Gucci Skin Care Brand Extension Report

SKINCARE Company Analysis & Brand Extension

Final Project LXFM 501 Spring 2018

Ana Marino Gillian Dimick

Table of Content Executive Summary

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Company Overview

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History Mission Statement & Values Products & Services Ownership & Organizational Structure Current Revenue Environmental Factors Potential Brand Extensions

Market Positioning & Placement Market Positioning Distribution Channels

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8 9 10

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Promotional Activities

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Annual Spend Value Current Advertising Activity

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The Skin Care Market

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Target Consumer

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Market Size Competitive Landscape

Demographic & Psychographic Segmentation

5 Ps Strategy for Brand Extension Product Strategy Pricing Strategy Placement Strategy Promotion Strategy Presentation Board

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23 24 26 27 28 29

Conclusion

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References

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Executive Summary The last 3 years have witnessed the reinvention of Gucci 2.0 under the creative direction of formerly unknown creative director, Alessandro Michele (Napoli). Gone are the sleek and heritage driven concepts of Frida Giannini, gone are the glamour and sexualized designs of Tom Ford., as a new wave of retro romanticism cascades over the brand.

Gucci has entered a realm of jumbled fantasy that harmonizes colorful bohemian eccentricity, youth and gender fluidity (Napoli). It is a powerhouse of success that has radically shifted ideas of fashion with its millennial friendly risk taking designs, social media first strategies, innovative brand collaborations and fearless brand extensions.

As creative director, Michele has declined the strategy of oscillating his design approach each season, instead building a long-term relationship with customers by creating a maximalist romanticism aesthetic that is consistent through consecutive fashion seasons. In this way, consumer confidence regarding high-end Gucci purchases is augmented when the fear of a newly purchased design becoming obsolete in the next six months is assuaged. With this approach, Michele and the Gucci brand are shifting focus to the millennial consumer, recognizing this generational cohort’s increasing spending power.

Analysis of Gucci’s growth plans for the future and current white space opportunities in the brand’s portfolio were key factors in the decision for a brand extension within the skin care category. With strategic focus on the Asian market the importance of natural ingredient stories, elevated packaging and product efficacy are key drivers for the company’s future success in the category.

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COMPANY OVERVIEW

History The history of Gucci can be represented in milestones. The early 1920’s saw the creation of Gucci under Italian craftsman Guccio Gucci. The next 70 years, Gucci was operated under the Gucci family expanding into markets and categories such as handbags and footwear.

On the brink of bankruptcy, Gucci’s allure and desirability was catapulted by the appointment of Tom Ford as creative director in 1995. A sleek, sexualized aesthetic defined the brand and its glamour attracted the gaze and loyalty of the celebrity elite. Four years later Gucci was acquired by international luxury group, Kering in 1999.

The next years in the brand’s history witnessed the departure of Tom Ford as creative director over differences with new parent company, PPR, later to be named Kering. Ford, who was anticipated as the brand’s next CEO, left Gucci Group in 2004. Gucci would maintain a sleek, heritage-driven aesthetic under the direction of Frida Giannini and CEO Patrizio di Marco. However, after years of stagnant and subsequent declining sales, 2014 marked the end for both Giannini and di Marco at the brand’s helm.

A new era for Gucci was on the horizon in the form of new CEO, Marco Bizzarri who took the reins in January 2015. As a seasoned fashion executive, Bizzarri made the strategic decision to look inward at the company’s structure and appoint the relatively unknown Alessandro Michele as creative director establishing a contemporary brand aesthetic that has sent shockwaves through the fashion industry.

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Mission Statement & Values COMPANY MISSION STATEMENT The brand defines its mission statement as ‘eclectic, romantic and above all contemporary’ with a distinctly modern approach to luxury fashion. Under the influential and innovative vision of Alessandro Michele, Gucci has re-established its aspirational positioning as one of the world’s most innovative and desirable fashion houses. Nearly ninety-seven years since the brand’s inception, Gucci’s product offering has maintained its stance as the epitome of Italian craftsmanship and it is defined by its superior quality and overall attention to detail.

The Gucci brand message is bursting at the seams with historical references and energetic interpretations of pop culture, youth culture and internet pop culture.

Despite its archival romanticism aesthetic that is immersed with escapism sentiments, the brand is more modern than ever (Napoli).

