Blackface Incident Has Peaked Gucci, It's All Downhill From Here [zero hedge]
Macy's Inc (M)
Last macy's inc earnings: 2/25 06:55 am
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Source: zero hedge
Blackface Incident Has Peaked Gucci, It's All Downhill From Here The Wall Street Journal is reporting that the Gucci blackface sweater incident in February has likely peaked the luxury brand's sales and social media influence.Data from Tribe Dynamics shows Gucci has been displaced as the top luxury company for social-media engagement in March, and by mid-summer, its quarterly sales plunged in North America.In response, Gucci decreased its U.S. marketing last quarter to asses the fallout after the blackface incident that led to a social media backlash."We wanted to assess the evolution of the U.S. market, the reaction of the consumers after the issue we had in the U.S.," said Jean-Marc Duplaix, the chief financial officer at Kering/Gucci.Gucci contributes 60% of Kering's revenue and 80% of the profit.Investors started dumping Kering's shares in April after the fallout. By late July, the company reported a 2% decline in North American sales, which extended the selloff into a
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