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Gucci's creative director Michele to step down - Kering

By Mimosa Spencer and Silvia Aloisi PARIS (Reuters) -Creative director Alessandro Michele is leaving French luxury goods company Kering (EPA:PRTP)'s star label Gucci after seven...
Gucci's creative director Michele to step down - Kering © Reuters. FILE PHOTO: The 79th Venice Film Festival - Premiere screening of the film "Don't Worry Darling" out of competition - Red Carpet Arrivals - Venice, Italy, September 5, 2022 - Alessandro Michele attends. REUTERS/Yara Nardi
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By Mimosa Spencer and Silvia Aloisi

PARIS (Reuters) -Creative director Alessandro Michele is leaving French luxury goods company Kering (EPA:PRTP)'s star label Gucci after seven years, Kering confirmed on Wednesday.

"I am grateful to Alessandro for bringing so much of himself in this adventure," said François-Henri Pinault, chairman and CEO of Kering in a statement, referring to the designer's tenure as "an outstanding moment" in the label's history.

The designer's departure, which was first reported by Women's Wear Daily (WWD), citing unnamed sources, followed tensions between the designer and Kering's top management, a source told Reuters.

"There are times when paths part ways because of the different perspectives each one of us may have. Today an extraordinary journey ends for me, lasting more than twenty years, within a company to which I have tirelessly dedicated all my love and creative passion," said Michele.

A former accessories designer, Michele is credited with reviving Gucci's popularity with flamboyant and gender-fluid styles.

Michele's departure comes as the key holiday season approaches and the January fashion shows.

After pulling back during the pandemic, Gucci plans to return to a full fashion calendar next year, with six collections.

Kering did not name a successor to the designer Wednesday, noting that the label's "design office will continue to carry the direction of the House forward until a new creative organization" is announced.

Kering shares opened up 2% on Wednesday after Women's Wear Daily (WWD), citing unnamed sources, first reported Michele's departure. The shares later gave up gains, but closed up 0.6%.

The shares are down by around 24% since the start of the year, compared with a drop of around 4% for LVMH.

"After seven years in charge of Gucci's creative engine, it may well be time for a change, and consensus amongst institutional investors appears to be forming that a new approach is required to reignite the brand," RBC analysts said in a note.

Michele, 49, is known for his eclectic personal style, instantly recognisable at red carpet events, with long hair and beard, often wearing elaborate, brocade tuxedos.

Alongside CEO Marco Bizzarri, he oversaw a period of soaring growth at Gucci between 2015 and 2019, with profits increasing nearly four-fold and revenue almost trebling.

But in recent quarters, Gucci has begun to lag its peers, with its performance in the key Chinese market becoming a source of concern for investors amid COVID-19 lockdowns.

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06-12-2022 00:33:16 (UTC+7)

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    EUR/USD 1.0509 Neutral  
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    AUD/USD 0.6711 ↑ Sell  
    USD/CAD 1.3578 ↑ Buy  
    EUR/JPY 143.42 ↑ Buy  
    EUR/CHF 0.9890 ↑ Buy  
    Gold 1,782.65 Neutral  
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    Natural Gas 5.675 ↑ Sell  
    US Coffee C 163.23 ↑ Buy  
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    S&P 500 4,013.70 ↑ Sell  
    DAX 14,447.61 ↑ Sell  
    FTSE 100 7,567.54 ↑ Sell  
    Hang Seng 19,518.29 Buy  
    Small Cap 2000 1,842.35 ↑ Sell  
    IBEX 35 8,370.10 ↑ Sell  
    BASF 47.970 Sell  
    Bayer 53.09 ↑ Buy  
    Allianz 203.00 Buy  
    Adidas 122.06 ↑ Sell  
    Lufthansa 7.766 ↑ Buy  
    Siemens AG 135.44 ↑ Buy  
    Deutsche Bank AG 10.150 Neutral  
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,610/ 6,680
(0/ 0) # 1,473
SJC HCM6,625/ 6,705
(0/ 0) # 1,500
SJC Hanoi6,625/ 6,707
(0/ 0) # 1,502
SJC Danang6,625/ 6,707
(0/ 0) # 1,502
SJC Nhatrang6,625/ 6,707
(0/ 0) # 1,502
SJC Cantho6,625/ 6,707
(0/ 0) # 1,502
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Cập nhật lúc 18:53:14 05/12/2022
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