>>> US Early premarket gappers

Early premarket gappers
  • Gapping up:
    • ICVX +46.1%, ADCT +12%, TARO +8.4%, BLBD +6.9%, HUT +4.2%, GERN +3.6%, IRON +3.6%, NOK +2.6%, OLPX +2.4%, WH +2.1%, PRU +2%, SBLK +1.9%, AZN +1.7%, GRCL +1.6%, SNY +1.1%, RGTI +1%, CNC +1%, KKR +0.9%, SPWR +0.9%, PNR +0.8%, IVZ +0.7%, GSK +0.7%, NXE +0.7%
  • Gapping down:
    • ORCL -8.6%, KNTK -6.7%, SBOW -6.5%, HAS -5.1%, SNCY -3.7%, LCID -2.2%, AIR -2%, IOSP -2%, HAE -2%, GPOR -1.8%, MAT -1.7%, LPTX -1.5%, IBP -0.6%, STRO -0.6

WSJ : Choice Hotels Launches Hostile Bid For Wyndham

Choice Hotels Launches Hostile Bid For Wyndham
Quality Inn owner plans to nominate a slate of directors to Wyndham’s board

Choice Hotels CHH 1.06%increase; green up pointing triangle is launching a hostile takeover offer for Wyndham Hotels & Resorts WH 1.59%increase; green up pointing triangle, after repeatedly being rebuffed in its effort to strike a friendly deal.

Choice on Tuesday will publicly unveil a so-called exchange offer for Wyndham stock, according to people familiar with the matter, appealing directly to its rival’s shareholders.

The offer is unchanged from its previous proposal to Wyndham itself of $49.50 in cash and 0.324 Choice share for each Wyndham share. That was worth a total of $90 a share, or $7.8 billion, on Oct. 16, the day before Choice first publicized the offer. Choice is prepared to potentially raise the offer after doing due diligence, the people said.

To further ratchet up the pressure, Choice intends to nominate a slate of directors to be voted on at Wyndham’s 2024 annual shareholder meeting, and is in the process of interviewing candidates. The window for nominations runs from Jan. 10 to Feb. 9.

Choice has previously said it intended to pursue all paths available to strike a deal with Wyndham. In the most recent salvo, it sent a letter to Wyndham last month seeking to restart negotiations and strike a deal before the end of the year, which Wyndham rejected and called a “step backwards” in their discussions.

Choice has been building a stake in Wyndham and currently holds roughly 1.5 million shares of its common stock, worth over $110 million.

Choice plans to file a so-called Hart-Scott-Rodino notification to begin the regulatory-review process required for such a combination. It has already met with officials from the Federal Trade Commission to discuss any regulatory concerns and thinks a deal can be completed within a year. Choice plans to argue that hotel franchisees have the power to set their own prices, so a deal with Wyndham shouldn’t result in higher prices for consumers.

Wyndham has argued a deal would saddle the combined company with too much debt and leave employees and franchisees in limbo as the regulatory-approval process runs its course.

Choice and Wyndham both mostly cater to travelers looking for midtier options. Choice, whose brands include Radisson, Quality Inn and Econo Lodge, has said it wants to expand in the so-called upper-midscale and upscale segments, and combining with Wyndham would help with that effort. Wyndham’s brands include Travelodge, Days Inn and La Quinta.

A merger would also position the combined company to better compete against larger lodging rivals Marriott and Hilton, Choice believes.

The exchange offer features a so-called regulatory ticking fee of 45 cents per Wyndham share a month, equivalent to $38 million, which would accrue daily after the one-year anniversary of the date a majority of Wyndham’s shares are tendered into the offer.

The companies had been in talks for months before they broke off in September. Choice initially offered Wyndham $80 a share in April, in cash and stock. The Wall Street Journal first reported in May that Choice sought a combination with Wyndham and that it could eventually take an offer directly to shareholders.

