MILAN — Despite the rocky economy, Gucci is staying the course, casting a wider net and approaching emerging markets with significant potential, while continuing to build its more consolidated ones. In line with its global retail push, the luxury goods house has opened its first store in Budapest, Hungary, in October, as reported, and will unveil its first directly operated store in Munich, Germany, on Nov. 3.
According to president and CEO Mark Lee, one of Gucci’s “most valuable assets is the ability to balance its leadership and exclusivity between historical and new markets, while staying relevant to different customers all over the world.”
The Munich store is located at the entrance of the prestigious Maximilianstrasse and boasts the new Frida 1 design, conceived by Gucci’s creative director Frida Giannini. The only two other examples of this concept are the New York flagship store and the renewed boutique in Rome’s Via Condotti, which both opened in February.
Gucci bought back its franchisee in Munich, marking a push in its strategy to invest in its own direct stores, which total 246 around the world. Seventy percent of the brand’s revenues derive from directly owned stores.
The store covers a selling space of almost 6,400 square feet on one level and carries women’s and men’s collections of ready-to-wear, handbags, shoes, watches, sunglasses, jewelry, small leather goods and gifting items. Staple Gucci materials such as dark rosewood and marble remain essential in the store’s aesthetics. At the same time, a range of new materials such as ribbed glass, warm polished gold, smoked mirror and smoked glass, hark back to the elegance and richness of the Art Deco era.