Top stories of the week (18-22 October)

by Maje Pérez-Ramos
  1. Gucci experiences a severe slowdown in its Q3 results. As reported by Vogue Business in this article written by Laure Guibault, the brand posted a sales increase of 3.8%, very far from the 9.1% predicted by analysts. Kering has pointed to pandemic restrictions in Asia and supply chain issues as responsible factors. This results come in sharp constrast with Hermés 31% sales increase in the same period.
  2. Burberry has its next CEO. Following the high-profile departure of Italian Marco Gobetti, citing family reasons, the British brand has announced that Jonathan Akeroyd, current CEO of Versace, will take up his position from April 2022. Akeroyd has also stated that he is accepting the position to return to the UK with his family. Read more about this interesting CEO swap here.
  3. Rumours of a merger between Richemont and Farfetch are back, a deal that would make up for the luxury Swiss giant proverbial lack of digital skills. After months of silence, Miss Tweed reports in this article written by Astrid Wendlandt, that negotiations between Johann Rupert, chairman of Richemont and José Neves, CEO of Farfetch are on again. A number of factors, however, stand in the way of this deal: the fate of YNAP (Yoox/Net-à-Porter) acquired by Richemont in 2018 and that, according to Miss Tweed, is eager to off-load now, the existing bad blood between several Farfetch and Richemont high-rank employees and, last but not least, the strong personalities of Rupert and Neves. Read more about it in this article from The Fashion Law.

Image: @cartier

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