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In a bold and decisive move to address stagnation, French fashion and luxury powerhouse Kering has made a major shakeup with its flagship brand Gucci, appointing new designer Alessandro Michele as creative director and establishing a new CEO position.
The shakeup is a response to years of flat sales at Gucci, one of Kering’s most revered and prestigious brands. Sales revenue at Gucci had been dropping for the past four years, while the rest of Kering’s brands showed steady growth.
Kering’s new CEO, Marco Bizzarri, is charged with the task of reviving the Italian fashion house. The appointment of Alessandro Michele, who has worked for Gucci for nearly a decade, is considered to be the most significant move, as he is charged with pushing the luxury brand out of its funk and to the forefront of style.
The roadmap for the revitalization of Gucci includes a focus on the development of new products with a younger demographic in mind. Michele has already taken steps to reinvigorate Gucci’s style, with collections ranging from its trendier accessories to its classic leather handbags.
Kering is making a huge bet on the shakeup, and the industry’s response has been cautiously optimistic. While it remains to be seen if the changes at Gucci will be enough to revive the brand and bring in new customers, the initial reaction has been promising.
Kering’s investors certainly hope that the shakeup is successful; the entire fashion and luxury industry will be watching Gucci’s progress closely in the coming months and years.
