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Paris — Gucci-owner Kering said on Thursday its creative director Sabato de Sarno would leave the Italian flagship label after less than two years in the job, the latest high-profile designer change as the luxury industry grapples with a slowdown.
De Sarno took over as Gucci’s design chief 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.
A new artistic director would be announced in due course, Kering said. Its shares were down almost 3% in early trade, underperforming industry peers.
Revenues at Gucci, 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.
“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.
Kering has been managing a broad overhaul of the century-old Italian fashion house, rebuilding top executive teams. Kering is due to report financial results next Tuesday.
Reuters
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