CORPORATE SOCIAL RESPONSIBILITY With a growing consumer demand for transparency, CSR has extended into social issues such as gender equality and gun control. Luxury fashion houses are commenting on cultural issues such as the ‘Time’s Up” and “Me Too” movements.

A fashion company’s hiring practices and use of human resources are also under scrutiny in the age of globalization.

While decision-making is not mandatory in regards to social and cultural issues at large, the spotlight placed on a creative director’s social commentary is monumental. In March 2018, Gucci celebrated International Women’s Day through campaign collaboration with artist Cleo Wade promoted by its Chime for Change international campaign to promote female empowerment (Turra). Wade’s artwork was shared on social media platforms, on outdoor billboards and in print media such as the NY times as an advertising campaign (Turra).

The company also joined the anti-gun movement following the mass shooting at Marjory Stoneman Douglas High School in Florida by donating $500,000 to the ‘March For Our Lives’ movement. CEO Marco Bizzarri claimed the decision was easy adding that “Corporate neutrality is completely finished….Today you need as a corporation and as a leader to take a stand” (BoF Team).

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Products & Services Gucci is one of the world’s leading multi-brand luxury fashion brands that designs, manufactures and distributes a range of luxury products, including leather goods such as handbags and luggage, shoes, ready-to-wear, timepieces, jewelry, eyewear and fragrances. In 2017, leather goods and shoes combined accounted for 70% of Gucci’s sales. Beyond these product categories, the brand has ventured into the unconventional under the maximalist aesthetic of Alessandro Michele.

Fearless brand extensions have transcended fashion to include products for the home and Gucci-defined spaces such as museum and restaurants. In 2017, the brand took to Instagram to announce its first foray into home décor. Launched in September 2017, the home line includes tasseled pillows, plates, ceramics, upholstered chairs, wallpaper and other furnishings all envisioned through the brand’s specific codes of Michele signature romanticism. With design cues directly from the ready-to-wear runway, pieces from the Gucci home collection range in price from $190 to $30,000.

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Ownership & Organizational Structure OWNERSHIP & CREATIVE DIRECTION Gucci is one of several luxury and lifestyle brands under the umbrella of world leader in apparel and accessories, the Kering Group. In 1999, when it was still under the moniker of PPR, Kering acquired a controlling stake in the Gucci Group.

Included in the luxury giant’s brand portfolio are nineteen apparel and accessory brands in the global luxury market. Its global reach extends to strongholds in Europe, North & South America, Asia Pacific and the Middle East and Africa with distribution in more than 120 countries across the globe.

With the swift exits of both Frida Giannini and Patrizio di Marco in Decemebr of 2014, Kering quickly ushered in a proven leader in new CEO Marco Bizzarri. At the time of his appointment, Bizzarri turned his eye for a creative lead inward, tapping an unknown designer from Gucci’s atelier with a vast knowledge of the brand’s history and core DNA to take the role of new creative lead for the house.

The creative and business distinction between Bizzarri and his creative counterpart, Alessandro Michele, is considered a key driver in the brand’s recent meteoric success. Bizzarri has likened Gucci’s corporate structure to the process of penning a novel. He explained that as he is writing several chapters for the brand, Michele is articulating his own verses with each ad campaign or runway show. The creative freedom allowed of Michele is undeniable as seen through the brand’s ironic collaborations, logo disruption and genre-bending campaigns.

NEW BRAND STRUCTURE In an effort to expand global business, Gucci has recently restructured the organization to include four new functional areas reporting to president and CEO Marco Bizzarri. Effective March 1, 2018, the company’s new structure showcases a shift toward toward merchandising and global markets with the areas of digital business and innovation as well as brand and customer engagement.

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Current Revenue 2017 REVENUE GROWTH With cross-generational influence and ever-increasing spending power, the millennial consumer has been instrumental in the growth of the luxury industry.

According to Bain & Co consultancy, 85% of the industry’s growth in the last year was comprised of customers under the age of 35. The millennial cohort was also responsible for the remarkable growth reported by Gucci in 2017 in which it surpassed the €6 billion sales mark, nearly doubling 2014 sales revenue of 3.5 billion euros. Kering CEO, Francois-Henri Pinault claims 50% of the brand’s sales are coming from the millennial consumer. The blockbuster success of Gucci is also driving growth for parent company Kering as it makes up 57% of Kering’s luxury business revenue. In 2017, Kering revenues rose by 27.2% to €15.5 billion.

