Gucci Sales Fall 24%

Gucci‘s revenue dropped a staggering 24% in Q4 of 2024 and 23% overall, according to Kering’s annual findings report released earlier this morning. Among other Kering brands, Saint Laurent reported an 8% decrease in revenue in Q4 of 2024 and a total revenue decrease of 12% across all houses.

Bottega Veneta did, however, report a 12% increase in sales, largely due in part to their continued leather goods success marked by the popular Jodie and Andiamo intrecciato bags. These company-wide losses, while uplifted slightly by Bottega Veneta and eyewear growth, are symptomatic of global luxury’s increasing struggles to retain and attract new customers.

The findings report comes nearly a week after Gucci announced the sudden departure of creative director Sebato De Sarno. De Sarno, who was appointed in 2023, was tasked as the successor to Alessandro Michele’s decade-long tenure and immense success. De Sarno aimed to move the brand away from online trends and toward a timeless commercial realm while reintroducing menswear; however, his brief stint was met with critical unease.

Gucci is currently scheduled to debut its Fall/Winter co-ed collection on February 25th during Milan Fashion Week. The upcoming show will be the final collection designed under his creative direction. The brand has yet to publicly announce a replacement for De Sarno. Previously, Gucci relied on the design team during the interim between Michele and De Sarno, a move replicated by Chanel’s in-house team following Virginie Viard’s departure.

Sabato’s sudden departure is representative of a year-long series of change-ups at the executive and creative level as luxury struggles to find its commercial footing. Other recent shakeups have included Michele’s much anticipated move to Valentino, Veronica Leoni’s debut at Calvin Klein this NYFW, Sarah Burton’s upcoming collection at Givenchy, and Matthieu Blazy’s at Chanel.