Posted by: Rose Brady on October 16
How do you sell luxury in a recession? If you’re Gucci, you try to convince customers a handbag isn’t just an accessory but an investment. My colleague, Paris bureau chief Carol Matlack, explains Gucci’s strategy for the recession in a story in the Oct. 26, 2009 edition of BusinessWeek. This season, Gucci is giving top billing to a new purse called the New Jackie, based on a style carried by Jacqueline Kennedy Onassis. Price: $2,200 and up. Meanwhile, Gucci is downplaying its traditional GG bags. Thanks to the strategy, Gucci’s sales in the first half of 2009 were down 3.7%. That compares with a 15% decline for the industry, according to consultancy Bain & Co. Read more about Gucci’s strategy and let us know what you think.
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