Kering CEO says it will continue to reduce its retail network to decrease reliance on Gucci

According to foreign media reports, Luca de Meo, CEO of Kering, stated that in order to restore business growth, the group needs to reduce its reliance on the struggling flagship brand Gucci, further shrink its store network, and seek more synergies.

In an internal document, he pointed out that the group has set an 18-month timeline aimed at getting all brands back on the growth track; at the same time, he indicated that restoring "excellent financial performance" would take about three years. He revealed that the company has closed 55 stores in the past year and, after years of expansion, still needs to further reduce its retail network and reassess its pricing positioning and product mix