Gucci is launching ultra-high-end private boutiques for its wealthiest clients.

Gucci is launching ultra-high-end private boutiques&nbsp;for its wealthiest clients.

Closing Bell

Gucci Opens Ultra-High-End Private Boutiques

Gucci saying it's opening private boutiques called Salons to cater to the ultra rich, according to executives, merchandise at the stores will be priced up to $3 million with nothing costing less than 40,000, while the fashion House focusing on its wealthiest clients after sales fell 14% in the last quarter of 2022 with consumer appetite for the brand falling in the US and china. Meanwhile, its rivals, like Louis Vuitton and Hermes, maintaining some strong growth, Gucci saying some of the salons will be within its existing stores, while others will be in some new boutiques.