Luxury fashion has always been a game of reinvention, but some brands reinvent themselves into obsolescence. Gucci, once the hottest name in high fashion, now finds itself struggling to stay relevant in an era that has turned its back on flamboyance. The numbers tell the story: Gucci’s sales soared from €3.9 billion in 2015 to €8.3 billion in 2018. But by the third quarter of 2023, sales had plummeted by 25%. The culprit? A brand that once dictated fashion’s direction now finds itself at odds with consumer sentiment.
Gucci has long occupied a precarious position in luxury. While Louis Vuitton enjoys unrivaled dominance, Gucci has spent years chasing relevance through trend-driven designs. Under Alessandro Michele, Gucci leaned hard into maximalism, embracing eccentric prints, bold logos, and streetwear influences. The results were spectacular, making Gucci the defining brand of the late 2010s. However, the problem with chasing trends is that they inevitably change. As consumer tastes veered toward quiet luxury, Gucci’s over-the-top aesthetic suddenly felt gaudy and outdated.
Luca Solca, a senior analyst at Bernstein, sums it up: “Gucci’s biggest strength became its biggest weakness. The brand went from being the darling of fashion to being a cautionary tale of what happens when you bet everything on one aesthetic.”
When it became clear that Gucci’s maximalist approach was losing steam, Kering made a dramatic pivot. In 2023, it appointed Sabato De Sarno as creative director, hoping to shift the brand toward a more muted elegance. The problem? Gucci doesn’t do quiet luxury well. Consumers who once loved the brand’s eccentricity found the new collections uninspiring, while those seeking minimalism preferred established quiet-luxury players like Loro Piana and The Row.
“The issue isn’t just the aesthetics,” explains retail analyst Erwan Rambourg. “Gucci’s DNA is about flamboyance and excess. When you strip that away, what’s left?”
Gucci’s struggles are particularly painful for Kering, as the brand contributes a massive 61% of the group’s revenue. Unlike rival luxury conglomerates that can absorb temporary weakness across multiple brands, Kering is deeply reliant on Gucci’s performance. With sales declining sharply and consumer sentiment shifting, the company faces a serious challenge in regaining momentum.
François-Henri Pinault, Kering’s CEO, acknowledges the difficulty ahead: “We are taking bold steps to reposition Gucci for long-term success, but these things take time.”
Gucci’s downfall in a quiet-luxury era is a stark reminder of the dangers of betting too heavily on short-term trends. The brand must now navigate the treacherous waters of reinvention while convincing consumers that it still belongs in the luxury conversation. Can it succeed? Or has Gucci climbed too high, only to fall precipitously?
One thing is certain: in the world of luxury, those who chase the zeitgeist often find themselves at its mercy. Gucci quiet luxury Gucci quiet luxury Gucci quiet luxury Gucci quiet luxury Gucci quiet luxury
