Gucci, the luxury brand that powers most of parent Kering’s (PRTP.PA) profits, made its first steps in high-end jewelery on Tuesday with a dedicated store in Paris - part of its bid to expand its reach after a blowout fashion makeover. Sales at the Italian label have grown at a breakneck pace since a turnaround under designer Alessandro Michele over the past three years, beating most industry rivals even as the rate of expansion slowed to 20 percent in the first quarter. With its sights on one day overtaking peers Louis Vuitton, owned by Kering rival LVMH (LVMH.PA), or privately-held Chanel as the biggest luxury brand by revenue, Gucci is branching into new areas, including by recently rolling out cosmetics. Its high-end jewelery venture will see it compete with heavyweights of that sector, including Richemont’s (CFR.S) Cartier and van Cleef & Arpels, with a specialized store on Paris’ historic Place Vendome. Gucci, best known...
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