Word: gucci
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Dates: during 2000-2009
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Most of us, consular virgins imagine that, no matter how our people are mistreated and ignored at home, our country is our protector and Paladin abroad. In Washington, cold-hearted lobbyists trade handshakes with spurious politicians and inhuman CIA agents in Gucci sunglasses listen coldly to our wire-tapped weekend plans. But abroad, by god, our government is there for us! It will fight for our life and liberty, smile a familiar smile in a foreign crowd, and be there with a hug and a cup of tea when it all goes wrong...
...Gucci, Giannini worked her magic with the Flora print, an iconic design created as a scarf for Grace Kelly in 1966. As Ford was churning out the label's black-on-black nightclub vibe, Giannini splashed the happy flowers onto Gucci's bags. "There were so many people who said, 'Maybe it's too pretty for Gucci.' But to me, it was such an important design. So light in a way, but with a good energy," Giannini says. The Flora became one of the most successful products in Gucci history, a fact not lost on Gucci management or industry analysts...
Handbags have a 30% to 40% margin, while apparel has only 15% to 20%, which is why luxury brands use the runway to leverage their image and then optimize profitability with leather goods. In Gucci's case, leather goods make up more than 50% of profits, the majority of those from handbags. Financially, the strategy is working. "They are performing extremely well, despite the slowdown of the general consumer market," says luxury analyst Yasuhiro Yamaguchi of UBS in London. "Coach, Tiffany and Burberry are all saying they've started to see slowdown, but Gucci is resisting the cyclical downturn...
Giannini's bigger challenge has been to try to reposition Gucci's clothing lines. With her first collection, she followed her devil-may-care instincts and showed sophisticated and feminine 1940s-inspired tea dresses, an abrupt move away from Ford's overt sexuality. Since then, some retailers felt the clothing lacked luster. "It's never an easy thing, following a strong designer at a brand that has a strong identity," says Ann Stordahl, executive vice president of women's apparel at Neiman Marcus. "But I think Frida has worked to add a feminine aspect to the Gucci brand...
...affinity for strong women shows up in her office (the walls are lined with photographs of '60s icons like Sofia Loren dressed in Gucci) and in her choice of collaborators. She asked Madonna to co-host Gucci's Feb. 6 celebration of its new Fifth Avenue flagship, the biggest in the world. The event will unveil a new design for the label's stores, which feature giant windows to let the sun in. Giannini is working to make sure it keeps shining on Gucci...