In order to ensure the consistency of category repositioning, Italian luxury brand Gucci is separating its watch and jewelry business from its regional fashion business, and has made important personnel adjustments in Greater China accordingly.
On April 5, Gucci's parent company Kering announced that Laurent Cathala has been appointed as the president of Gucci's fashion business in Greater China, and the appointment is expected to take effect at the end of June. In the future, Laurent Cathala will be based in Shanghai, reporting directly to Gucci CEO Marco Bizzarri.
It is understood that Laurent Cathala has been in the luxury industry for more than 15 years. After starting his career at French home appliance brand Moulinex, Laurent Cathala joined French luxury goods group LVMH in 2005, where he held various positions. In 2007, he was transferred to MAC Cosmetics, an American make-up brand, as the general manager of the Middle East and India brand.

Pictured on the right is Laurent Cathala

In 2009, Laurent Cathala joined the American jewelry brand Tiffany & Co, where she worked for 12 years, first as Vice President of Emerging Markets in Dubai, and then promoted to President of Greater China and President of North Asia.
2021 marks the 100th anniversary of the Gucci brand. According to the official financial report, Gucci's parent company Kering Group's revenue in 2021 will increase by 35% year-on-year to 17.645 billion euros; compared with before the epidemic in 2019, the comparable increase will be 13%; net profit will also increase by 47.7% to 3.176 billion euros, compared with 2019. It increased by 37.6% before the epidemic.
During the reporting period, Gucci's revenue, which accounted for more than half of the group's performance, increased by 30.8% to 9.73 billion euros, exceeding 9.6 billion euros in 2019, and its operating profit also increased by 42% to 3.715 billion euros. Affected by business streamlining, the brand's wholesale revenue recorded a 10% decline, while its direct retail business grew 37%.
By region, Kering Group's revenue in Japan increased by 13.9% year-on-year to 1.059 billion euros, and the Asia-Pacific region excluding Japan, driven by the Chinese market, increased by 34.6% to 6.695 billion euros, and has become the group's most important source of income.
According to Gucci’s 2021 financial report, currently 53% of the brand’s revenue comes from leather handbags, 19% from shoes, and 15% from ready-to-wear. Jewelry watches and other businesses account for 6% and 7% of revenue respectively.
Gucci's local watch and jewelry business will be managed globally from the company's headquarters in Milan, a move that demonstrates Gucci's increased focus on the fast-growing category.

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It is reported that Maria Cristina Lomanto is expected to join Gucci on May 16 as executive vice president and general manager of the brand - a new role for Gucci. Lomanto will focus on coordinating collection and retail merchandise, visual merchandise, beauty and eyewear licensing, and retail training, reporting to CEO Marco Bizzarri. Lomanto worked as a brand manager at French footwear brand Roger Vivier.
Gucci's latest statement said that Gucci will also usher in more changes in China. With the arrival of the new President of Fashion Greater China, Lilian Chen, Managing Director of Watches and Jewelry Greater China, will report directly to Maurizio Pisanu, Global Managing Director of Watches and Jewelry.