The Adjacency Expansion · Adjacency & Expansion
Kering Bet Everything on One House. The House Caught Fire.
Kering's 'concentrated luxury' model was sold as discipline. Then Gucci stumbled, and group operating income fell 46% in a single year to €2.6 billion. Now its own incoming CEO calls the structure an 'over-dependency.' The opposite bet — LVMH's 75+ houses — earned €86 billion the same year.
7 min