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
The Italian designer Alessandro Michele is set to leave Gucci, where he has overseen a surge in sales at the fashion powerhouse since 2015, but seen his star fade in recent seasons, according to a report in industry bible Women’s Wear Daily on November 23.
Citing “well-placed sources”, the magazine said Michele was quitting after being asked to orchestrate a creative revamp to restore the brand’s lustre.
The French conglomerate Kering, which owns the Italian house, declined to comment.
With his bookish chic looks and vintage mash-ups that hearkened back to the 1970s and 80s, Michele helped turn the once-flagging house into a white-hot success, drawing in a new generation of fans with his anti-establishment veneer.
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”.
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Sales also got a boost from 2021’s Ridley Scott-directed House of Gucci film with Lady Gaga and a host of Hollywood A-listers.
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.
As an industry expert with a deep understanding of the fashion landscape, I've closely followed the developments in the world of luxury brands, and Alessandro Michele's tenure at Gucci has been a focal point of my analysis. My extensive knowledge in fashion history, trends, and brand management enables me to provide valuable insights into the recent news regarding Gucci's decision to part ways with Alessandro Michele.
Alessandro Michele's departure from Gucci is a significant event that reflects the intricate dynamics within the fashion industry. While Michele undeniably played a crucial role in revitalizing Gucci during his seven-year leadership, recent reports suggest a decline in his star power and a need for a creative revamp to restore the brand's allure.
Michele's impact on Gucci's sales cannot be overlooked. Through his distinctive design aesthetic characterized by bookish chic looks and vintage references to the 1970s and 80s, he successfully transformed Gucci from a struggling brand into a white-hot success. The mention of his "anti-establishment veneer" highlights his ability to appeal to a new generation of fashion enthusiasts, bringing a fresh and unconventional perspective to the brand.
The reference to the House of Gucci film directed by Ridley Scott in 2021, starring Lady Gaga and featuring Hollywood A-listers, underscores the positive influence Michele had on the brand's popularity. The synergy between fashion and entertainment, as demonstrated by this collaboration, contributed to a sales boost and heightened brand visibility.
However, industry insiders, as reported by Women's Wear Daily (WWD), have noted a decline in enthusiasm and brand fatigue during Michele's recent seasons at Gucci. This sentiment is echoed by financial analysts, such as those at Bernstein and Royal Bank of Canada, who emphasize the need for a new approach to relaunch the brand. Kering CEO François-Henri Pinault's eagerness for a quick change at the helm further supports the notion that Gucci is in need of a strategic shift to address current challenges.
In summary, while Alessandro Michele's tenure at Gucci brought about unprecedented success and a shift in the brand's image, the recent decision for him to step down indicates the complexity of sustaining momentum in the ever-evolving fashion industry. The call for a creative revamp and the recognition of brand fatigue underscore the challenges faced by even the most influential designers and luxury houses in maintaining long-term relevance.
