Alessandro Michele, an Italian fashion designer, has resigned from luxury fashion brand Gucci after 20 years with the company. Kering, the French luxury group that owns Gucci and other brands, announced the news. The group announced his departure on November 23, 2022. Michele has been the creative director of Gucci since 2015.
Kering said in a statement:
“[Alessandro Michele] he has played a key role in shaping the brand into what it is today thanks to his pioneering genius, while remaining true to the recognized standards of the House.
Kering also owns Saint Laurent, Balenciaga, Brioni, Bottega Veneta, Alexander McQueen, DoDo, Boucheron, Qeelin, Kering Eyewear and Pomellato. On the other hand, Gucci generates two-thirds of the revenue and is the most profitable brand under the French corporate umbrella.
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Alessandro Michele Net Worth
Alessandro Michele was born in Rome, Italy on November 25, 1972. His current net worth is said to be $10 million, according to Market Realist. Michele was first hired by Tom Ford and then by Frida Giannini. Gucci CEO Marco Bizzarri was promoted from Fashion Head to Creative Director in 2015, shocking the fashion world. However, Alessandro quickly proved its worth and ability as Gucci underwent rapid expansion as a luxury brand. After the first presentation in the fall of 2015, it became clear that Alessandro Michele would adopt a more diverse and unique approach to Gucci.
According to Business of Fashion, under Michele’s leadership, Gucci’s sales nearly tripled and earnings quadrupled from 2015 to 2019. The quarterly growth rate at times exceeded 50%. Gucci’s annual sales will be $10.3 billion this year.
Alessandro Michele’s work combines old Gucci brands with contemporary elegance.
His work, which has a more flexible approach to gender, as well as a variety of colors, textures and prints, has appealed to younger audiences in China, Europe and the United States. Slippers with soft linings and pony hardware, as well as double G crossbody bags, quickly became popular. At the time Michele left the company, Gucci president and chief executive officer Marco Bizzarri said he was “lucky” to meet Michele at the end of 2014. He said they had worked together since then when the company “tapped” their own path to prosperity”. eight years earlier. .
Marco praised Michele’s commitment to Gucci, as well as his vision, passion and unconditional love for the “unique company” during his tenure as creative director. Gucci sales are down 22% in 2020 due to the coronavirus outbreak. Unlike Gucci’s modest growth, rival fashion brands such as Dior, Hermes and Louis Vuitton are making a comeback.
In October 2021, it revealed that sales rose 3.8% in the third quarter, below analyst expectations. Some observers blamed Gucci’s decline on Alessandro’s lack of innovation, which was exacerbated in the aftermath of the epidemic. Luca Solca, an analyst at Bernstein, told the Financial Times the company is suffering from “brand fatigue”. “Alessandro Michele has done more than that in seven years,” he said of the brand. Solca went on to say that if the corporation wants to get up to speed again, it needs to “start a new chapter” and not be famous or timeless. Alessandro Michele’s replacement has yet to be named, but he posted a lengthy thank you letter on Instagram.
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Source: vcmp.edu.vn