15 February 2025, Mumbai
Nader Wassel, Manager, Gucci India has resigned after a two-year stint in the role and a decade with the brand. His departure coincides with restructuring efforts by Gucci's parent company, Kering, amidst declining global sales. Wassel also oversaw Gucci's watch and jewelry business in South Asia and the Pacific.
Gucci India’s FY24 business has shown mixed results. While the brand’s operational revenue grew by 6 per cent to Rs 321.1 crore, profit after tax declined by nearly 22 per cent to Rs51 crore. The company significantly increased advertising and promotional expenses, including the appointment of Alia Bhatt as a global brand ambassador. Gucci has also been consolidating its retail presence, closing its South Mumbai Trident Hotel location. The brand currently has stores in New Delhi, Mumbai, and Kolkata.
Globally, Gucci faces challenges. Its sales declined by 24 per cent leading to a 12 per cent Y-o-Y contraction in Kering’s sales during Q4 2023. A major revenue and profit driver for Kering, Gucci continues to struggle. To drive the brand’s future growth, Francois-Henri Pinault, CEO, Kering plans to increase investments in the brand while also managing costs.