>>> Stoxx 600 Pre-Market Indications

  • Norsk Hydro (NOH1 TH) +1.1%
  • Saab (SDV TH) +1.1%
  • Burberry (BB2 TH) +1.1%
  • Axa (AXA TH) -0.7%
  • Merck KGaA (MRK TH) -0.8%
  • Nexi (N0XA TH) -0.9%
  • Iberdrola (IBE1 TH) -1%
    • European Utilities’ 2024 Ebitda Clout Slows; Green Push Abates
  • Hannover Re (HNR1 TH) -1%
    • Hannover Re Sees 2024 Net Income at Least EU2.1B, Est. EU2.07B
  • Thales (CSF TH) -1.4%
  • Nokia (NOA3 TH) -1.4%
    • Nokia Cuts 2026 Profitability Goal as AT&T Loss Hurts 5G Unit
  • SAP (SAP TH) -1.8%
    • Watch European Software Stocks After Disappointing Oracle Sales
  • Sandvik (SVKB TH) -2.8%
    • Capital Goods to See Normality Return in 2024: Morgan Stanley
  • Wartsila (MTA TH) -8.3%
    • Capital Goods to See Normality Return in 2024: Morgan Stanley

>>> TradeGate Pre-Market Indications

DAX:
  • Vonovia (VNA TH) +0.7%
  • Hannover Re (HNR1 TH) -0.6%
    • Hannover Re Sees 2024 Net Income at Least EU2.1B, Est. EU2.07B
  • Merck KGaA (MRK TH) -0.9%
    • Merck KGaA Cut to Neutral at BNPP Exane; PT 150 euros
  • SAP (SAP TH) -1.8%
    • Watch European Software Stocks After Disappointing Oracle Sales
MDAX:
  • Carl Zeiss Meditec (AFX TH) +1.8%
    • Carl Zeiss Meditec FY Ebit Misses Estimates
  • Thyssenkrupp (TKA TH) +0.9%
  • Puma (PUM TH) +0.9%
    • Puma to End Sponsorship of Israel’s National Football Team: FT
SDAX:
  • Adtran Holdings (QH9 TH) +1.7%
  • Borussia Dortmund (BVB TH) +1.2%
  • SGL (SGL TH) +1.2%
  • PNE AG (PNE3 TH) -1.6%
  • MorphoSys (MOR TH) -2.8%

>>> What to look at today - 12th of December 2023

Shares in Asia rose ahead of US economic data and meetings from major central banks that will give fresh clues about the likelihood of interest-rate cuts next year. Hong Kong equity gauges rose, while stocks steadied in mainland China, as traders await decisions from a meeting of Chinese economic policymakers that may indicate how much stimulus to expect next year.  Equity benchmarks also advanced in South Korea and Australia, while paring gains in Japan. That’s after a benign start to the week in the US, where traders sent stocks higher for a third straight day. The dollar weakened slightly while Treasury 10-year yields extended losses by two basis points. European stock futures ticked higher.  Tuesday’s consumer price index will give Wall Street a sense of whether the disinflation trend is continuing. In China, the 2023 Central Economic Work Conference is expected to end Tuesday. The meeting will likely indicate a more proactive role for fiscal policy, including more front-loading of funding and strengthening implementation to improve policy efficacy, according to Bloomberg Economics. Meanwhile, the yen pared losses from its biggest decline in more than a month Monday that was triggered by a report saying Bank of Japan officials see little need to rush to scrap negative interest rates this month. US CPI is forecast to be flat at 0% thanks to a drop in energy prices, with monthly core inflation at 0.3%, according to economists tracked by Bloomberg. A survey conducted by 22V Research shows 46% of the investors polled think the market reaction to CPI will be mixed or negligible, 28% are betting on a “risk-off” event and only 26% see a “risk-on” response. Elsewhere, natural gas futures settled at the lowest in six months as forecasts shifted warmer for the US into early next year, signaling lackluster demand as production hits fresh records. Oil rose after falling to near a five-month low with oversupply concerns in focus after OPEC+’s pledges to extend and deepen output cuts failed to halt a slump in prices. Gold ticked higher after falling 1.1% on Monday to trade back below $2,000 an ounce. Bitcoin rose after posting its steepest drop in almost four months as traders moved to lock in profits following a more than 150% rally this year, triggering large liquidations of bullish bets.  In the corporate world, Japan’s top utility Tokyo Electric Power Co. fell, reversing its recent rally after a 39% surge over the last four days made it the most overbought stock on Nikkei 225 Stock Average.  Changxin Memory Technologies Inc. is delaying its initial public offering and will instead consider raising funds at about a 140 billion yuan ($19.5 billion) valuation, becoming the latest Chinese company to call off a debut because of volatile market conditions. US After Hours TARO +9.2% up big on M&A news; DFS +1.6% edges higher after naming a new CEO; ORCL -7.6%, CASY -0.2% both down following quarterly results

