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News

Gucci eyes a revival plan as Kering pushes a bold reset to escape a long luxury slump. CEO Luca de Meo shared the strategy during Capital Markets Day in Florence on Thursday. The plan, named ReconKering, targets double operating profits and stronger returns for patient investors. Kering wants to lift its 2025 operating margin of 11.1% to over 20% return on capital. Shares dropped 4.3% by mid-morning as markets weighed execution risk against ambitious long-range goals.

Kering turnaround plan sets new financial targets

The Kering turnaround plan reshapes how the group runs stores, inventory, and pricing across its brands. Kering will refurbish or relocate two-thirds of Gucci outlets before the 2030 deadline. You will see selling space drop 20% and total store count fall by one third. The group wants to cut overall inventory by 1 billion euros over the next twelve months. De Meo stated clearly, “A model that worked for a decade is no longer effective for us.”

From my standpoint, these targets signal a sharper focus on quality revenue over flashy scale. Kering also wants to double sales density at Gucci by streamlining stores and lifting productivity everywhere. The ReconKering strategy guides every major decision inside the Florence-based luxury conglomerate today.

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Gucci eyes a revival plan through product and category resets

Gucci eyes a revival plan that places product identity and craftsmanship back at the center. Gucci leather goods will double their contribution to 20% of brand revenue by 2030. Kering targets an extra 1 billion euros from bags, 600 million from shoes, and ready-to-wear. Jewelry and watches will add another 500 million euros across the midterm horizon. De Meo said his priority is to make Gucci unmistakable, not louder or more complex.

He also noted the brand has lost some of its shine during the recent downturn. The team now builds fewer narratives, each one sharper and more coherent for loyal customers worldwide. You can see this reset already in stores through tighter collections and cleaner category pyramids.

Luca de Meo tackles the wider luxury slump

Luca de Meo took over seven months ago and moved fast on debt and structure. He closed the sale of the beauty division to L’Oreal in March for 4 billion euros. Citi analysts asked how quickly Gucci can return to healthy growth during this luxury slump. Gucci posted its 11th straight quarter of organic sales decline, according to Tuesday’s Kering report. The Middle East conflict also weighed on demand across several key retail regions this quarter.

Kering wants to reduce group dependence on Gucci by strengthening Saint Laurent, Bottega Veneta, and Balenciaga. Saint Laurent will push fashion authority, menswear, and Asia with a sharper focus through 2030. Bottega Veneta becomes the emblem of deep luxury inside the wider group portfolio. Balenciaga targets younger shoppers through bold creative direction and tighter category execution. Gucci eyes a revival plan, and the wider Kering turnaround plan shapes every brand inside the group.

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Central Bank of UAE develops e-KYC platform

ABU DHABI, 15th April, 2026 (WAM) — The Central Bank of the UAE (CBUAE) announced the development of the nationwide unified Know Your Customer (eKYC) platform, following the signing of a technical partnership agreement with the global technology company Norbloc AB.

This strategic initiative constitutes a core pillar of the Financial Infrastructure Transformation (FIT) Programme, which aims to build an integrated financial ecosystem that enhances operational efficiency. It also reflects the CBUAE’s commitment to modernising regulatory frameworks and adopting advanced digital solutions.

The platform will address challenges arising from the duplication of customer due diligence processes, reduce compliance costs, and strengthen financial stability and competitiveness, further reinforcing the UAE’s leadership in the global digital financial landscape.

The signing ceremony was witnessed by Khaled Mohamed Balama, Governor of the CBUAE, and Ahmed Saeed Al Qamzi, Assistant Governor for Banking and Insurance Supervision at the CBUAE.

The agreement was signed by Saif Humaid Al Dhaheri, Assistant Governor for Banking Operations and Support Services at the CBUAE, and Astyanax Kanakakis, Chief Executive Officer of Norbloc AB, in the presence of senior officials from both sides.

The new platform will enhance the efficiency of “Know Your Customer” and “Know Your Business” (KYC/KYB) processes, as well as due diligence requirements through automated workflows and the integration of trusted data sources. This will strengthen compliance and ensure alignment with anti-money laundering and combating the financing of terrorism (AML/CFT) frameworks.

Underpinned by a robust privacy by design technology, the platform enables secure data sharing strictly based on explicit customer consent, ensuring the highest standards of confidentiality, data protection, and trust across the financial system.

It introduces a unified national approach that supports both financial institutions and fintech companies, delivering a faster and more reliable digital onboarding experience for individuals and businesses, while substantially reducing turnaround times and operational costs.

