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Gucci designer Alessandro Michele has already won awards, dominated magazine covers, convinced everyone to wear furry loafers, and now he's passed another big test. Bloomberg reports that Gucci is officially showing signs of a turnaround with Michele at the helm as creative director.
Parent company Kering's fourth-quarter results show that Gucci's comparable-sales increased 8%. Gucci revenue advanced 4.8%, which beat analysts' estimates. It's Gucci's strongest result in three years.
Things have been looking up at Gucci since the summer, but Michele now has enough product in the store to officially make an impact. According to Bloomberg, Michele's designs accounted for 30% of sales in the fourth quarter. There'll be another test in the third quarter of 2016, when the full range of his designs will be in all of Gucci’s boutiques.
Now that Gucci is sorted, the next question for Kering's bottom line must depend on whether Hedi Slimane will stick around at Saint Laurent.