Nikkei +0.16% Hang Seng +1.10% CSI +0.07% Shanghai +0.27% Shenzen +0.05%

Eur$ 1.077 CNH 7.1878 CNY 7.1768 JPY 145.46 GBP 1.2582 CHF 0.8765 RUB 90.9906 TRY 28.9976 WTI$ 71.78 +0.64% Gold 1,987 +0.25% BTC 41,522 +0.82% ETH 2,223 +0.28%

S&P +0.06% Nasdaq +0.16% EuroStoxx +.013% FTSE +0.14% Dax +0.11% SMI +0.01%

Macro :
- Citadel Securities Revenue Jumps to $1.8 Billion on Volatility
- London to Lead Long-Awaited Slowdown in UK Rent Growth Next Year

Keep an eye on :
- ADS GY : Judge to Hold Hearing on Adidas, Thom Browne Case on the 21st of Dec. - WWD
- ALV GY : Some German Insurers Have Exposure to Signa Property Empire: FT
- BAMI IM : *BANCO BPM TARGETS €4B SHAREHOLDER REMUNERATION IN PLAN HORIZON
- BNP FP : Mirae Asset Buys Sharekhan From BNP Paribas for INR30b: ET
- BA US : Boeing Cuts More Jobs Than Expected in Strategy Ranks: Reuters
- BP/ LN : BP Escalates Venture Global Feud With Complaint to US Regulators
- AFX GY : Carl Zeiss Meditec FY Ebit Misses Estimates
- COTV US : KKR Nears Deal to Buy Stake in Cotiviti From Veritas Capital -- WSJ
- DB1 GY : Deutsche Börse’s aborted proposal to Euronext highlights Europe’s IPO woes
- EGLE US : Star Bulk to Buy Eagle Bulk for $52.60/Shr Equivalent in Stock
- ENGI FP : GDF Offers to Buy Fondul Proprietatea’s Stake in Engie Romania
- EQT SS : EQT Confirms Acquisition of Majority Stake in HES
- ERICB SS : AT&T’s $14 Billion Ericsson Deal Heralds Open Phone Networks
- EFUEL NO : Nel Agrees to Sell All Shares in Everfuel for NOK116.6M
- EFEUL NO : Itochu, Osaka Gas to Acquire Up to 40% of Everfuel, Nikkei Says
- FAST NA : Fastned Unlikely to Reach Goal of >60 New Stations in 2023
- General Atlantic IPO : General Atlantic Is Said to Confidentially File for US IPO
- GPOR US : Gulfport Energy Holders Said to Seek Up to $85.5M in Share Sale
- GBT FP : Guerbet’s Elucirem Gets Approval in EU
- HPQ US : Warren Buffett’s Firm Almost Halves Stake in PC Maker HP Inc.
- IDR SM : Bain, Cinven Approach Indra Over Tech Unit Sale: El Confidencial
- INPST NA : Inpost Sees Parcel Locker Network Rising by 3k in UK in 2024:PAP
- KNTK US : Kinetik Holder Said to Seek Up to $192M in 6M Share Sale, Offering by Holder Apache Prices at $31.50/Share
- M US : Macy’s Value Is All About Real Estate in Potential Take-Private
- MUV2 GY : Some German Insurers Have Exposure to Signa Property Empire: FT
- NEL NO : Nel Agrees to Sell All Shares in Everfuel for NOK116.6M
