Wassel, who served as the managing director of South Asia and Pacific in Gucci watches and jewelry, is a general manager, and has also been involved in two years of stints in India as part of his 10-year career at Gucci. Finished. His previous leadership role in Australia, according to his LinkedIn account.
Those who quoted earlier said Wassel moved from Gucci earlier this month.
Gucci declined to comment on its Indian business. Queries sent to Wassel remained unanswered as of press time.
Financial data shows the mixed performance of Gucci’s Indian business. Luxury Goods Retail Private Limited, a joint venture between Kering, Reena and Ashok Wadhwa, made profits after the tax decline after a decline in taxes after a decline in taxes from the tax rate of 65 crore in 2024, according to an application from Tofler. . However, operational revenues showed modest growth of 6%, reaching 321.1 crore for the year ended March 31, 2024. In particular, the company has increased advertising promotion costs significantly, up 79% to 13.8 crores. In May 2023, the brand appointed actor Aria Batt as ambassador for the global brand.
Gucci’s retail presence in India has been consolidated, marked last year by the closure of the South Mumbaito Rident Hotel location. Currently, the brand has retail stores in New Delhi, Mumbai and Kolkata, according to its website. Gucci faces challenges worldwide. On February 11, Kering reported a 12% decline in sales in the fourth quarter of 2023 compared to the previous year. This was driven primarily by a 24% decline in Gucci’s performance. The brand, which generates almost half of Kering’s revenue and two-thirds of its recurring operating profit, continues to face headwinds. Despite recently rejecting Gucci designer Sabato De Sarno, Kering CEO Francois-Henri Pinault expressed optimism, saying the brand “reaching a point of stabilization and gradually resuming growth.” . Balenciaga said it will step up its investment to drive brand growth.
