Watch Bottega Veneta Denies Destocking Actions, Emphasizes Exclusivity Stance – Fashion Update

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MILAN Bottega Veneta is talking as much as emphasize its stance and willpower to be equated with luxurious, Made in Italy craftsmanship and unique positioning: “Bottega Veneta has not engaged in any destocking action of products designed by Daniel Lee.”

Responding to an article revealed on Wednesday about merchandise designed by the previous inventive director showing on the web site of low cost retailer TK Maxx, a spokesman for the model mentioned in a press release despatched to WWD on Friday that: “Quite on the contrary, being extremely proud of all collections, Bottega Veneta has established a high-end value positioning and selective distribution strategy. Resellers such as TK Maxx are not supplied by us and we are actively investigating the genuineness and origin of the products sold by TK Maxx.”

TK Maxx is the European model of T.J. Maxx within the U.S. and it has been placing up on the market greater than 125 merchandise from Lee’s first two seasons on the Italian luxurious home, starting from ready-to-wear and footwear to equipment, with costs slashed by as a lot as 79 %.

“Bottega Veneta will continue to highlight its iconicity, exclusivity and timelessness and work with partners that preserve the value of our creativity and craftsmanship,” concluded the assertion.

In a sudden and surprising announcement final November, guardian firm Kering mentioned Lee, who was tapped as inventive director in July 2018, was leaving the model.

Shortly after Lee’s departure, design director Matthieu Blazy was promoted to the highest inventive director’s function, signaling continuity on the model. Blazy will current his first assortment for Bottega Veneta in February.

Throughout his tenure Lee energized the label, which is being helmed by chief govt officer Leo Rongone.

In 2020, Bottega Veneta was the one Kering model for which breakout figures are disclosed to submit progress, with gross sales up 4.8 % in comparable phrases regardless of the affect of the coronavirus pandemic. Within the third quarter of 2021, natural revenues on the home rose 8.9 % year-over-year.

“Bottega Veneta continues to do a great job attracting new clients, with sales to younger generations growing faster than the average. At the same time, it is strengthening its appeal with existing customers, resulting in a very well-balanced client mix,” Jean-Marc Duplaix, chief monetary officer of Kering, mentioned on the time.

“Bottega Veneta is demonstrating quarter after quarter the success of our strategy as it expands the house’s territory, tightens its exclusivity and turns into a truly global luxury brand,” he added.

Final yr the model represented 9 % of Kering’s gross sales. Leather-based items accounted for 74 % of the overall, adopted by footwear with 16 % and rtw representing solely 7 % of revenues.

Blazy, who joined the corporate in 2020, is claimed to share the same sense of fashion with Lee and is predicted to construct on his predecessor’s sturdy tackle the storied label, which has helped gas Bottega Veneta’s gross sales and enhance its attain, revamping it with coveted equipment, from the Pouch bag to the Lido sandals.

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