Gucci not to open any new stores in China in 2013
Following Vuitton‘s annoucement of freezing development, PPR‘s flagship brand Gucci confirmed it would not open any new stores in China, however it would enlarge two and refurbish some of them. The move does not come as a surprise, given the scare of ”banalization” and loss of luxury positioning which analysists cnsider as the main reason behind the slower growth at Vuitton in 2012, at the levels of 2009. Last year, Gucci announced it would open more men’s stores in China, but it seems the new context has shelved these plans too.
Bottega Veneta, PPR’s best performing brand, second in turnover to Gucci, has announced record results for 2012 and is likely to stick to its plans to open further stores in China, the brand having announced it would open larger surfaces between 1.000 and 2.000 sqm.
Other brands which do not seem to be deterred by the slow down in China, which prepare new openings in 2013 include: Tod’s Group’s Hogan, Salvatore Ferragamo and Jimmy Choo. Burberry has also singled out China as one of its priorities in terms of expansion, the British brand being behind many of the other major players.