This project represents a key milestone in the digital transformation of the UAE’s financial sector. Future phases will focus on expanding the platform’s capabilities and deepening its integration with relevant stakeholders, supporting the development of an advanced and sustainable digital financial ecosystem.

The initiative underscores the CBUAE’s commitment to leveraging advanced technologies to enhance governance, deliver customer-centric financial services, support ease of doing business, and further cement the UAE’s position as a hub for innovative digital regulatory infrastructure.

“The development of the e-KYC Platform represents a strategic transformation towards a more efficient and resilient financial ecosystem,” said Al Dhaheri. “Through this platform, we are enabling the sector to move away from resource-intensive traditional processes towards progressive digital models that accelerate access to financial services and reduce operational costs.”

He added that CBUAE aims to enhance efficiency and establish a financial environment characterised by transparency and the protection of customer privacy, in a way that reinforces the UAE’s competitiveness as a leading global financial centre.

Kanakakis stated, “By leveraging advanced technologies, we will enable financial institutions to access trusted and secure data in real time from multiple sources, enhancing operational efficiency while adhering to the highest international standards. It also empowers users with full control over the management of access to their data.”

BRIDGE Alliance announces November 28 as launch date for second edition of BRIDGE Summit on Yas Island for five days

ABU DHABI, 13th April, 2026 (WAM) — The BRIDGE Alliance announced that the second edition of the BRIDGE Summit will be held from 28th November to 2nd December 2026, relocating its venue to Yas Island in Abu Dhabi in partnership with Miral Group, with the summit extended to five days, Emirates News Agency mentioned today.

This was announced during the Board of Directors meeting of the BRIDGE Alliance, chaired by Abdullah bin Mohammed bin Butti Al Hamed. The Board reviewed the outcomes of the first edition and the position it established for the summit as the largest global platform bringing together leaders and elite figures from the media, content, cultural, and creative industries across all their components, alongside decision-makers and investors, within a unified platform that enables more effective and integrated opportunities and partnerships worldwide.

The meeting addressed a wide range of topics related to planning for the BRIDGE 2026 Summit, which will witness a qualitative transformation in its structure and mechanisms. This includes transitioning from an annual event model to a year-round sustainable platform based on specialised tracks that address challenges facing the media sector, expanding partnerships, and launching practical initiatives that support responsible innovation—thereby establishing BRIDGE as a global reference for credibility and professional collaboration.

Abdullah Al Hamed affirmed, during his speech at the alliance’s third meeting, that the upcoming BRIDGE 2026 Summit will not be a mere continuation of previous editions, but rather a qualitative leap on three levels. The summit will move to Yas Island, offering a larger space that reflects the expansion of its agenda and ambitions; it will extend to five days instead of three, allowing innovation more time to flourish; and its content will focus on the creative economy, information integrity, and empowering future generations to shape a media landscape that not only conveys news but creates opportunities.

He emphasised that the goal is to transition from momentum to institutionalisation, from dialogue to execution, and from gathering voices to unifying efforts. He noted that BRIDGE serves as a bridge that brings together geopolitical contrasts at one table and unifies global ambitions under one roof.

The Chairman of the Alliance highlighted that the next phase of BRIDGE represents a decisive shift from the logic of an event to that of a system, and from seasonal activity to a long-term institutional project that redefines the role of media within the equation of development, economy, and knowledge.

For his part, Dr. Jamal Al Kaabi, Vice Chairman of the BRIDGE Alliance, affirmed that the new updates to the BRIDGE Summit reflect the UAE’s transition from supporting the media, content, and entertainment economy to engineering its operational platforms. He noted that BRIDGE represents one of the most significant practical models in this sector, and that the second edition will focus on deepening the quality of professional engagement through structured mechanisms that connect investors, producers, media and technology platforms, content creators, and innovators within a unified platform that facilitates the development of business models, co-production, and expanded access to regional and global markets.

The meeting witnessed in-depth discussions among alliance members, who contributed rich ideas and perspectives, reflecting a shared understanding that the second edition of the BRIDGE Summit carries greater responsibility than the first. The focus is no longer on proving the concept, but on amplifying its impact and transforming the momentum generated by the first edition into a deeply rooted institutional path capable of withstanding the test of time.

Discussions emphasised the importance of ensuring that the upcoming summit serves as a platform for decision-making, not merely dialogue, and that it delivers measurable and actionable outcomes reflecting the true weight of the institutions under the alliance.

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