Kering announced a minority stake in ICCF, the Chinese group behind Icicle and Carven, as new CEO Luca de Meo outlined bold ambitions for Gucci and the luxury conglomerate in Florence. The undisclosed investment marks the first move under the "House of Wonders" initiative, aimed at accelerating emerging luxury brands with global potential. This step signals Kering's push to deepen ties in China, a pivotal market where its brands face maturing consumer demands.
A Platform for Controlled Experimentation
Luca de Meo, drawing from his automotive background at Renault, frames the investment as a calculated risk in a competitive luxury landscape. "We face very strong competitors in luxury. As a challenger, you have to be bold, to try things," he told journalists. House of Wonders, led by strategy director Joël Hazan, creates an operational platform with a multidisciplinary team to help select brands grow faster, without jeopardizing Kering's core operations. De Meo emphasizes learning from regional players over pure venture bets, seeking insights into new markets and categories that could yield high-growth "unicorns."
Unlocking China's Sophisticated Luxury Market
China's luxury sector has evolved from rapid expansion to discerning tastes, prompting Kering to rethink its approach. De Meo notes Gucci's past growth relied on sheer store additions, but now demands precise messaging across experiential channels. ICCF offers an insider view, blending local cultural knowledge with Kering's European craftsmanship and operations. "The investment in Icicle should enable us to feel more at home in China, to have friends who can open doors," de Meo said, highlighting the need to respect local brands' rise, much like in autos.
Backing Icicle's Global Retail Push
Icicle, founded in Shanghai in 1997, specializes in timeless, nature-inspired ready-to-wear from responsible materials, with over 200 boutiques across China, Paris, and beyond. Its ICCF Garden Store concept integrates separate men's and women's spaces, a restaurant, and a Carven outlet, prioritizing immersive experiences. Kering's stake supports Icicle's international expansion and new categories, aligning with the group's global store network reviews. While Carven, under ICCF and once led by Bottega Veneta's current creative director Louise Trotter, goes unmentioned in the release, the partnership fuses Eastern and Western luxury development.
This move positions Kering to navigate China's ecosystem more nimbly, blending minority investments with operational support to refresh its portfolio amid shifting global dynamics.