>> Just a few days after LVMH reported a decline, causing all marketing to be cut save for its top-performing brands, PPR reported a 76 percent decline in first-half profits. Tomas Maier can breathe a sigh of relief: the company's only area of growth was Bottega Veneta, on which PPR has been focusing, which saw an 8.6 percent rise in sales in the second quarter.
At flagship brand Gucci, which accounts for the bulk of Gucci Group's profits, Frida Giannini was credited by PPR chairman Francois-Henri Pinault for bolstering PPR as a whole with sustained demand for her bags in China.
As for any incoming Gucci Group brands . . . »
No specific details were given on the status of Gucci Group's other brands, which include Alexander McQueen, Balenciaga, Sergio Rossi, Yves Saint Laurent, and Stella McCartney, but don't expect any new Gucci Group brands anytime soon: Pinault repeated comments he made in February that PPR had no plans to sell or buy any businesses and is focusing on cutting debt. "For the next 12-18 months, acquisitions will not be a priority for the group."