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Gucci, what's happening with the Italian fashion powerhouse? You may have noticed that in recent months, Gucci has been preparing for a new image shift. But do you know why?
In November 2022, they announced that Alessandro Michele would no longer continue as the creative director of the Italian brand. It left everyone stunned. Why this change? What happened to Alessandro Michele?
Alessandro Michele joined Gucci in 2002 and spent several years working in various roles within the company before being appointed creative director in 2015. His ascent to the brand's creative leadership marked a significant shift in Gucci's direction.
The designer brought a fresh image to Gucci, making it one of the most profitable brands in the Kering Group. This was achieved through the designer's vision and the marketing and communication team behind him. They made excellent choices in selecting brand ambassadors and creating campaigns, featuring figures like Harry Styles and engaging in collaborations like last year's.
Thanks to the carefully chosen Gucci ambassadors, they were able to connect with a younger audience. Within the brand itself, one could find various lines, ranging from sporty to classic.
Alessandro Michele brought a radical change to Gucci:
In summary, Michele transformed Gucci from a traditional and sober fashion brand into a modern and maximalist luxury brand.
We all know that changes lead to new directions, and in Gucci's case, it was no different. After Alessandro Michele's departure, we've seen the brand continue to present its latest collections, but with significantly less innovation. The runways appeared emptier compared to when Michele was at the helm.
With Michele's departure, it was clear that more changes were on the horizon. In July, it was announced that Marco Bizzarri, the president and CEO of the brand, would step down from his position in September of the same year. Marco's departure was part of a series of adjustments made by the Kering Group.
Two names out, but two new names in. Sabato de Sarno became the new creative designer of Gucci, while Francesca Bellettini, President and CEO of Yves Saint Laurent since 2013, assumed the role of Deputy CEO of Kering, responsible for Brand Development.
Following these new changes, the Italian brand embarked on a new design direction for its social media and website.
The changes observed in communication include:
As mentioned, the latest addition to the team is Alessio Vannetti, who previously worked for the Italian brand as Global Communications Director from 2015 to 2019. He returns after a stint at Valentino to reconnect Gucci with its brand values.
The designer has previously worked for Prada (2005), Valentino (2009), and now for Gucci. Following his appointment, the fashion world is eagerly anticipating his first collection at Milan Fashion Week. He has already released his first campaign image for the Italian brand, showcasing this new creative image. We are looking forward to what the Spring/Summer 2024 Fashion Week proposal will be like.
In summary, the Michele-Bizzarri duo propelled Gucci to new heights. The company's revenue increased from €3.497 billion in 2014 to over €10 billion in 2022, a milestone that would have been achieved in 2020 if not for the impact of the pandemic. Operating income also tripled, going from €1.056 billion in 2014 to €3.732 billion in 2022. The brand ended the first half of the current fiscal year with a 1% drop in revenue, totaling just over €5 billion.
We will see if these changes can once again deliver such extraordinary results as those achieved under Michele-Bizzarri's leadership.
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