Q1 2018 SALES The first quarter of 2018 marked the fifth consecutive quarter of growth for the Italian luxury brand as revenues rose 27.1% to 3.11 billion euros. Gucci showed double-digit growth in all regions with Asia-Pacific and North America leading the charge. The group posted double-digit growth in all regions, led by North America and Asia-Pacific, while online sales more than doubled versus the same quarter last year.

Environmental Factors SUNSTAINABILITY AND THE CIRCULAR ECONOMY The 21st century has witnessed great changes for the fashion industry. Deemed the second industrial revolution, technology will be a major player in fashion’s future landscape adapting e-commerce, merchandising and communication strategy accordingly. Along with technology, globalization is a key factor in the changing wave of luxury fashion strategy. With rapidly changing technology and a growing global perspective, the fashion industry is moving away from a traditional linear economy to that of a circular economy. Unlike its traditional predecessor, in a circular economy resources are utilized for their maximum value and then recycled and regenerated at the end of their service life.

Technological advances can be utilized to accelerate the diffusion of sustainability throughout the fashion industry. Luxury fashion giant and Gucci parent company, Kering has showcased its sustainability strategy with the introduction of the app, ‘MyEP&L.’ The capability of the technology allows fashion designers to view potential environmental impact of a future design or creation (Paton). From the inception, designers can modify their creations based on their impact to the environment and therefore exercise control over production from the start.

At the forefront of the shift to sustainable supply chain management, Gucci has opened its own leather goods and footwear manufacturing facility in Italy. Named the Gucci Art Lab, the 35,000 sq. foot facility was constructed to enhance the company’s ability to source and manufacture in a sustainable manner (Zargani).

Gucci CEO Marco Bizarri explained that he was tasked with slashing the number of Gucci suppliers by 40 percent only three months after his appointment (Zargani).

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Potential Brand Extensions The Gucci brand is experiencing meteoric success through an aesthetic overhaul under new creative director, Michele, innovative advertising strategies, unconventional brand extensions, and strategic plans for the future regarding consumer engagement. In looking at gaps in the brand’s product portfolio, we identified four potential brand extensions that leverage the above attributes of the brand’s current positioning and its strong brand salience on a global magnitude.

GUCCI STUDIO The brand has had extensive collaborations and partnerships with trending artists such as Ignasi Monreal and Cleo Wade. Gucci has also entered into the arena of building physical spaces as a vehicle for brand expression. In keeping with the momentum of the Gucci Garden, we propose a studio in which local artists are invited to partner with the brand on projects in the launch pipeline and as well as blue sky initiatives. In this way, the brand is able to harness the creativity of local talent and streamline a storytelling narrative in relation to the location of the studio. Initial plans indicate Hong Kong, Beijing and Shanghai as potential locations.

GUCCI SKINCARE Obvious white spade opportunities are related to the skin, more specifically the facial care product category. Gucci currently offers one product in this category in the form of an under eye cream that has minimal packaging. With the skin care market on the rise and new trends of ‘J-beauty” and “Sustainable Beauty’ percolating around the category, Gucci would do well to capitalize on net revenue opportunities along with an extension that plays into gaps in the Asian market.

GUCCI BEDDING As a follow up to the home décor line that debuted in September 2017, Gucci bedding would be the next step in Gucci’s takeover of lifestyle categories. Bed linens serve as an obvious vehicle for the brand’s rich portfolio of prints and heritage codes that have resurfaced under Michele’s direction including snakes and bees.

The momentum of the home collection would carry the Gucci linen collection and bedding would also serve as a strong gift giving proposition for the holiday season.

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MARKET POSITIONING & PLACEMENT

Market Positioning In the las three years, Gucci’s brand equity has risen to be third to the likes of Louis Vuitton and Chanel. It’s innovation on the RTW runway, its collaborations with artists such as Ignasi Monreal and Cleo Wade on traffic stopping out of home murals and the brand’s savvy use of digital media place past its competitors on the blow perceptual map.

The price points of Louis Vuitton, Chanel and Dior are close to Gucci’s offerings while steadfast classic Hermes and its high accessories price point puts it above the three previously mentioned fashion houses.

