Gucci energetically launched Milan Fashion Week recently, presenting a collection of relaxed and gender-neutral menswear styles. Moving forward with its newest designs, the brand continues to press onward as the fashion industry awaits Kering’s announcement of a new designer for Gucci.
Kering, the French luxury group, is under pressure to swiftly appoint a successor in the wake of Alessandro Michele’s unexpected departure in November. Michele, a designer popular with Harry Styles and Lady Gaga, was instrumental in driving sales growth at Kering’s biggest brand, which represented two-thirds of its profits in 2021. The company must act now to reinvigorate these profits.
Gucci’s first men’s show in three years in the Italian fashion capital has stirred the question: who will be leading the megabrand’s creative direction? Events run through January 17, drawing active buyers to size up potential top sellers.
The Friday saw Gucci showcasing Michele’s offbeat, gender-bending designs on the catwalk, with reverberations of his distinct style.
Models strutted around a dimly lit room to the wild music of Marc Ribot’s Ceramic Dog, showcasing oversized blazers with broad lapels and voluminous, pleated trousers in light beige and soft tones, playing fresh versions of house classics and nostalgic pieces from Michele’s time, such as furry, horse-bit adorned slippers.
Simon Longland, head of menswear and womenswear at London department store Harrods, actively declared that the collections of the past few seasons require a “palette cleanser”.
He declared a “new approach” to house styles, featuring an array of fabrics and jacket shapes designed to draw in both followers of its classic looks and new shoppers.
Buyers closely examine show notes for clues about the label’s future plans, highlighting improvisation and collaboration.
Individuals’ unfettered ideas coming together create collective ideas, the brand declared actively.
K-pop star Kai, American football player Jalen Ramsey and Italian rock band Maneskin were among the celebrities in attendance that took in the neutral-colored looks which were enhanced by shimmery silver pants and quilted motorcycle boots, creating flamboyant touches.
UBS forecasts that Kering’s upcoming Feb 15 earnings report will exhibit one of the sharper slowdowns in sales among the top fashion labels, with a decline of about 11%, due to Covid-19 restrictions in China.
Luca Solca, analyst with Bernstein, warned that the longer Kering waits for a new Gucci creative director, the worse their outlook becomes, stressing that “more of the same” won’t help the label restore its appeal to shoppers.
HSBC analysts believe pre-existing initiatives could facilitate the shift of leadership, predicting progress regardless of who leads the creative direction.
The pointing of emphasis to timeless fashions and higher-priced products, the ramp-up of marketing spending, and the boosting of the number of collections have likely catalyzed business growth.
During the pandemic, Gucci held back on marketing investments while Louis Vuitton and Dior, the two biggest labels of larger rival LVMH, pushed ahead. This strategic move, analysts say, has enabled them to gain a competitive edge over their rivals.
The smaller fashion houses of Kering, Saint Laurent, Bottega Veneta and Balenciaga, had been making strong strides heading into the end of 2020. However, Balenciaga was met with controversy following the release of their holiday ad campaign, which faced accusations of displaying inappropriate images with minors.
Analysts note high expectations for Kering due to its successful history of building brands, despite the current turbulence.
Solca highlighted that the group’s brands are renowned for “grasping the spirit of the times,” and praised Gucci’s remarkable transformation as “the most remarkable comeback story in luxury history.”
The industry anticipates considerable transformations at other top-selling labels.
Recently, Louis Vuitton and Christian Dior announced changes in their top management, sparking speculation that a reshuffle of their design teams – including Louis Vuitton’s menswear division, which has relied on the design studio since Virgil Abloh’s passing in late 2021 – could be imminent.
