Gucci Creative Director Alessandro Michele [R] with Former Gucci President and Director Marco Bizzarri [R]

Gucci Creative Director Alessandro Michele has left the Kering-owned luxury brand.

Note: Based on industry reporting, AOC erroneously reported that his Gucci backer and godfather, president and director Marco Bizzarri resigned last week. The New York Times says that Bizzarri’s status is uncertain.

High Praise for Alessandro Michele

“I was fortunate to have had the opportunity to meet Alessandro at the end of 2014, since then, we have had the pleasure to work closely together as Gucci has charted its successful path over these last eight years. I would like to thank him for his 20 years of commitment to Gucci and for his vision, devotion and unconditional love for this unique house during his tenure as creative director,” CEO Marco Bizzarri said in a statement.

François-Henri Pinault, chairman and CEO of Kering, said of Michele: “His passion, his imagination, his ingenuity and his culture put Gucci centre stage, where its place is. I wish him a great next chapter in his creative journey.”

Gucci Momentum In Seriously Dropping

"It's a brand that was losing momentum, if they don't put someone in charge quick it will lose even more momentum," a key source says in a story being reported in WWD. Alessandro Michele has been with Gucci since 2002, first working in the design studio before becoming Creative Director in late 2014.

The former accessories designer is credited with reviving Gucci's popularity with undeniably flamboyant and gender-fluid styles. That can be part of the problem in a fashion culture that is always on the move.

Alessandro Michele’s Gucci is so defined around his own very eclectic personal style, that requests that he evolve his Gucci vision are impossible to achieve, according to sources who say that Michele was pressed to evolve for Gucci’s revenues. The designer said “no”.

Great Initial Success

The Alessandro Michele - Marco Bizzarri team saw profits increase nearly four-fold and revenue increasing three-fold in the period from 2015-2019. The pace was so blistering, that it could not continue.

Still, Gucci’s financial slowdown isn’t sudden — COVID lockdown aside.

‘Sissy Men’ Are Banned from TV in China

In particular there is concern about Gucci’s performance in the Chinese market — and not only that business is not as strong as competitors. Gucci had a decrease in China-based sales in the third quarter of 2022.

Gucci announced the appointment of Laurent Cathala, previously a top executive at U.S. jeweller Tiffany & Co for emerging markets, as its new president of Greater China fashion business in April.

There is a high sensitivity to gender fluidity in the Chinese government of Xi Jinping, so much so that China banned ‘sissy men’ from TV. In 2021, CNN described China’s LGBTQ community as fading from rainbow to grey.

Kering Shares Down 24% in 2022

Gucci’s parent Kering shares are down by around 24% in 2022, compared to about 4% for LVMH. In a difficult year in the global stock market, there is no comparison as to how the two corporate parents are weathering the financial storm.

"After seven years in charge of Gucci's creative engine, it may well be time for a change, and consensus amongst institutional investors appears to be forming that a new approach is required to reignite the brand," RBC analysts are saying when queried about Gucci’s current financial performance.

Michele's departure comes as the key holiday season approaches and the January fashion shows.

We will further update this article as the day proceeds. ~ Anne