Bottega Veneta holds investors' aces as Madonna pops into D&G

2 months ago 4

Founded in 1966 in Vicenza in the northeastern Italian region of Veneto, the label renowned for its woven leather goods and expert craftsmanship became a part of France's Kering group in 2001

As Milan Fashion Week nears its end, fashionistas are eagerly awaiting Bottega Veneta's Saturday show -- as are investors seeing the brand's sales rise each year.

Earlier Saturday, the fashion set got a surprise at the Dolce & Gabbana show with Madonna in the front row -- her face barely visible under a black lace veil.

The catwalk became a tribute to the "Material Girl" superstar, with all models in blond wigs, some in corsets with pointy breasts, others in black men's tuxedos embellished with trouser braces.

But fashion's more restrained side is what will be celebrated Saturday evening at Bottega Veneta.

Founded in 1966 in Vicenza in the northeastern Italian region of Veneto, the label renowned for its woven leather goods and expert craftsmanship became a part of France's Kering group in 2001.

And with Kering's flagship brand Gucci currently in a sales dive -- down 20 percent in the first half of this year -- the company is hoping to make the most of its smaller and less showy Italian brand.

In the first half of 2024, Bottega Veneta posted revenue growth of three percent to 836 million euros ($933 million), whereas Gucci's revenue, while down significantly, was 4.1 billion euros -- nearly half that of entire group's revenue of nine billion euros.

So while Bottega Veneto may be a drop in the Kering ocean, it is a promising one -- and one that goes hand in hand with its distinctive approach to fashion.

A coveted brand that is notably absent from social networks, Bottega Veneta thrives on discreet hyper-exclusivity, masterfully led by its artistic director, Matthieu Blazy, who took over as creative director at the end of 2021.

A Franco-Belgian living between Antwerp and Milan, Blazy began his career in fashion as a men's designer for Raf Simons before joining Maison Martin Margiela.

He then moved on to Celine and Calvin Klein, before finally being appointed head of ready-to-wear at Bottega Veneta.

Tell-tale 'intrecciato'

Blazy's vision draws on the strength of the Venetian fashion house's know-how and craftsmanship.

With sumptuous materials that flirt with trompe-l'oeil and cult pieces such as jeans-like pants in buttery calf leather selling for 5,200 euros, the brand has built up considerable cult status in recent years.

That statue is further fuelled by sleek choices, eschewing logos affixed to its products.

Instead it lets its famous "intrecciato", or signature woven leather, speak for itself, and incorporates a brass "nodo" or knot as an essential design element into shoes and other accessories.

The brand has also strategically snubbed social networks. In 2021, it deleted its Instagram account to the chagrin of millions of followers. Instead, fans took over an unofficial "newbottega" account so as not to miss any of the latest news from the label.

A series of initiatives -- such as the publication of a limited edition fanzine every six months which is distributed for free in boutiques -- has further helped build buzz.

Passionate about contemporary art and design, Blazy fuels the brand's projects through collaborations with photographers and creatives.

Some are even revealed during fashion shows themselves, such as last year's 400 chairs designed by furniture and art designer Gaetano Pesce, who died in April, or the February homage to architect Le Corbusier with a reinterpretation of his Tabouret Cabanon.

The recent opening of Palazzo Van Axel in Venice will now welcome Bottega Veneta's exclusive clients to discover the world of the brand in a fully restored palace in the heart of the watery city.

There, personalised services include the opportunity to choose from luxurious leathers or unique pieces not available in stores.

The palace will also host exhibitions, special projects and the presentation of Bottega Veneta's high-end jewellery collection in November.

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Source: AFP

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