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, reported. 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] played a key role in shaping the brand into what it is today thanks to his pioneering craftsmanship, 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 income and is the most profitable brand under the umbrella of the French company.
Net worth of Alessandro Michele
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 initially employed by Tom Ford and later by Frida Giannini. Gucci CEO Marco Bizzarri, promoted from head of accessories to creative director in 2015, shocked the fashion world. However, Alessandro quickly proved its worth and ability as Gucci saw rapid expansion as a luxury brand. After his 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 direction, Gucci’s sales nearly tripled and earnings quadrupled between 2015 and 2019. The quarterly growth rate at times exceeded 50%. Gucci’s annual income will be $10.3 billion this year.
Alessandro Michele’s work combines old Gucci brands with contemporary elegance.
His work has a more gender-flexible approach, as well as a variety of colors, textures and prints, appealing to younger audiences in China, Europe, and the United States. Loafers with soft lining and horsehide hardware, as well as double G crossbody bags, quickly became popular. When Michele left the company, Gucci President and CEO Marco Bizzarri said he was “lucky” to meet Michele at the end of 2014. He went on to say that they have worked together since then because the company has ” wealth charting”. route” eight years ago.
Marco praised Michele’s dedication to Gucci, as well as his vision, passion and unconditional love for the “unique company” during his time as Creative Director. Gucci sales plummet 22% in 2020 due to the coronavirus outbreak. In contrast to Gucci, which grew modestly, competing fashion labels such as Dior, Hermes and Louis Vuitton are back on track.
In October 2021, sales rose 3.8% in the third quarter, falling short of analyst expectations. Some observers blamed Gucci’s demise on Alessandro’s lack of innovation, plus the consequences of the epidemic. Luca Solca, an analyst at Bernstein, told the Financial Times that 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” instead of becoming 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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