As the luxury brand’s French parent, Kering, is undergoing restructuring measures due to dwindling sales, insiders have reportedly said that Nader Wassel, the manager of Gucci’s India division, has resigned from his position.
According to his LinkedIn profile, Wassel, who was also the general manager of India and the managing director of Gucci’s watches and jewellery in South Asia and the Pacific, had spent two years in India during his ten-year career with the brand, which also included leadership positions in Australia.
Wassel left Gucci early this month, according to the previously quoted sources.
Gucci’s Indian business has had a mixed result, according to financial data. According to documents obtained from Tofler, Luxury Goods Retail Private Limited, a joint venture between Kering and Reena and Ashok Wadhwa, had an almost 22 per cent drop in its profit after taxes to US $ 612,000 in FY ’24 from US $ 780,000 the year before. For the year ending March 31, 2024, operational revenue increased by a modest 6 per cent to US $ 3.85 million. Notably, the business’s advertising and promotional costs were up by 79 per cent to US $ 165,600. Actor Alia Bhatt was named the brand’s worldwide brand ambassador in May 2023.
Last year, Gucci closed its Trident Hotel in South Mumbai, signalling the company’s consolidation of its retail footprint in India. According to its website, the brand currently has retail locations in Kolkata, Mumbai, and New Delhi.
Gucci has been dealing with problems all around the world. Kering announced on February 11 that its fourth-quarter 2023 sales had dropped 12 per cent year over year, mostly due to a 24 per cent reduction in Gucci’s performance. The brand, which accounts for two-thirds of Kering’s recurrent operating profit and over half of its revenue, is nonetheless facing challenges.
The conglomerate, which also owns Balenciaga, Bottega Veneta, and Saint Laurent, announced that it will increase expenditures to support the expansion of its brands while controlling its cost base.
