Gucci Beauty opens its first store in Singapore
The store's grand opening was attended by Sue Y. Nabi, Coty's CEO - Gucci's global beauty licensee - and Marco Bizzarri, Gucci's CEO. Gucci's first-ever beauty boutique retails the brand's fragrances and makeup collections, including its recently launched line of blushes, as well as a small skincare offer. This store launch is far from a mere coincidence for Gucci, which is struggling to get back on track.
Three weeks ago, the luxury group Kering, owner of Gucci, published its third quarter results which were marked by a single digit organic growth for the group's flagship brand. From July to September, Gucci sales reached 2.58 billion euros, up 9%. The label, which generates more than half of Kering's total revenue, performed below the group's other brands, such as Saint Laurent, which over the period posted a 30% growth.
The Italian company, which in order to accelerate its recovery wants to refocus on more timeless products and develop certain categories such as menswear and luggage, can also count on the dynamic beauty segment.
This segment often helps boost brand awareness and therefore sales. By opening a Gucci Beauty store in Southeast Asia, the brand is also gaining visibility in the region. In fact, Coty has also announced the opening of a second store in 2023.
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