By Tassilo Hummel
PARIS (Reuters) -Gucci design chief Sabato De Sarno will leave the Italian flagship label after less than two years in the job, owner Kering said on Thursday, as the brand battles to turn around its fortunes amid weak sales.
The departure is another high-profile designer change in the luxury industry as it grapples with a slowdown.
De Sarno took over as Gucci’s chief designer in 2023, succeeding Alessandro Michele, one of the towering figures of the fashion industry whose exuberant and playful designs had defined the brand for seven years.
The move comes less than a week before Kering is due to post full-year results. Its shares were down almost 3% in early trade, underperforming industry peers.
The decision to cut ties with de Sarno just as the 42-year-old Italian’s minimalist designs are filling stores comes as Gucci is under pressure to revive the brand with fresh ideas and attract wealthier shoppers.
“I think the writing was on the wall. The demure style of Sabato de Sarno didn’t fit the exuberant image that consumers have built of Gucci in the past 30 years,” Bernstein analyst Luca Solca said.
Barclays analyst Carole Madjo said the brand, famous for its loafers, handbags and belts, faced a battle to recover.
“Gucci has rather unfavourable cards in its hands – very exposed to China, middle-class income customers, and a brand that has been in decline for the last 3-4 years,” she said. “The top priority should be to make the brand more popular and fashionable again.”
Revenues at the Italian brand, which account for about half of the group’s total, were down 25% in the third quarter, dragging down Kering’s performance. The company’s share price has fallen by roughly a third over the past 12 months.
De Sarno’s departure is the first major move by brand chief executive Stefano Cantino who was appointed last year.
Finding a replacement for one of the most prestigious posts in the fashion industry may take some time.
Top industry figures in the frame could be Italian Pierpaolo Piccioli, who recently parted ways with Valentino, and John Galliano who just left Maison Margiela.
The luxury industry has been wrestling with its slowest sales in years, dragged down by weak Chinese demand and inflation-weary shoppers.
(Reporting by Tassilo Hummel, additional reporting by Mimosa Spencer, Sudip Kar-Gupta; Editing by Makini Brice and Mark Potter)
