Luca de Meo, chief executive of French luxury fashion group Kering, said on the 30th that Italy continues to occupy a central position and that the company has no intention whatsoever of moving production out of the country. De Meo also stressed that he has no interest at all in taking a minority stake in Italian luxury fashion brand Armani, and said Kering's name was not mentioned in the will of founder Giorgio Armani. Regarding the production of some sneakers for its Italian brand Gucci in China, he explained that this was determined by specific technical requirements, and insisted that there is no intention to relocate production or anything of the sort. He noted that Kering's supply chain has too many tiers and is excessively fragmented, with just 25 percent of suppliers currently accounting for 98 percent of total procurement, and said the company is working to restructure its supply chain.
Kering SACEO says Kering will keep production in Italy and is restructuring its overly fragmented, multi-tier supply chain.
Kering CEO denies interest in taking a minority stake in Armani and says Kering was not named in Giorgio Armani's will.