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Distribution Channels DISTRIBUTION CHANNELS Gucci products are sold through a network of 520 directly-operated stores, a directly-operated online store available in 28 markets. The brand’s distribution also includes selected department and specialty stores. Gucci’s retail channel accounts for 83 percent of the brand’s revenue (Zargani).

EXCLUSIVE E-COMMERCE In 2018, the brand continued its collaboration with artist Ignasi Monreal to launch a limited edition collection of t-shirts and sweatshirts called #GucciHallucination.

The capsule collection included 200 t-shirt designs and 100 sweatshirt designs in line with the Spring 2018 artwork created by Monreal. featuring the dreamy digital artworks by Monreal for the spring 2018 campaign. Each item will have a numbered label and will be housed inside special packaging created by the artist. each bearing a numbered label to be delivered to customers in special packaging featuring the artist’s work. The capsule collection is only available online.

Sales Volume By Distribution Channel RETAIL SALES GROWTH In keeping with the brand’s remarkable revenue growth for fiscal year 2017, Gucci experience exceptional growth in North America, with a 64 percent increase in retail sales in the region for the first quarter 2018. Overall, retail sales were up by 50 percent and despite the closure of some doors, whole sales revenues rose 44 percent.

E-COMMERCE GROWTH Online sales, meanwhile, recorded triple-digit growth versus the same period a year earlier, Kering reported.

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PROMOTIONAL ACTIVITIES

Annual Spend Value Gucci’s adverting spend for 2017 was $43, 711, 798 and accounted for 34 percent of Kering’s overall advertising budget. Key areas of the budget were earmarked for magazines, national newspapers and U.S. internet display.

Current Advertising Activity DIGITAL Numerous industry analysts contribute Gucci’s momentum of success to the company’s ability to created industry leading internet strategies to capture the attention and revenue from millennial consumers. Michele’s use of pop culture logos and the addition of memes have made Gucci and its designs a favorite brand for fashion savvy social media users, with a focus on Instagram.

Gucci has also employed digital strategies to increase the company’s web traffic, as it more than doubled throughout 2017l.

OOH Gucci’s most recent murals debuted in May of 2018 in New York, Milan, London and Hong Kong. Paying homage to the student marches and youth culture of late 1960s Paris, the murals recreate images from the brands pre-fall 2018 advertising campaign. These traffic stopping out of home displays further solidify Gucci’s social media presence and its aspirational Instagram success.

PRINT Although the brand utilized traditional print media, the content of Michele’s Gucci campaigns are anything but conventional. Themes of retro sci-fi and 1970s street style have flood the company’s print offerings, with the latest Spring 2018 campaign foregoing photos altogether and instead incorporating surreal artwork created by Ignasi Monreal.

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THE SKIN CARE MARKET

Market Size THE GLOBAL SKIN CARE MARKET The current global skin care market is valued at $128 billion with the U.S. accounting for the largest segment of this category with an annual revenue of $17 million for 2017. This industry growth shows no signs of stagnation as the NPD Group reported that prestige beauty was the second-fastest growing industry in the U.S., with skin care growing at a stronger rate than cosmetics. The U.S. skin care market was the fastest growing category for all of prestige beauty in 2017 accounting for 45% of total industry gains (Brown).

Consistent market data points to the three major skin care markets as the U.S., China and Japan. According to market share data, these nations are the top three leading markets for cosmetics, fragrance and personal products for 2016. The U.S. represents 19.1% market share, followed by China and Japan, with 11.3% and 8.3% market share respectively. In 2016, the revenue in these three nations accounted for 38.7%t of the cosmetics and personal care products market worldwide.

Market Size FACIAL CARE The forecast for the global skin care market estimates market growth to reach $155 billion by 2021, with above average growth anticipated for facial care. Global Data predicts the Asian Market will continue its dominance as the largest skin care market through 2022 reaching a staggering $90 billion. ‘High potential’ countries in the Asian market include China, South Korea and Malaysia (WGSN).

Key factors for continued include emphasis on natural and organic ingredients as consumer demand for eco-friendly products continues to grow. The industry shift to eco-friendly product development initiatives is fueled by the informed millennial consumer and their purchasing power. According to the State of Fashion 2018 report written by the Business of Fashion team and McKinsey, 66 percent of global millennial consumers are willing to spend more for fashion brands that have incorporated sustainability initiative. Cross-generational influence is creating more consumer demand for products that are ethically sourced, good for the environment and are made by brands that consumers know to be socially and environmentally responsible.

