Luxury fashion retailer Gucci has announced it is to hold a sale that will offer as much as 50% off its products in China to try to clear some of its older stock which was designed by Frida Giannini, the ex-creative director.
To help get figures and demand back up in Asia, CEO Marco Bizzarri promoted Alessandro Michele to creative director, and they are expecting Mr Michele’s first collection to be released in stores later this year.
Gucci has reported that general sales in China have been low. The Asia-Pacific region includes Japan and accounts for 38% of its income, so declining sales in this area make a huge impact on overall earnings.
The current sale taking place is said to go on until next month, however precise dates have not been set.
