Gucci’s India manager Nader Wassel exits business

Luxury fashion brand Gucci‘s India manager Nader Wassel is exiting the business as its parent company Kering implements restructuring operations amid negative global sales growth. 

Wassel left the luxury business earlier in the month, anonymous sources close to the development told ET Bureau. Gucci has also been consolidating its India operations and closed its store in Trident Hotel in Mumbai last year, the Economic Times reported. The label’s current India stores are located in Mumbai, New Delhi, and Kolkata, according to its official website. 

Wassel has worked for the Gucci business for 10 years and seven months, according to his Linkedin page. The executive began at the company in 2014 as managing director for watches and jewellery in Australia and New Zealand and was promoted to managing director for watches and jewellery for South Asia and the Pacific in 2017.

In 2023, Nader was named as the general manager for India and managing director for watches, jewellery, and high end for South Asia and the Pacific. Prior to Gucci, Wassel worked for businesses including TW Steel and Designa Accessories. 

In India, Gucci retails through a joint venture between Kering and Reena and Ashok Wadhwa named Luxury Goods Retail Private Limited. The business experienced a 22% year on year drop in profits after tax in the 2024 financial year to total Rs 51 crore but its operational revenue increased by 6% in the fiscal year, according to business information platform Tofler.