Marco Bizzarri has good reason to celebrate. Over the last 20 months, the president and chief executive of Gucci has successfully orchestrated the turnaround of the Italian fashion house, alongside creative director Alessandro Michele, and on Tuesday, he was nominated in the new category of International Business Leader at the British Fashion Council’s relaunched The Fashion Awards.
Indeed, since taking the helm at Gucci — which accounts for more than 60 percent of parent company Kering’s operating profit — the company has posted consecutive increases in sales growth and on Tuesday, reported a 17 percent rise in quarterly sales to just over €1 billion ($1.1 billion), its highest rate of organic sales growth in five years, beating market expectations by 7 percent.
This performance is particularly impressive in the context of slowing growth in the personal luxury goods market — which is expected to be flat this year — and means that Gucci is not just performing well against the wider market but also taking market share from its competitors, one of its long-term aims.
But Gucci’s meteoric turnaround cannot be attributed to any one factor, says Bizzarri, noting the combined effort of all of the company's teams in implementing the new strategy he first outlined in January 2015, aiming to build the ‘buzz’ of Michele's creative efforts into long-term brand desire and engagement, reduce inventory levels and upgrade the consumer experience.