Gucci hits the runway as the world of fashion awaits new designers

French luxury group Kering has faced pressure to find a replacement following the sudden departure in November of Alessandro Michele, the flamboyant designer who is a favorite of Harry Styles and Lady Gaga and revived sales growth at its biggest brand, which accounts for two-thirds of profits in 2014. 2021.

The question of who will direct Gucci’s creative direction overshadowed the megabrand’s first men’s show in the Italian fashion capital in three years. The event runs through January 17, attracting an audience that includes major retail shoppers who assess which styles may become top sellers in the future.

A model shows off his Gucci menswear creations in Milan, Italy. (REUTERS/Alessandro Garofalo)

There were echoes of Michele’s eccentric, gender-fluid style at Gucci’s catwalk presentation on Friday. Models circled the darkened room to the snarling music of live band Marc Ribot’s Ceramic Dog, showing off oversized coats with wide lapels and wide-leg pleated trousers in pale beige and pastel tones, with new covers of house classics, along with reminders of Michele’s tenure, including furry, horse-cut sandals.

Show notes, which buyers scrutinize for signs of the label’s next steps, refer to improvisation and collaboration.

“When the free impulses of individual minds are intertwined, collective expression is formed,” says the brand note.

Shiny silver pants and quilted motorcycle boots added a flamboyant touch to the neutral-toned look, which caught the attention of celebrities including K-pop star Kai, American soccer player Jalen Ramsey and Italian rock band Maneskin.

UBS expects Kering’s February 15 earnings release to show the label’s fourth-quarter sales down about 11%, likely one of the more noticeable slowdowns among the world’s top fashion labels, as tough COVID-19 restrictions weigh on business in China.

“The longer the wait for a new Gucci creative director, the worse the prospects for Kering will be,” said Bernstein analyst Luca Solca, noting that “more of the same” won’t help the label regain relevance with buyers.

TIMELESS FASHION, MARKETING INVESTMENT

Analysts at HSBC, meanwhile, say efforts taken before Michele’s departure could ease the transition, predicting improvement this year regardless of who takes the creative direction. They point to the recent emphasis on timeless fashion and higher-priced products as well as increased marketing spending and increased collection sizes that are likely to accelerate business.

Gucci withheld marketing investments during the pandemic, while bigger rival LVMH, two of the biggest labels Louis Vuitton and Dior stepped forward, a move analysts said helped them gain support from rivals.

A model presents her creations at the Gucci Fall/Winter 2023/2024 menswear show in Milan, Italy. (REUTERS/Alessandro Garofalo)

Kering’s other smaller fashion houses, Saint Laurent, Bottega Veneta and Balenciaga had thrived towards the end of last year, but Balenciaga was caught in a controversy after a holiday advertising campaign raised accusations of inappropriate images with children. Despite the current turbulence in Kering, however, expectations are high given the group’s strong track record of parenting brands, analysts said.

The group’s brands are known for “capturing the Zeitgeist”, said Solca, who said Gucci’s past success is “the most memorable turnaround story in luxury history.” The industry is also expecting big changes to another blockbuster label.

Top management changes at Louis Vuitton and Christian Dior announced this week sparked talk that an overhaul of the design team could be made, including at Louis Vuitton’s menswear division, which has relied on studio design teams since the death of creative director Virgil Abloh in late 2021.

(Reporting by Mimosa Spencer in Paris and Elisa Anzolin in Milan Editing by Frances Kerry)

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