Bottega Veneta ventures into new worlds

A new chapter for Bottega Veneta began in 2001 when it was acquired by the Gucci Group and creative director Tomas Maier came on board.

Maier returned the brand to its original identity of understated elegance, and revived the spirit of the brand's slogan in the 1970s: “When your own initials are enough.” He established a quietly sophisticated character for the brand that transcends trends, emphasizing quality, individuality, and personal style.

Bottega Veneta caters to a small but elite and loyal clientele happy to pay a fortune for one of its leather bags and to sign up for waiting lists if they are not available.

“We are the kind of brand that earns the loyalty of our customers,” Bizzarri said. “I want to grow that core of loyal customers far beyond the markets where we had our initial success. Above all, it is my job to ensure that our growth, which I think is a given, occurs in a way that respects and reflects the integrity of the product, the company, and the customer.”

In the last nine years, Bottega Veneta's sales have grown tenfold to 402 million euros, leapfrogging over Yves Saint Laurent to become Gucci's second-largest brand in sales, behind only the namesake Gucci label.

Bottega Veneta currently runs more than 130 directly-operated stores and over 25 franchises in 32 countries, offering handbags, small leather goods, luggage, ready-to-wear, fashion and fine jewelry, and home items including furniture.

One of Bottega Veneta's latest expansions is their new flagship store in Bellavita mall in Taipei. Bizzarri said he considers the Taiwan market as one of their most well-established and mature markets.

“In our experience, Taiwanese consumers have sophisticated tastes and a clear appreciation for quality and workmanship. They tend to be well traveled and show a high degree of brand loyalty,” Bizzarri commented.

The Greater China region is a growing market for Bottega Veneta and will become increasingly important in the next few years, Bizzarri remarked. He said Bottega Veneta will continue to open stores in Greater China, as well as in Singapore, Korea, and other parts of the region, in order to increase brand awareness.

Bizzarri predicted a significant shift in the luxury goods market to the Asia Pacific region in the next three to five years, and beyond that to emerging markets such as India and Brazil.

Japan has long been the main focus in Asia for most luxury brands and Bottega Veneta is no exception. The brand has 47 stores in Japan, including its largest flagship store in the world, in Tokyo's Ginza district. While some people are worried that the Japanese market is saturated and will no longer grow rapidly, Bizzarri said he remained positive about their business in Japan.

“It's clear that the current global financial turmoil has magnified the already difficult situation the Japanese market has been facing for several years,” Bizzarri acknowledged. “However, I believe that Japanese luxury consumers will not stop purchasing luxury products. In fact, they are increasingly self-assured in matters of style and identity.”

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