Gucci: Italian Luxury Brand of Fashion and Leather Goods

Gucci is an Italian luxury brand of fashion and leather goods, part of the Gucci Group, which is owned by the French holding company Kering. Gucci was founded by Guccio Gucci in Florence in 1921. Gucci generated about €4.2 billion in revenue worldwide in 2008 according to BusinessWeek. Guccio Gucci had previously worked at the famed Savoy Hotel in London, and this inspired him to bring the taste of the English nobility into the goods he created. He created many of his classics early during the 1950’s; products such as luggage, ties, shoes, and the famous handbags sporting the bamboo handle. After his death in 1953, his family was able to take the enormously successful company to new heights by opening stores in Paris, Beverly Hills, London, Palm Beach, and Tokyo. The company increases and diversifies production, carrying out significant research on new more luxurious materials and innovative approaches to design never tabling the legendary quality and craftsmanship synonymous with the brand. The great classics are revamped in new shapes and colors, and new product categories are introduced. The luxury fashion brand Gucci started generating headlines for unveiling its new collection of watches through creating a series of branded memes in collaboration with artists and popular Instagram meme accounts and posting them on their social media channels. For Gucci, its digital strategy reflects a brand first, channel second mentality that results in a visually engaging, fully functioning e-commerce store with full product offerings on sale, and a social media strategy that does what it needs to do without overreaching.

Marketing Strategy Driving Gucci’s Growth

GUCCI is the most desired luxury fashion brand, which has attained the status of highly successful brand and it was also globalize to expand its business. There are different factors like clear brand positioning, growing consumer expectations, and look for the authenticity, which can contribute to intensify the competition in the market. The brand has maintained its own outlets in different countries so that smooth supply of their products can be ensured in that country. Its strategy accomplished through diversification and communication, Gucci changed its strategy of carrying a single brand to branching out to a multi brand group. This strategy is also adopted by other conglomerates such as Louis Vuitton and Prada. Gucci's net worth is 12.7 billion. Gucci is among the top 10 luxury brands considering brand value in the latest survey by Interbrand, it has 16.5 million followers on instagram and 4.62 million followers on twitter. All the major players of the luxury goods industry have now adopted social media marketing and are looking for new ways to engage with their fans and customers to build up brand awareness.