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Jan, 10 2018

Luxury Brand Gucci Forays Into Restaurant Business

The Gucci Osteria restaurant is part of "Gucci Garden" which includes an exhibition area and a cinema room.

Luxury labels are accustomed to tempting fashionistas, and now they're stretching from haute couture to haute cuisine.

Gucci opened a 50-seat restaurant, Gucci Osteria, in Florence where three-Michelin-star chef Massimo Bottura will serve up high-end dishes.

The Italian fashion house, owned by Kering, is not the only luxury company to foray into food; LVMH announced late last year it would open a second branch of its gourmet grocer La Grande Epicerie in Paris, days before Tiffany's & Co opened its Blue Box Cafe in New York.

Gucci and its rivals do not expect these investments to yield significant financial returns, for now, but they are seen as a way of enhancing their global brands. In some cases, eateries can also be a way to make the most out of large, city-centre store sites as customers increasingly shop online.

Gucci restaurant is sited behind the walls of the 14-century Palazzo della Mercanzia building, overlooking the city's most famous square, Piazza della Signoria. Visitors can treat themselves to the likes of Parmigiano Reggiano tortellini, Peruvian-inspired tostadas, pork belly buns and mushroom risotto for 20-30 euros per dish.

With a global luxury market estimated to be worth 1.2 trillion euros in 2017, sales of luxury wines and spirits and food, together worth just under 120 billions, last year grew 6 percent, more than personal luxury goods such as bags, shoes and clothing, according to Bain & Co's yearly report on the sector.

The Gucci Osteria restaurant is part of "Gucci Garden", which includes an exhibition area and a cinema room.

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