Gucci goes gourmet
Last Tuesday, haute cuisine met haute couture, as iconic fashion brand Gucci dipped its ever so stylish toe into the world of fine dining. The luxe Gucci Osteria is a green walled restaurant hidden away inside the Gucci Garden – an “experimental museum-retail concept” nestled in the beating heart of Italy – Florence’s historic city center.
The restaurant seats 50, and is run by one of the continent’s most celebrated chefs, Massimo Bottura. Bottura, who is based in Modena, is the proprietor of three-Michelin starred Osteria Francescana – named, in 2016, the best restaurant in the world. But why is the brand pushing into new territory?
Gucci-owner Kering has had a phenomenal year which has seen its share price appreciate by almost 80%!
SOURCE: Yahoo Finance
Younger consumers are crucial to the survival of iconic luxury brands like Gucci, given that their claim to greatness is built around style and fashion – areas of society traditionally dominated and influenced by youthful preferences. And Millennial consumers are not shopping the same way their parents did. For Millennials, the purchase might even seem like an afterthought: they want opulent experiences, authentic brand interactions, and lifestyle choices that will resonate with their peers. And food, as any social media veteran will tell you, is a big part of the Millennial lifestyle experience.
By combining high fashion and fine dining, Gucci is walking the same road as many of its peers. Tiffany & Co. opened the Blue Box Café at its New York flagship store; Prada has Milan patisserie Marchesi; LVMH is planning to open its second La Grande Epicerie high-class grocery.
But Gucci has something special: its restaurant sits at the center of a micro-empire replete with exhibition space, cinema, museum displays, and retail opportunities, all situated in one of the most historic parts of Europe. When it comes to the new luxury shopper, that’s a recipe for success.
Dominion holds Kering, the parent of Gucci, in its Global Trends Luxury Fund.
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