A new dawn has also arrived on the Japanese beauty segment. The nation has the highest per capita spending on skin care and cosmetics, according to the latest data from Euromonitor (Chitrakorn). The below chart showcased the retail value of facial care in Japan and China for 2017 while sales in China amounted to about 15.8 billion U.S. dollars, followed by Japan with retail sale value of about 13.5 billion dollars that year.

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Competitive Landscape CHANEL BEAUTY DIOR YSL BEAUTY INOHERB SK II SHISEIDO ESTEE LAUDER

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TARGET CONSUMER

Demographic & Psychographic Segmentation Gucci’s skin care is designed to appeal to affluent women in their 30s. The typical customer had a job and makes over 100,000 dollars and has graduated college and possibly has a master’s degree. She likes to travel consistently and takes cares of her health. She is conscious about the environment and prefers organic products.

She is technology savvy and browses the web consistently, owns an iPhone and is comfortable shopping online as well as in stores. She reads fashion constantly and follows the top magazines online; she is subscribed to Vogue, Elle, and Harper Bazaar.

Customer Profile Age: 33 Marital Status: Married Kids: 1 Occupation: PR Agency Director Salary: 105,000 Hobbies: travel, yoga TV Shows: Stranger Things, Sex and The City, Game of Thrones Music: Rihanna, Beyoncé, Christina Aguilera

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5 Ps STRATEGY FOR BRAND EXTENSION

Product Strategy According to Beauty Innovations: Skincare Products Summer 2018 report on WGSN water-based cleansers, organic and natural ingredients, and creative collaborations are the next significant trends in the market. Our proposed skincare line not only touches bases on those products, but it goes a step further by offering 100% recyclable packaging for all of our products.

FACIAL CLEANSER The first step into every skin care regime and the most important. We are proposing a water-based cleanser that is gentle on every skin type with 100% natural ingredients. According to the article titled Chemistry 101:15 Of The Best Natural Skincare Ingredients to Look For from Eluxe Magazine, Shae Butter is commonly found in facial cleansers. It promotes the production of collagen in the skin and helps with dry skin conditions, which are the reasons why we have chosen to be the active ingredient in our cleanser (Eluxe Magazine).

EXFOLIATOR While this step is not essential in the everyday routine, exfoliating is necessary to maintain clean and healthy skin. Out exfoliator will not only work for facial methods but also for the body. We will be offering two sizes, a 50ml bottle, and a 100ml bottle. The exfoliator active ingredient for the product is coffee, which is known to have the following benefits: the coffee granules get rid of the dead skin, and the caffeine is known to help with cellulite (Robinson Sanchez).

MOISTURIZER Moisturizing is a crucial player for a healthy and hydrated skin. Our number one goal is to create a moisturizer that will have multiple functionalities meaning the consumer will be able to use it as a facial and body cream. A water-based moisturizer is something to look forward to the Gucci skincare line.

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Product Strategy SERUM Made mainly with Jabara fruit. According to the Emerging Beauty Ingredients report on WGSN, the fruit has anti-inflammatory and anti-aging effects. Serums are a significant trend in the market and are the highest priced product among the most popular skin care items. The article also touches bases on the popularity of Jabara Fruit in Japan, which supports the placement strategy of our product being Asia the number one market for the launch of the line.

FACIAL MASK Our facial mask is the entry point to the skincare line. The facial mask will be composed mainly of green tea extract. The previous is known to be antioxidant, antimicrobial, and has skin conditioning effects (Eluxe Magazine).

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Pricing Strategy

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Placement Strategy In terms of value, the four biggest markets for the Gucci skincare line are the United States, Japan, Italy and China, collectively accounting for almost half of total luxury goods sales.

The launch plan includes Japan and China as the primary and first markets to launch the Gucci skin care offering. Distribution channels include department stores, while at launch our proposal will include pop up shops within the Gucci free-standing retail spaces within first tier cities of Shanghai and Tokyo. Prior to the cascade of launches to other markets, the product line will exclusively available online in China and Japan only. The goal is to augment an exclusive sentiment for the region. This exclusive offer is a strategy to entice local partnerships with Chinese retailers and capitalize on Chinese and Japanese consumer spending habits.

