Bottega Veneta has undergone a dramatic transformation in recent years, thanks to the influence of its accessories and the iconic use of vibrant green. Led by creative director Daniel Lee, who recently passed the torch to Matthieu Blazy, the luxury brand has become one of the most coveted in the market, largely due to its leather goods, particularly handbags.
According to a recent study by Lectra’s Retviews, accessories have played a crucial role in Bottega Veneta’s success, with leather goods making up almost half of the brand’s product range. In fact, in 2020, 74% of Bottega Veneta’s global sales were generated by this category, compared to Gucci’s 55%.
Handbags have been a driving force behind Bottega Veneta’s triumph, accounting for a significant portion of the brand’s leather goods collection. Some of their handbag models have achieved cult status and sold out in record time. The Pouch bag, a handle-less rounded tote bag made from soft leather and sporting a unique design, has been especially popular.
Daniel Lee has successfully breathed new life into Bottega Veneta by infusing it with a modern and youthful aesthetic while still honoring the brand’s heritage. He has added surprising details and playful touches to Bottega Veneta’s iconic intrecciato woven leather pattern. Oversized versions of the Cassette Bag and Jodie Bag, featuring this technique, have become instant hits.
Clutch bags have also played a significant role in Bottega Veneta’s resurgence, accounting for 22.3% of their leather goods collection. This is a much higher percentage compared to Prada’s 7% and less than 5% for Gucci and Balenciaga. The brand’s focus on clutch bags has given them a competitive edge and contributed to their popularity.
Bottega Veneta handbags command a premium price in the luxury market, ranging from €290 to €15,000, with an average price point higher than Gucci’s. The brand’s footwear category has also been incredibly successful, offering original and desirable designs. From wool and shearling mules to quilted or knitted sandals, Bottega Veneta’s footwear range stands out. Stiletto-heeled sandals, in particular, account for 30% of the assortment.
In addition to their iconic accessories, Bottega Veneta has become synonymous with a vibrant green color that has become their signature hue. This recurring color allows customers to demonstrate their loyalty to the brand without the need for visible logos. It is featured across various product categories, from ready-to-wear to accessories. In fact, products in the striking “Bottega Green” make up 13% of the brand’s range, the highest share of a single color among its competitors.
Bottega Veneta’s strategy of focusing on leather goods and footwear has proven to be a successful one, generating substantial revenue and producing popular products. However, the question remains as to how new creative director Matthieu Blazy will continue to build upon this success. He will need to stay consistent with the brand’s strategy while keeping Bottega Veneta’s appeal fresh and maintaining the magic that has led to its resurgence.
Useful links:
1. Official Bottega Veneta Website
2. Bottega Veneta Spring 2022 Ready-to-Wear Collection
