Alessandro Michele, an Italian fashion designer, has resigned from premium fashion brand Gucci after 20 years with the company. Kering, the French luxury conglomerate that owns Gucci and other brands, made the news. The company announced his departure on November 23, 2022. Michele has been Gucci’s creative director since 2015.
Kering said in a statement:
“[Alessandro Michele] has played a vital role in shaping the brand into what it is today through his pioneering ingenuity, 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. Gucci, on the other hand, generates two-thirds of its revenue and is the most lucrative brand under the French company’s umbrella.
Alessandro Michele net worth
Alessandro Michele was born in Rome, Italy on November 25, 1972. His current net worth is estimated at $10 million, according to Market Realist. Michele was initially employed by Tom Ford and then by Frida Giannini. Gucci’s CEO, Marco Bizzarri, was promoted from head of accessories to creative director in 2015, shocking the fashion world. However, Alessandro quickly demonstrated his worth and ability as Gucci saw rapid expansion as a premium brand. After his first presentation in the fall of 2015, it was clear that Alessandro Michele would take a more diverse and unconventional approach to Gucci.
According to the Business of Fashion, led by Michele, between 2015 and 2019, Gucci’s sales nearly tripled and revenues quadrupled. Quarterly growth sometimes exceeded 50 percent. Gucci’s annual income will reach $10.3 billion this year.
Alessandro Michele’s work combined old Gucci trademarks with contemporary elegance.
His work took a more gender-fluid approach and a wide range of colors, textures and prints, which attracted younger audiences in China, Europe and the United States. Soft-lined loafers with horse-bit hardware, as well as double-G monogram crossbody bags, quickly became popular. When Michele left the company, Gucci president and CEO Marco Bizzarri said he was “lucky” to have met Michele towards the end of 2014. He continued that they have worked together ever since, as the company has “followed its prosperous route” over the past eight years.
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 plummeted 22% in 2020 due to the coronavirus outbreak. Unlike Gucci, which has had modest development, competing fashion labels such as Dior, Hermes and Louis Vuitton have gotten back on track.
In October 2021, it was revealed that Q3 revenue was up 3.8%, falling short of analyst expectations. Some observers blamed Gucci’s demise on Alessandro’s lack of creative innovation, exacerbated by the after-effects of the epidemic. Luca Solca, an analyst at Bernstein, told the Financial Times that the company is suffering from “brand fatigue.” “Alessandro Michele has been doing more of the same for seven years,” he said of the brand. Solca continued that if the company wanted to accelerate again, it had to “start a new chapter” rather than be popular or timeless. Alessandro Michele’s replacement has not yet been named, but he posted a lengthy thank you note on Instagram.