- NOD NO : Nordic Semiconductor Names Wollan CEO, Larsen Stepping Down
- NOKIA FH : Nokia Cuts Comp Operating Margin Target to at Least 13% by 2026
- NOKIA FH : Nokia, Deutsche Telekom Start Deploying German Open RAN Network
- NVDA US : US Is Looking Into Nvidia’s AI Chips for China, Raimondo Says
- ORA FP : EU to Restart Clock on Orange-Masmovil Tuesday: Expansion
- PRU US : Prudential Plans to Buy Back Up to $1 Billion Shares
- PUM GY : Puma to End Sponsorship of Israel’s National Football Team: FT
- SAN FP : Sanofi to Terminate Partnership With Maze After FTC Challenge
- SAP GY : *ORACLE FALLS 6% AFTER 2Q ADJUSTED REVENUE MISSES ESTIMATE
- SBOW US : SilverBow Resources Holder Said to Seek Up to $48M in Share Sale
- SXS LN : Spectris Sells Red Lion Controls for $345m, Plans Stock Buyback
- SRBNK NO : Fremtind Forsikring, Eika Forsikring Enter MOU for Merger
- SHEL LN : Shell to Sell Stakes in Two US-Based Renewable Energy Projects
- STS GY : Steico's MSCI ESG Rating Lowered to CCC from B
- SYENS BB : Syensqo to Join Belgium’s BEL 20, Barco to Leave
- URW FP : Mall REITs' Seven-Year Famine Pivots, With Feast Meager for Now
- UCG IM : UniCredit Says ECB Set Minimum CET1 Ratio at 10.03% for 2024
- X US : US Steel Investor Cashes in Call Spreads With Shares Rallying

>>> Europe : Brokers Upgrades & Downgrades - 12th of December 2023

>>> Up
* Aalberts Raised to Overweight at Morgan Stanley
* HP Inc Raised to Overweight at Morgan Stanley; PT $35
* Kojamo Raised to Neutral at JPMorgan; PT 12 euros
* Lundin Mining Raised to Neutral at JPMorgan; PT C$8.90
* Martin Marietta Raised to Overweight at JPMorgan; PT $530
* PVH Raised to Buy at Goldman; PT $126
* Ralph Lauren Raised to Neutral at Goldman; PT $132
* Robit Raised to Accumulate at Inderes; PT 1.50 euros
* Saab Raised to Buy at Citi; PT 643 kronor
* Signify Raised to Overweight at Morgan Stanley
* Sonos Raised to Overweight at Morgan Stanley; PT $20

>>> Down
* Endesa Cut to Hold at SocGen; PT 21 euros
* Fluidra Cut to Neutral at Citi; PT 19.50 euros
* GoPro Cut to Underweight at Morgan Stanley; PT $3
* Harvia Cut to Reduce at Inderes; PT 25 euros
* Legrand Cut to Equal-Weight at Morgan Stanley
* Rockwool Cut to Sell at Goldman; PT 1,710 kroner
* Sandvik Cut to Equal-Weight at Morgan Stanley
* VGP Cut to Underweight at JPMorgan; PT 85 euros
* Wartsila Cut to Underweight at Morgan Stanley

