Fashion The Italian designer took over this position from Frida Giannini in 2015, when he had already worked for the brand for 12 years
Alessandro Michele, at the Venice Film Festival, September 5, 2022. — Vianney Le Caer/AP/SIPA
The Alessandro Michele page turns to Gucci. The designer leaves the Italian brand, after seven years as creative director during which he “greatly contributed to the brand” to make Gucci what it is today” However, in recent years it has not been able to relaunch sales with the same vigor as its competitors.
“There are times when paths diverge due to the different perspectives each of us may have,” said Alessandro Michele in a statement; of the Kering group, owner of the brand which, at alone, represents 55% of the 17.6 billion euros in group sales posted in 2021. “Today marks the end of an extraordinary journey for me that lasted a long time. more than twenty years,” he continues. “Gucci has been my home, my adopted family.
His departure is a “surprise”
“His passion, imagination, fantasy and culture have contributed to to put Gucci back on the front of the stage, where finds its place,” the CEO of the luxury group, François-Henri Pinault. No replacement has yet been announced. announced.
Alessandro Michele, who will celebrate his 50th birthday on Friday, succeeded to Frida Giannini in 2015 when he was already working at for the brand for 12 years. “Risk-taking at the time, since he was completely unknown,” Sciences po Paris within the Master Fashion and Luxury. For him, Alessando Michele “embodied; the new chapter of the Gucci house, engaging on societal issues, placing the brand in its time. He revived the heritage of the house giving it a modernity”” His departure is a “surprise”.
Financiers welcome “very good news”
After a jump in sales between 2015 and 2019, Gucci has marked the pitch relative to the these competitors, slowed down in particular by the Covid-19 and its strong dependence on the market; Asian (44%). In 2021, Gucci realized; sales up 31.2% compared to 2020, compared to an increase of 41% for Prada and 49.6% for Chanel.
Wednesday morning, after ;s the announcement of the departure of Alessandro Michele by the specialized site Women’s Wear Daily, citing unnamed sources, financial analysts were not hiding their satisfaction. “Very good news,” said a note from Bernstein: “Alessandro Michele has been doing the same thing for seven years.” And according to RBC, “institutional investors seem to agree that a new approach is needed to revive the brand”.