Gucci’s India manager Nader Wassel steps down; move comes amid parent co Kering, hit by falling sales

Gucci’s India manager Nader Wassel has quit the company, according to people in the know, exiting his role at the luxury brand at a time when its French parent, Kering, is implementing restructuring measures amid declining sales.

Wassel, who also served as managing director of South Asia and the Pacific for Gucci’s watches and jewellery, in addition to being general manager India, had completed a two-year stint in India as part of his decade-long career with Gucci, which included previous leadership roles in Australia, according to his LinkedIn account.

The people cited earlier said Wassel moved on from Gucci earlier this month.

Gucci declined to comment on its India operations. A query sent to Wassel remained unanswered till as of press time.

Financial data shows mixed performance for Gucci’s Indian business. Luxury Goods Retail Private Limited, a joint venture between Kering and Reena and Ashok Wadhwa, saw its profit after tax decline by nearly 22% to ₹51 crore in FY24, down from ₹65 crore in the previous year, according to filings sourced from Tofler. However, operational revenue showed modest growth of 6%, reaching ₹321.1 crore for the year ended March 31, 2024. Notably, the company significantly increased its advertising promotional expenses by 79% to ₹13.8 crore. In May 2023, the brand had appointed actor Alia Bhatt as its global brand ambassador.

Gucci’s retail presence in India has been consolidating, marked by the closure of its South Mumbai Trident Hotel location last year. Currently, the brand has retail outlets in New Delhi, Mumbai and Kolkata, according to its website.Gucci has been facing challenges globally. On February 11, Kering reported a 12% year-on-year decline in sales for the fourth quarter of 2023, primarily driven by a 24% drop in Gucci’s performance. The brand, which generates nearly half of Kering’s revenue and two-thirds of its recurring operating profit, continues to face headwinds. Despite recently dismissing Gucci designer Sabato de Sarno, Kering CEO Francois-Henri Pinault expressed optimism, saying the brand has reached a “point of stabilisation, from which we will gradually resume growth”.The conglomerate, which also owns Saint Laurent, Bottega Veneta and Balenciaga, said it will step up investments to boost growth of its brands, while keeping its cost base under control.



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