>>> Initiation
* 3i Infra Rated New Overweight at Barclays; PT 385 pence
* Alcon Reinstated Buy at Stifel; PT 74.80 Swiss francs
* Bausch + Lomb Rated New Hold at Stifel; PT C$21.72
* Boeing Rated New Outperform at William Blair
* Brunello Cucinelli Rated New Outperform at CICC; PT 90 euros
* CORD LN Rated New Overweight at Barclays; PT 112 pence
* Digital 9 Infrastructure/Fund Rated New Equal-Weight at Barclays
* Electronic Arts Rated New Peerperform at Wolfe
* GCP Infra Rated New Underweight at Barclays; PT 70 pence
* Hicl Infrastructure Rated New Equal-Weight at Barclays
* Intl Public Partnerships Rated New Equal-Weight at Barclays
* Sandoz Group Rated New Buy at AlphaValue/Baader
* SCA Rated New Neutral at Citi; PT 160 kronor
* Sequoia Economic Rated New Overweight at Barclays; PT 95 pence
* Solvay Resumed Equal-Weight at Morgan Stanley; PT 25 euros
* Syensqo Rated New Equal-Weight at Morgan Stanley; PT 90 euros
* Syensqo Rated New Buy at Berenberg; PT 117 euros
* Take-Two Rated New Outperform at Wolfe
* Tapestry Resumed Equal-Weight at Morgan Stanley; PT $38

>>> Call
* Capital Goods to See Normality Return in 2024: Morgan Stanley
* Citi’s Manthey Sees European Stocks at Record Amid Peaking Rates
* Fluidra Cut at Citi as Sales Return to Pre-Pandemic Dynamics
* Goldman Says ‘Buy the Dip’ If Stocks Drop on Repricing Fed Cuts
* Morgan Stanley’s Wilson Sees Drop in Near-Term Profit Views
* RBC’s Calvasina Says US Growth Stocks Overvalued, Due for Pause
* Syensqo New Buy at Berenberg, Equal-Weight at Morgan Stanley

FT : Indian vaccine billionaire to pay £138mn for London mansion

Indian vaccine billionaire to pay £138mn for London mansion
Adar Poonawalla strikes biggest home sale of the year in UK capital with deal for Mayfair property


India’s billionaire “vaccine prince” Adar Poonawalla has reached a deal for London’s most expensive home sale of the year, agreeing to pay about £138mn for a 25,000 square foot Mayfair mansion.

Aberconway House, a vast 1920s home near Hyde Park, will change hands after a sale was agreed by Dominika Kulczyk, daughter of the late businessman Jan Kulczyk, who was Poland’s richest man.

The property will be acquired by Serum Life Sciences, a UK subsidiary of the Poonawalla family’s Serum Institute of India, people familiar with the transaction said.

The price tag makes Aberconway House the second-most expensive home ever sold in London and the biggest deal of the year, according to luxury property agents.

The top end of London’s property market is insulated from the impact of higher borrowing costs, which have slowed the wider UK housing market this year, because few buyers rely on mortgages.

Trophy properties in London have remained attractive to international buyers despite new transparency measures brought in to help target Russian money after the war in Ukraine, and the prospect of tax changes if the Labour party wins the next UK general election.

A person close to Serum Life Sciences said the Poonawalla family had “no plans” to move to the UK permanently, but that “the house will serve as a base for the company and family when they are in the UK”.

The London deal follows multimillion-pound investments in vaccine research and manufacturing facilities near Oxford, the person added.

In 2021, the family pledged £50mn to Oxford university for a new Poonawalla Vaccines Research Building. The Serum Institute manufactured hundreds of millions of doses of the Oxford/AstraZeneca vaccine.

Poonawalla, who took over leadership of the Serum Institute from his father in 2011, rented the Grade II-listed property in 2021 for more than £50,000 a week, Bloomberg reported at the time.

Poonawalla and Kulczyk declined to comment.

The impressive red-brick residence is named for Henry Duncan McLaren, Baron Aberconway, a turn-of-the-century industrialist who built the Grosvenor Square mansion.