The next launch market is the U.S where the skin care will be distributed through new Gucci locations only including the most recent iterations in Miami and New York, Launch pop up shops will be at Wooster St. location in New York that is focused on a first rate multi-sensorial experience. Department stores including the new beauty offering from Saks will also be channels for the skin care line.

As the skincare line is launching in the U.S., the Milan flagship store will carry the full line, and a new beauty bar will be added to the store’s layout.

The global initiative for the line moving forward will include plans to be incorporated into the future retail expansions. New Gucci operated locations across the globe will carry the skin care line with each store opening offering a gift with purchase novelty based on regional preferences.

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Promotion Strategy Before the first launch of the skin care line, social media teasers including memes will be important for consume awareness. Instagram will be the main social media channel for these teasers that like their predecessors for the RTW runway shows and the Gucci Garden, the concept will drive the content.

Influencer marketing in the Asian market will be pivotal in the digital strategy.

Local beauty influencers in Asia Pacific will create content leading up to the first launch event.

Launch event in Asia Pacific will be held in China. As our concept has nuances of Chinese culture, the year of the snake will be a thematic element. The gift with purchase will include Gucci make up cases and limited edition rice milk product as it is an important ingredient steeped in Asian rituals of beauty.

Out of home initiatives will be important in the launch of the skin care line as we will plan the Gucci mural walls in major launch cities. In keeping with exclusivity for Asian market, we would like to see Alessandro Michele work closely with a local Asian artist to create an authentic yet Gucci surrealist graphic identity for the murals. Potential locations include Hong Kong located on n D’Aguilar Street in Lan Kwai Fong, where previous pre-fall campaign images have premiered.

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Presentation Board CONCEPT FOR SKIN CARE Inspiration for the skin care concept comes by way of the Elizabethan era.

Hailed as the Virgin Queen and lauded for her intellect, political prowess, and influential beauty habits, Elizabeth I is the ultimate symbol of female strength.

Her relationship with John Dee, her astrologist, advisor and alchemist defined many of the queen’s decisions and is the inspiration for the skin care line. The predestination of one’s birth and the placement of the planets under our rising signs define personality traits such as loyalty, confidence and interpersonal relationships. Born in September of 1553, Elizabeth was born in the Chinese year of the snake, which is an important code in the Gucci brand DNA.

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Conclusion A skin care line feels on trend for a Gucci brand extension when compared against the projected growth rate of the skin care industry through 2024. With Asian markets identified as high potential markets for the skin and facial category, a Gucci skin care line is the strongest vehicle to capitalize on regional consumer habits and purchasing patterns. Keeping in line with current sustainable beauty trends, along with a focus on natural ingredients, a Gucci skincare line is operating within the circular luxury economy and consumer demand for ingredient transparency.

The president and CEO, Marco Bizzarri has commented on the future of the brand’s offerings and has defined more shallow categories with deeper intricacies as the future, we feel a five-piece line of cleanser, exfoliator, moisturizer, serum and face mask doesn’t dilute brand equity with a fragmented offering.

With a pricing strategy in line with key competitors in the category, along with lower priced entry points in the face mask offering, the Gucci skincare line will target the mid-30s age demographic among educated, affluent women. The entry point to the skin care line, the face mask, will allow for outliers in the millennial consumer segment, while the exfoliator, moisturizer and serum will reach an older demographic.

Strong packaging in line with the brand aesthetic that is reusable, recyclable and takes its cues from existing beauty packaging and RTW runway themes, will solidify the skincare line with in the portfolio.

THANK YOU!

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Retrieved from https://www.businessoffashion.com/articles/professional/a-newdawn-for-japanese-beauty-brands CosmeticsDesign-Europe.com. (n.d.). Retail sales value of leading facial care markets worldwide 2017, by country (in billion U.S. dollars). In Statista - The Statistics Portal. Retrieved May 31, 2018, from https://0-www.statista.com.library. scad.edu/statistics/857414/global-facial-care-leading-market-by-country/.

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Yee, Theresa (2018, May 17). Beauty Innovations: Skincare Products Summer 2018. Retrieved from https://0-www.wgsn.com.library.scad.edu/content/board_ viewer/#/78923/page/13 Zargani, L. (2018, April 19). Gucci Inaugurates First Leather Goods and Shoe Industrial Complex. Retrieved May 10, 2018, from http://wwd.com/business-news/ business-features/gucci-inaugurates-first-leather-goods-and-shoe-industrialcomplex-1202655623/

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