughly one-quarter for rivals Hermès International
, according to Barclays’ estimates. That dependence has at times been a blessing but increasingly looks like a problem, as shown by prolonged pandemic lockdowns and a slow rebound in the People’s Republic. There are few promising future alternatives, though. The number of middle and high-income Indians will jump by up to 40 million between 2022 to 2030, Bain & Company
, but that’s just one-fifth of the increase that China managed between 2014 and 2022. All of that makes Gucci CEO job one of the most interesting in the luxury sector – but also possibly the toughest.
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