Gucci is offering as much as 50%off its goods in China as the Italian luxury fashion label aims to clear older merchandise designed by its former Creative Director Frida Giannini. Sales in Gucci’s China branches have encouraged lines of shoppers to form since sunrise to bag the best deals.
The Italian fashion house’s CEO Marco Bizzarri is working to reposition the brand as a result of its disappointing figures and declining demand in Asia. In order to do this, Alessandro Michele was promoted to the Creative Director position earlier this year, replacing Frida Giannini who held the post for past nine years. Michele’s first full collection is due to be released in stores later this year.
Gucci’s overall sale performance has been low in China as of late, due to the country’s economic slowdown. The Asia-Pacific region, excluding Japan, accounts for 38% of its revenue so losses in this area have made a significant impact on overall earnings.
Gucci reported its weakest quarterly performance in more than five years last month. The luxury retailer hopes that Michele’s new Gucci will result in its comeback and recovery.
The sale, which started on Wednesday has been reported to last until next month, the exact dates are yet to be confirmed.