On June 2, Italian luxury brand Gucci closed its outlet store at Bicester Village Shanghai, following earlier closures of outlets in Fuzhou, Dalian, Shenyang, and Taiyuan. Once heavily invested in outlet expansion, Gucci is now pulling back from the “luxury + discount” model. Gucci’s Q1 2025 revenue fell 25% YoY to 1.57 billion euros ($1.7 billion). Parent company Kering reported a 14% drop in revenue, including a 25% decline in Asia.