Gucci’s India manager Nader Wassel steps down

Nadel Wassel, Gucci’s general manager (GM) for India, has stepped down, according to reports.

Wassel also served as managing director (MD) of South Asia and the Pacific for the luxury brand’s watches, jewellery, and high-end division.

His stint with Gucci began in 2014 as MD for the Italian fashion house’s watches and jewellery division in Australia and New Zealand. He was elevated to the GM role for the brand’s India arm in 2023.

Wassel began his career at Eye Management as an agent and producer before moving to Hagmeyer as a sales manager.

He later joined Designa Accessories as the national sales manager for Australia and New Zealand operations. Wassel also went on to serve as MD at TW Steel.

The move comes as Gucci’s Indian business, Luxury Goods Retail Private Limited, saw its profit after tax drop by nearly 22% from Rs65 crore in FY23 to Rs51 in FY24, The Economic Times reported citing to filings sourced from Tofler.

The operational revenue inched up by 6% reaching Rs321.1 crore in the year ended on 31 March 2024. The luxury brand has increased its advertising promotional expenses by 79% to Rs13.8 crore.

In May 2023, the brand also roped in Bollywood actress Alia Bhatt as its global brand ambassador.

Gucci’s retail presence in India has been consolidating following its South Mumbai Trident Hotel retail outlet was shut down. The brand has presence in New Delhi, Mumbai and Kolkata, according to the website.