It’s official. Amid speculation in the industry following reports of it’s declining revenue, Kering SA has announced that Gucci, it’s struggling Italian luxury brand, will bid farewell to both it’s current CEO Patrizio di Marco and Creative Director Frida Giannini next year, with Frida presenting her final fall collection in February 2015.
It is reported that Marco Bizzarri, head of the parent company’s luxury-couture and leather goods division, will take over running Gucci from Jan. 1, while Frida’s successor will be announced at a later stage.
It’s not the first time that the 93 year old brand (since 1921) has been through ups and downs, but most noteworthy was it’s epic revival in the mid 1990s after the brand brought Tom Ford in and made it one of the ‘sexiest’ and most desirable luxury brand at the turn of the century. The designer left in 2004 and was taken over by current Creative Director Frida Giannini, who has led the direction of the Gucci since.
However, as Gucci grew in popularity and following a series of rapid expansions, the brand began to see a dilution of it’s brand as luxury consumers seek out more exclusive brands. Despite moves to lift Gucci’s brand image by reducing the use of it’s famous double G logo, narrowing the product range and re-introducing classic styles in luxurious materials (which evidently resulted in price increases), the brand reported a revenue drop of 1.9% in Q3 of 2014.
Will 2015 spell a new era for Gucci, or will it continue it’s decline? It’s too early to tell.
However, judging from the unpredictable nature in the fashion industry where anything is possible, I will choose to be optimistic and look out for another ‘spectacular’ revival of the brand I once swear by. Meanwhile, I can only wait with bated breath for the announcement of its new creative director.