Kering CEO plans ‘House of Dreams' investment arm to help trim reliance on Gucci: Reuters [CNBC]
KERING SA UNSP/ADR (PPRUY)
NASDAQ:AMEX Investor Relations:
kering.com/en/finance
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Source: CNBC
Kering's new CEO Luca De Meo plans to set up a new unit to scout for up-and-coming brands to invest in, documents seen by Reuters show, as he seeks to tap new revenue streams and trim the group's reliance on struggling Gucci. The move would see the unit, named “House of Dreams”, given long-term capital to take stakes in or partner with emerging businesses, as wealthy shoppers have increasingly turned their backs on traditional luxury brands. The plan, shared in a memo with senior staff in October and previously unreported, gives insight into de Meo's wider strategy to revamp the $20 billion luxury conglomerate ahead of a much-awaited investor presentation next spring. The French group, controlled by the billionaire Pinault family, in October registered the “House of Dreams” trademark in France, the website of the National Institute of Intellectual Property (INPI) shows. In the memo, De Meo cited areas such as experiential tech, Indian craftsmanship and “culture-led” Chinese l
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