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Gucci's creative director Michele to step down -source

By Mimosa Spencer and Dominique Vidalon PARIS (Reuters) -Gucci creative director Alessandro Michele is leaving Kering (EPA:PRTP)'s star label after seven years, a source said on...
Gucci's creative director Michele to step down -source © Reuters. FILE PHOTO: The 79th Venice Film Festival - Premiere screening of the film "Don't Worry Darling" out of competition - Red Carpet Arrivals - Venice, Italy, September 5, 2022 - Alessandro Michele attends. REUTERS/Yara Nardi
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By Mimosa Spencer and Dominique Vidalon

PARIS (Reuters) -Gucci creative director Alessandro Michele is leaving Kering (EPA:PRTP)'s star label after seven years, a source said on Wednesday, confirming earlier reports.

Kering was expected to swiftly confirm the news officially, the source said, adding that there had been tensions between the designer and Kering's top management.

Both Kering and Gucci declined to comment.

Women's Wear Daily (WWD), citing unnamed sources, first announced Michele's departure in a report overnight.

Kering shares opened up 2% on Wednesday, before giving up gains, with analysts saying that a new designer may help to revive sales. They were down 0.7% in early afternoon trading.

"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 said in a note.

"Overall, the notion of change in creative lead at Gucci is likely to be viewed positively by the market, and in Kering's share price," they added.

Michele, a former accessories designer who took on the top creative role at Gucci in 2015, is credited with reviving the label's popularity with flamboyant and gender-fluid styles.

Alongside CEO Marco Bizzarri, he oversaw a period of soaring growth between 2015 and 2019, with profits increasing nearly four-fold and revenue almost trebling.

But in recent quarters, Gucci, which accounts for the bulk of Kering's profits, has begun to lag its peers, with its performance in the key Chinese market becoming a source of concern for investors.

WWD quoted one source as saying Michele had been asked "to initiate a strong design shift" to light a fire under the brand, and that the designer did not meet the request. The WWD report said that Kering's chairman and CEO François-Henri Pinault, was looking at a change of pace for the brand.

"Gucci is in the middle of a complex transition aimed at elevating the brand," said Citi analyst Thomas Chauvet.

"While Kering management has historically been patient on executing turnarounds, the nomination of a new designer could accelerate the pace of change and redefine the brand's aesthetics."

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28-11-2022 12:56:55 (UTC+7)

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    EUR/USD 1.0350 ↑ Sell  
    GBP/USD 1.2047 ↑ Sell  
    USD/JPY 138.46 ↑ Buy  
    AUD/USD 0.6678 ↑ Sell  
    USD/CAD 1.3460 ↑ Buy  
    EUR/JPY 143.30 Neutral  
    EUR/CHF 0.9797 Neutral  
    Gold 1,748.65 ↑ Sell  
    Silver 21.190 ↑ Sell  
    Copper 3.5515 ↑ Sell  
    Crude Oil WTI 73.91 ↑ Sell  
    Brent Oil 81.13 ↑ Sell  
    Natural Gas 7.160 ↑ Sell  
    US Coffee C 164.40 ↑ Sell  
    Euro Stoxx 50 3,962.41 ↑ Buy  
    S&P 500 4,026.12 Neutral  
    DAX 14,541.38 ↑ Buy  
    FTSE 100 7,486.67 ↑ Buy  
    Hang Seng 17,165.50 ↑ Sell  
    Small Cap 2000 1,869.19 ↑ Buy  
    IBEX 35 8,416.60 Sell  
    BASF 49.605 Neutral  
    Bayer 55.45 Sell  
    Allianz 205.35 ↑ Buy  
    Adidas 123.98 Neutral  
    Lufthansa 7.567 ↑ Sell  
    Siemens AG 132.06 ↑ Buy  
    Deutsche Bank AG 10.390 ↑ Buy  
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,640/ 6,710
(6,640/ 6,710) # 1,475
SJC HCM6,655/ 6,735
(-5/ -25) # 1,501
SJC Hanoi6,655/ 6,737
(-5/ -25) # 1,503
SJC Danang6,655/ 6,737
(-5/ -25) # 1,503
SJC Nhatrang6,655/ 6,737
(-5/ -25) # 1,503
SJC Cantho6,655/ 6,737
(-5/ -25) # 1,503
Cập nhật 28-11-2022 12:56:57
Xem lịch sử giá vàng SJC: nhấn đây!
ↀ Giá vàng thế giới
$1,749.13 -1.81 -0.10%
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ʘ Giá bán lẻ xăng dầu
Sản phẩm Vùng 1 Vùng 2
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RON 95-III23.78024.250
E5 RON 92-II22.67023.120
DO 0.05S24.80025.290
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Dầu hỏa 2-K24.64025.130
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Brent $81.08 +2.76 3.40%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD24.580,0024.850,00
EUR24.959,9426.355,23
GBP29.041,9330.277,62
JPY173,62183,79
KRW15,9719,46
Cập nhật lúc 12:12:23 28/11/2022
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