Feeding the fashionistas: Gucci turns to fine dining

"The big brands are following where their high-spending clients' cash is going," said Fabrizio Pini, professor and joint director of the International Master in Luxury Management of Milan's MIP Politecnico business school.

Gucci and its rivals do not expect these investments to yield significant financial returns, for now, but they are seen as a way of enhancing their global brands. In some cases, eateries can also be a way to make the most out of large, city-center store sites as customers increasingly shop online.

Few strategies come without an element of risk, however.

Bernstein analyst Mario Ortelli said that if luxury companies did not provide a gastronomic experience that matched their other goods, it could dilute their brands. "The experience has to be luxurious and recognizable," he said.