Gucci Strikes China Gold Thanks to ‘Moonlight Clans’ Who Spend it All

MILAN, Italy — Gucci’s brand is worth more than ever—thanks in part to young, spendthrift shoppers in China eager to shell out everything they earn on $2,900 velvet clutches or $1,400 crystal-studded sunglasses The value of Gucci’s label jumped a whopping 66 percent to $22.4 billion in 2018, according to a report by Kantar Millward Brown It helped that the Italian fashion house had its best-ever year.

In fact, the top 10 luxury labels rose in value by 28 percent over the past 12 months, compared with a 4 percent jump the year prior, according to the consulting firm. Much of Gucci’s growth was driven by a phenomenon among Chinese consumers that sounds more like a biker gang than a shopping demographic “Moonlight clans” are groups of millennial shoppers bent on spending everything they earn on luxury goods, said Elspeth Cheung, global valuation director at Kantar’s BrandZ division This new breed of. More