The next largest sale of 2023, according to agents, was the £113mn purchase of Hanover Lodge. Essar Group billionaire Ravi Ruia’s family office bought the mansion in Regent’s Park, which had been linked to Russian property investor Andrey Goncharenko.

London’s most expensive house sale was 2-8a Rutland Gate, sold in January 2020 by the estate of the former Saudi Arabian crown prince Sultan bin Abdulaziz for a record-breaking £210mn. The Financial Times revealed last year the true identity of the buyer as Hui Ka Yan, the founder and chair of Evergrande.

Business Of Fashion : Shein Holds Talks With LSE on Possible Listing

Shein Holds Talks With LSE on Possible Listing

Fast fashion firm Shein has held talks with the London Stock Exchange about the possibility of a public listing in the United Kingdom, Sky News reported on Monday, citing sources.

Shein’s chairman, Donald Tang, met executives from the LSE and other stakeholders in the UK economy during a visit to London last week, according to the report.

Shein and London Stock Exchange Group did not immediately respond to a Reuters request for comment.

Last month, Reuters reported that the China-founded firm had confidentially filed to go public in the United States.

Goldman Sachs, JPMorgan Chase and Morgan Stanley have been hired as lead underwriters of the initial public offering, and Singapore-based Shein could launch its new share sale in 2024, the sources said at the time.

The company founded in mainland China in 2012 was valued at more than $60 billion in a May fundraising, down by a third from a funding round last year.

WWD : Gucci’s Renovated Milan Boutique Is an Ode to Italian Creativity, Craft, D

Gucci’s Renovated Milan Boutique Is an Ode to Italian Creativity, Craft, Design
The flagship, which also pays tribute to the city, shines the light on product and further elevates the luxury perception of the brand.

MILAN — Gucci’s renovated store in Milan’s Via Montenapoleone 5 is an ode to the city and to Italian creativity and design.

While the flagship does not yet fully reflect the vision of new creative director Sabato De Sarno, his influence is clearly visible and marks a decisive departure from his predecessor Alessandro Michele’s store concept. The store is an evolution that shines the light on the product and further elevates the luxury perception of the brand.

The store “invites our clients to embark on a beautifully tailored experience, showcasing the exceptional quality of the house’s products. Here, Gucci’s fashion authority and timeless luxury are center stage,” remarked president and chief executive officer Jean-François Palus. “This flagship echoes Gucci’s profound appreciation for contemporary art and design and epitomizes the essence of Italian beauty and craftsmanship.”

The store also has a significant symbolic implication as it was inaugurated in 1951 by Rodolfo Gucci, one of the three sons of founder Guccio Gucci, and was the first to open in Milan. It closed in July 2022 and has been going through an extensive renovation, reopening on Dec. 7. A celebratory evening event will be held on Wednesday. “It is particularly meaningful that we reopen in this address, at the very heart of a city renowned for sparking creativity, influencing fashion and embodying luxury,” noted Palus.

Via Montenapoleone is a magnet for high-spending, high-net-worth individuals and the home of leading international luxury brands’ flagships. Gucci stands next door to the new Chanel flagship, a few steps away from Ferragamo, Fendi, Etro, Hermès, Dior and Prada, to name a few. As reported, Manhattan’s Fifth Avenue and Milan’s Via Montenapoleone rank as the world’s most expensive retail venues this year, at $2,000 a square foot and $1,766 a square foot, respectively, according to the 2023 version of Cushman & Wakefield’s annual report “Main Streets Across the World.”

In Milan, there is also a Gucci store in the luxury shopping arcade Galleria Vittorio Emanuele II. As of the end of September, there were 534 directly operated Gucci stores worldwide.

In the Via Montenapoleone flagship, the floors are eye-catching, with Cipollino and Bardiglio marble forming intricate geometric patterns, reminiscent of some of the city’s storied residential projects, including Villa Necchi Campiglio. Italian craftsmanship is celebrated with the use of the artisanal Venetian “pulegoso” glass on door handles and shelves, filled with tiny gas bubbles.

