Gucci Aims To Rival Louis Vuitton With $12 Billion Target

by MR Magazine Staff

After surpassing Hermes, Gucci has Louis Vuitton in its sights. The Italian fashion brand, owned by Kering SA of France, aims to lift revenue to 10 billion euros ($12 billion) from last year’s 6.2 billion euros, according to an investor presentation on Thursday. That would rival LVMH’s Louis Vuitton, long the biggest and most profitable name in luxury. “We are in the same league,” Chief Executive Officer Marco Bizzarri said. “Sooner or later, if you look at the different pace of growth, and I think our growth is going to be better, it’s not a question of if, but when.” Bizzarri was speaking at a new factory on the outskirts of Florence, Italy, that Gucci is counting on to boost in-house production and bring goods to market more quickly. The site is expected to house 800 employees. Read more at Bloomberg.