Luxury fashion house Gucci has made its first steps in the high-end jewellery market with the opening of a dedicated store in Paris.
Gucci is one of luxury firm Kering’s most successful brands, securing over 6 billion euros £5.38bn) in sales during the last recorded financial year. For the first quarter of this year, Gucci recorded a sharp growth of 20%.
When it comes to jewellery, the brand’s success is attributed to creative director, Alessandro Michele, turning the business around when he joined a little over three years ago.
Since he has been designing for Gucci, the company has been growing at a rapid pace.
Seeing the brand’s jewellery potential under Michele, Kering’s chief executive officer announced last year that Gucci will enter the fine jewellery market in the summer of 2019, and now that promise has been fulfilled during Paris Fashion Week.
Yesterday, Tuesday July 2, Gucci opened the doors to a high-end jewellery boutique on Paris’ historic Place Vendome.
Gucci already sells gold-based jewels in the £1,500-£2,000 price range, but the new lines will have price tags in the £50,000-£800,000 region.
The debut 200-piece high-jewellery designers have been inspired by mythical gardens and fauna. Gemstones feature heavily.
The move into fine jewellery will see Gucci compete with the likes of Louis Vuitton, owned by Kering’s rival LVMH, and Cartier and Van Cleef Arpels, owned by Richemont.