Luxury Opps: Gucci taps new EVP, CMO amid digital spend increase (Score 64)

Sales Lead: Effective September 2023, Alessio Vannetti is the EVP and CBO at Gucci.

• Vannetti joined from Valentino, where he was also CBO.
• This marks a return to Gucci, where Vannetti served as the worldwide communications director from January 2015-December 2019.
• Now, Vannetti will lead oversight and operations linked to all aspects of its branding; its client engagement teams; and its image direction, marketing, communications, and metaverse strategies.
• He succeeds Susan Chokachi, who departed after 25 years at Gucci, most recently as its EVP and chief brand and client officer.
• Gucci is also in search of a new CEO since incumbent Marco Bizzarri stepped down this month.
  • Jean-François Palus, parent company Kering Group's managing director, now holds the CMO role on an interim basis.
• **Note: Since Vannetti is not located within the US, we cannot provide his contact information. However, since his hire will impact global strategy, reach out to other DMs in the meantime.**
• The company will likely:
  • Implement strategy shifts
  • Continue increasing digital spend
    • The strategy shifts will likely involve continued bolstered digital efforts considering Vannetti's responsibilities.
  • Conduct agency reviews
• Target demographic: 
  • ​​​​​​​Gen-Z and millennials with a female skew
  • Its national TV commercials target both English- and Spanish-speaking audiences.

Additional spending insights:

• Broadcast insights (TV ad creative spend, effectiveness, impressions, and performance)
  • YTD spend: Gucci has spent approximately $1.3m on national TV commercials YTD, down 24% from the approximately $1.7m spent by this point last year.
  • Last year: The company spent around $2.8m on this channel last year and less than half of this, around $1.2m, in 2021.
  • 2023 ad programming: Gucci's 2023 commercials have targeted English- and Spanish-speaking audiences watching shows such as SportsCenter, La Rosa de Guadalupe, The Real Housewives of Atlanta, ¡Despierta América!, and Celebrity Family Feud.
• Digital and social insights (digital ad spend, effectiveness, impressions, and performance)
  • YTD spend: So far this year, the luxury consumer goods company has allocated roughly $6.3m toward digital ads, 17% more than the roughly $5.4m allocated within the same 2022 timeframe.
  • YTD data: Gucci has earned about 784.4m digital impressions YTD via Facebook (36%), Instagram (32%), YouTube (25%), desktop display (5%), and mobile display (2%) ads.
  • Last year: In 2022, the company's estimated full-year spend decreased by 16% to $8.7m from that of $10.4m in 2021.
• Additional channel insights  
  • The company utilizes Google Ads along with OOH, digital, local broadcast, print, Facebook, Instagram, Twitter, TikTok, and online video (primarily via Youtube.com) ads.
  • It works with both human and animal (petfluencer) influencers.
  • Gucci sponsors podcasts such as The Daily, NPR News Now, The Joe Rogan Experience, This American Life, and Today in Focus.

Additional agency insights:

• Opportunity: This hire could easily lead to agency reveiws, so reach out soon to remain top-of-mind.
• Current agency roster:
  • ​​​​​​​In-House: Creative
  • iProspect: Media AOR (November 2021)

Insight Sources: Broadcast insights estimated by iSpot; digital spend insights estimated by Pathmatics; additional channel insights estimated by Vivvix; podcast insights by Podchaser.