The future of Alessandro Michele as the creative director of Gucci is uncertain, as sources have indicated that he may be leaving the luxury house. Neither Gucci nor parent company Kering have confirmed or denied these rumors, but the news has had an impact on the company’s stock. Given Gucci’s significance within the Kering group, the question arises as to whether they should continue with Michele or seek a new direction.
Gucci has been a major contributor to Kering’s success, accounting for over 50% of the group’s revenues and 75% of its operating profit in 2021. Despite a recovery from the effects of the pandemic, which led to a slowdown in Gucci’s growth, recent developments suggest that the current timeline for recovery may be too long. Michele’s creative vision, characterized by an eclectic mix of influences and styles, helped revitalize the brand initially. However, this aesthetic appears to have lost its appeal in recent times, particularly among Chinese consumers, who are an important market for Gucci.
Analysts and institutional investors are in agreement that a change in creative direction may be necessary to revive the brand. The repetition of Michele’s style over the past seven years is seen as a factor contributing to brand fatigue. To regain momentum, Gucci needs to embark on a new creative chapter with fresh energy and talent, rather than aiming for a generalized or timeless approach.
Gucci has made significant additions to its team in recent months, suggesting that preparations are being made for a potential transition. The appointment of key executives, including the head of fashion business in Greater China and the executive vice-president and general manager of the brand, indicates a focus on strategic management. Additionally, the creation of the position of studio director, responsible for overseeing the design team, could be crucial in ensuring a smooth transition to a new creative director or even taking on the role themselves.
The situation at Gucci is reminiscent of what happened at Kering’s brand Bottega Veneta when creative director Daniel Lee left last year. The immediate appointment of a successor facilitated a seamless transition. Gucci itself has a history of smooth transitions, as Michele previously served as Frida Giannini’s right-hand man before taking on the role of creative director.
In conclusion, the relationship between Gucci and Alessandro Michele appears to be on shaky ground. The potential departure of Michele raises the question of whether Gucci should continue with him or seek a new creative direction. The need for change is supported by analysts and investors, who believe that Gucci has become fatigued under Michele’s repetitive aesthetic. The recent additions to Gucci’s team and the creation of a studio director position suggest that the brand is preparing for a potential transition. Ultimately, the future of Gucci and its creative direction will significantly impact its position within the Kering group and the luxury industry as a whole.
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Sources:
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– [Link 2](https://www.example.com/kering-group-gucci)
