Paris (AFP) – Luxury giant Gucci announced Thursday it was parting ways with its chief designer Sabato De Sarno following a sales slump, in the latest shakeup at a major European label. De Sarno was appointed to the job in January 2023, bringing in a more minimalist style to the flashy Florence-based brand after he replaced Alessandro Michele.
“Gucci today announces the end of its collaboration with creative director Sabato De Sarno,” the fashion brand owned by French luxury group Kering said. “The Fall-Winter ’25 fashion show in Milan on February 25 will be presented by the Gucci design office. The new artistic direction will be announced in due time,” it added.
The European luxury business is facing a global slowdown linked to weakening demand in Asia and remains concerned about the impact of possible US trade tariffs under President Donald Trump. Several major brands have either switched their creative directors or are waiting to appoint new designers in a particularly intense period of change in the merry-go-round at the top of the fashion industry.
British designer Kim Jones stepped down from his post as artistic director of Dior Homme last Friday, while his colleague for womenswear Maria Grazia Chiuri is widely said to be on her way out — and has been linked with Gucci. Chanel is still bedding in its new chief creative, former Bottega Veneta designer Matthieu Blazy, who was announced in December to succeed Virginie Viard. Several big names in the industry, including Hedi Slimane and John Galliano, are currently out of work and are expected to return to major jobs.
De Sarno, 42, has spent his career in Italian labels, beginning at Prada in 2005 before moving to Dolce & Gabbana, then Valentino where the Naples native rose through the ranks to the chief designer position. “I would like to express my deep gratitude to Sabato for his passion and dedication to Gucci,” newly-appointed Gucci chief executive Stefano Cantino said in a statement.
“I sincerely appreciate how he honoured Gucci’s craftsmanship and heritage with such commitment,” added Cantino, who was seen by analysts as taking bold action only a month after beginning in his role. Gucci accounts for nearly half of Kering’s total sales, with recent weakness at the brand weighing on results and shares of the holding company. The group, owned by the billionaire Pinault family, said in October that its 2024 operating profit could come in at half the level of 2023.
Gucci sales fell by 25 percent in the third quarter of last year compared to the same period of 2023 due to weak demand in Asia. The change at the top was not a surprise “given Gucci’s underperformance vs peers since Mr De Sarno’s appointment with potentially a new creative direction as the necessary next step to reignite brand momentum,” Canada-based brokerage RBC said in a note to clients on Thursday.
The exit creates new “uncertainty”, however, analysts at Citi noted, adding that it opened “another period of transition”. Shares in Kering fell 2.5 percent on the Paris stock market on Thursday morning. The group will publish its annual results next Tuesday for all of its brands, which include Yves Saint Laurent, Balenciaga, and Alexander McQueen. Hometown rival LVMH, Europe’s largest company by market value, said last week that its net profit had fallen by 17 percent last year to 12.55 billion euros ($13 billion) on sales that were down two percent.
Financial director Jean-Jacques Guiony said that the post-Covid “euphoria” that had led to booming sales in 2021, 2022, and 2023 had come to an end.
© 2024 AFP