The store pays tribute to Italian furniture design. Pieces include Cassina’s “Utrecht” armchair by Gerrit Thomas Rietveld; the “Maralunga” sofa by Vico Magistretti for Cassina’s iMaestri Collection; the “La Bambola” armchair by Mario Bellini, and “Tufty-Time” sofa system by Patricia Urquiola for B&B Italia; the “Rod” seat by Piero Lissoni for Living Divani, and the “Gladstone” table by Rodolfo Dordoni for Minotti.

De Sarno is an art collector and his passion for the arts is telegraphed throughout the store, which is rendered unique by the selection of modern and contemporary works by both midcareer and established artists and chosen by curator Truls Blaasmo. Reinforcing the connection to the city, the boutique displays works from Milanese masters such as Lucio Fontana, Getulio Alviani, Liliana Moro and Franco Mazzucchelli, along with works from international artists such as Nathlie Provosty, Jaime Poblete, François Durel, Michael Rey, Herbert Hamak, Adji Dieye and Augustas Serapinas, among others.


“Intertwining the house’s rich heritage with contemporary creations by Italian artists and designers, the Montenapoleone store is enhanced by a meticulously curated selection of artworks,” Palus told WWD. “This signifies a new approach to blending tradition and contemporary expression in our stores, which results in a rejuvenated and beautiful ambience — a cohesive, immersive and inviting space tailored for all of our clientele.”

The executive was named to the Gucci post in July. He was previously managing director at the brand’s parent Kering Group and succeeded Marco Bizzarri at the helm of Gucci.

“The store concept is a result of collaborative efforts from the merchandising and retail teams, and the design office. This unified reengineering approach prioritizes seasonal versatility,” added Palus. “With a focus on each and every detail, our primary goal is to reflect the house’s elevated experience and exceptional products, placing Gucci’s fashion authority and timeless luxury at the forefront.”

De Sarno also left his stamp on the ground floor’s Rosso Ancora carpeted room with lacquered walls and ceilings. These come in the designer’s new deep, liquid red, almost burgundy shade he unveiled with his spring 2024 collection, called Rosso Ancora. Similar to a contemporary art work, 150 maquettes of Jackie Notte bags in the same red hang on the wall, a luminous Gucci Ancora sign further telegraphing the message.

In September, the designer staged an event at Milan’s Bar Jamaica to present the first volume of his “Gucci Prospettive” series, which will accompany each of his collections for the brand. Stefano Collicelli Cagol, director of the Luigi Pecci Center for Contemporary Art in Prato, interpreted the vision for the first chapter. De Sarno’s aim was to pay tribute to Milan with its art works, literature excerpts, music, cinema and fashion, narrating fragments of the city’s cultural and artistic history from the postwar period to the present day.

Named to his current post in January, De Sarno joined Gucci from Valentino, where he spent 14 years, most recently as fashion director of men’s and women’s ready-to-wear.

Covering almost 20,000 square feet across two floors, the boutique carries Gucci’s mens’ and women’s rtw collections, handbags, luggage, shoes, silks, eyewear, jewelry, fragrances and gifting items. There are also two VIP lounges.

Leather goods are displayed at the entrance on the ground floor, arranged on a striking backlit white alabaster wall, spotlighting a selection of Jackie Notte bags and Signoria slingback pumps from the Ancora collection.

On another wall, Gucci’s silk carrés, including the storied Flora print, first designed by Vittorio Accornero in 1966 for Princess Grace of Monaco, are placed as paintings, also backlit.

De Sarno’s Ancora apparel collection is on display on the lower floor, available for preorder.

As part of Gucci’s commitment to implement and enhance eco-friendly initiatives and energy-efficient technologies in the house’s stores worldwide, the boutique is designed using LEED guidelines and principles, monitoring and promoting energy efficiency.