Gucci's importance for Kering, its parent company, stems from the brand's stake in annual revenues. These account for over 50% of Kering's total revenues. Failing to deliver is what prompted the change of creative director. Alessandro Michele is replacing Frida Giannini but the question remains: is this infusion of creative talent enough to mark an uptick in annual sales? To succeed, Michele will have to demonstrate a radical departure from Giannini's outlook. Gucci cannot recover its previous position earlier than two seasons. We are curious to see whether Michele follows a fundamental change of course and whether this will resonate with Gucci's customer base as well as Giannini's had for several years. The truth is that Giannini had strike a good balance between customer expectations and seasonal updates. Assuming this role while the luxury market is stalling is a doubly difficult task for Michele.
Thomaï Serdari for PIQluxury.
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