Iconic Italian fashion house Gucci is ushering in a new era of transformation starting September 2022. After lackluster sales growth and waning demand for Gucci’s signature maximalist aesthetic, parent company Kering has installed new management to revive the brand.
Gucci CEO Marco Bizzarri is departing along with creative lead Alessandro Michele, who exited late last year. The major leadership changes come despite Kering CEO François Pinault’s previous vocal support for Bizzarri.
Gucci experienced meteoric success under Bizzarri and Michele’s partnership, with profits quadrupling since 2015. But growth stagnated after the pandemic, with sales only rising 8% in 2022 versus 31% growth for sister brand Saint Laurent.
The new Gucci team faces pressing challenges. They must reinvigorate sales after a year of interim collections and redefine Gucci’s stylistic identity amidst calls for more understated designs. As Gucci resets its codes again in the Instagram age, the brand’s transformation efforts will determine its future.
While current loyal consumers may not abandon Gucci immediately, its turnaround strategy requires flawless execution. As Kering’s billion-dollar crown jewel, all eyes are on whether Gucci can reclaim growth and styling relevance. The coming months will prove decisive in Gucci’s storied journey.