Why Gucci is parting ways with Alessandro Michele – even though the progressive Italian fashion designer helmed the Kering brand for 7 years and saw sales boost with Lady Gaga’s House of Gucci
Citing “well-placed sources”, the magazine said Michele was quitting after being asked to orchestrate a creative revamp to restore the brand’s lustre.
Michele, 49, also joined a handful of other designers by announcing in 2021 that the number of annual shows would be slashed to just two from five, saying that “clothes should have a longer life” and that his future collections would be “seasonless”.
But enthusiasm has begun to wane among industry insiders, according to WWD, with Kering CEO François-Henri Pinault eager for a quick change at the helm.
“Gucci is suffering from brand fatigue and Alessandro Michele has been doing the same thing for the past seven years,” financial analysts at the brokerage firm Bernstein said in a research note to clients.
“Institutional investors appear to agree that a new approach is needed to relaunch the brand,” added analysts at Royal Bank of Canada.
- The fashion powerhouse confirmed Michele’s exit from the brand, with WWD reporting the decision was made after a request for him to orchestrate a creative revamp
- Under his direction, Michele had a vision for less and ‘seasonless’ shows – but Kering CEO François-Henri Pinault is eager for a quick change, according to WWD