After 20 years with the prestigious fashion label Gucci, Italian fashion designer Alessandro Michele has left the organization.
The news was about Kering, a French luxury corporation that controls names like Gucci. His departure was reported by the company on November 23, 2022. Gucci’s creative director since 2015 is Michele.
Through his innovative brilliance and adherence to the House’s established standards, [Alessandro Michele] has been instrumental in molding the brand into what it is today.
Along with these brands, Kering also owns Kering Eyewear, Pomellato, DoDo, Boucheron, Bottega Veneta, Alexander McQueen, Saint Laurent, Balenciaga, Brioni, and Bottega Veneta. The most profitable brand inside the French corporation is Gucci, which makes up two-thirds of its revenue.
Value of Alessandro Michele
On November 25, 1972, Alessandro Michele was born in Rome, Italy. Market Realist estimates his current net worth to be $10 million. Tom Ford hired Michele at first, and then Frida Giannini.
The fashion industry was shocked in 2015 when Marco Bizzarri, CEO of Gucci, was elevated from head of accessories to creative director.
However, Alessandro quickly proved his worth and skills as Gucci saw tremendous growth as a luxury brand. After his debut show in the fall of 2015, it became obvious that Alessandro Michele will take a more diverse and outlandish approach to Gucci.
The Business of Fashion claims that between 2015 and 2019, under Michele’s leadership, Gucci’s earnings and sales nearly tripled. Sometimes quarterly growth rates were greater than 50%. This year, Gucci will earn $10.3 billion in revenue.
A younger audience was drawn to his work in China, Europe, and the US because of its gender-neutral approach and variety of colors, textures, and patterns.
The double G monogrammed cross-body bags and loafers with plush linings and horse-bit hardware immediately gained popularity.
Gucci President and CEO Marco Bizzarri stated that he was “fortunate” to have met Michele near the end of 2014 upon Michele’s departure from the company. He continued by saying that they have collaborated ever since the company “mapped its successful course” throughout the past eight years.
Michele’s commitment to Gucci, as well as his vision, enthusiasm, and unwavering love for the “unique firm,” were all recognized by Marco during his tenure as Creative Director.
2020 saw a 22% decline in Gucci sales as a result of the coronavirus pandemic. Competitor fashion brands like Dior, Hermes, and Louis Vuitton have rebounded in contrast to Gucci, which has had very minor improvement.
Sales increased by 3.8% in the third quarter, underperforming analyst estimates, it was disclosed in October 2021. Some commentators attributed Gucci’s failure to Alessandro’s lack of inventive creativity, which was exacerbated by the impact of the epidemic.
According to Luca Solca, an analyst at Bernstein, the business has been experiencing “brand fatigue.” He remarked of the company, “Alessandro Michele has been doing more of the same for seven years.”
Solca continued by saying that rather than being well-liked or timeless, the company needed to “start a new chapter” if it wished to reaccelerate. Although Alessandro Michele’s successor has not yet been announced, he has sent a lengthy message of appreciation on Instagram.
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