Alessandro Michele, an Italian fashion designer, has resigned from the 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 corporation announced his departure on November 23, 2022. Michele has been the creative director of Gucci since 2015.
Kering said in a statement:
“[Alessandro Michele] has played a critical role in shaping the brand into what it is now via his pioneering ingenuity, while remaining faithful to the House’s recognized standards.”
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 income and is the most lucrative brand under the French company umbrella.
Alessandro Michele’s net worth
Alessandro Michele was born in Rome, Italy on November 25, 1972. His current net worth is believed to be $10 million, according to Market Realist. Michele was employed initially 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 rapidly demonstrated his value and ability as Gucci saw rapid expansion as a premium brand. Following his initial presentation in the autumn of 2015, it was clear that Alessandro Michele would adopt a more varied and unconventional approach to Gucci.
According to the Business of Fashion, under Michele’s direction, Gucci’s sales almost tripled and earnings quadrupled between 2015 and 2019. Quarterly growth rates sometimes surpassed 50 percent. Gucci’s yearly income will be $10.3 billion this year.
Alessandro Michele’s work combined old Gucci trademarks with contemporary elegance.
His work featured a more gender-fluid approach, as well as a wide range of colors, textures, and prints, which drew a younger audience in China, Europe, and the United States. Loafers with soft linings and horse-bit hardware, as well as cross-body bags with the double G monogram, quickly became popular. On Michele’s departure from the firm, Gucci President and CEO Marco Bizzarri said that he was “lucky” to have met Michele towards the end of 2014. He went on to say that they have worked together ever since as the firm has “charted its prosperous route” over the previous eight years.
Marco praised Michele’s dedication to Gucci, as well as his vision, passion, and unconditional love for the “unique company” throughout his stint as Creative Director. Gucci’s sales plummeted by 22% in 2020 as a result of the coronavirus outbreak. In contrast to Gucci, which has suffered modest development, competitive fashion labels such as Dior, Hermes, and Louis Vuitton have gotten back on track.
It was revealed in October 2021 that sales climbed by 3.8% in the third quarter, falling short of analyst expectations. Some observers blamed Gucci’s demise on Alessandro’s lack of creative innovation, compounded by the aftereffects of the epidemic. Luca Solca, an analyst at Bernstein, told the Financial Times that the company has been suffering from “brand weariness.” “Alessandro Michele has been doing more of the same for seven years,” he said of the brand. Solca went on to say that if the corporation wanted to reaccelerate, it needed to “start a new chapter” rather than being popular or timeless. Alessandro Michele’s replacement has not yet been named, but he has released a lengthy letter of thanks on Instagram.