Italian mega brand Gucci is parting company with is chief executive and creative director – the husband and wife team Patrizio di Marco and Frida Giannini - after poor sales.
French owner Kering has placed Marco Bizzarri, currently its head of its luxury division, as the new chief executive to take over in January and is likely to step up the turnaround put in place by Mr di Marco.
A replacement creative director will be announced soon with Ms Giannini due to leave at the end of February after its womenswear catwalk show. Gucci has already begun a turnaround– moving away from its logo heavy products of the past – to combat slowing sales growth.
Luca Solca, luxury expert at BNP Paribas said: “This was a change that was for a long time in the making. Di Marco and Giannini have presided over Gucci for a whole era, taking it to new heights. It is in the nature of the business that managers go, and brands remain.”
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The brand reported that sales fell nearly 2 per cent in the quarter to the end of September and is under pressure to improve its image as shoppers move away from brash brands to more subtle products.
Mr Solca added: “Gucci is one the most prominent luxury mega-brands. It will benefit from new ideas and fresh energy. The key to stay relevant in luxury goods is continuing reinvention. Marco Bizzarri is a proven team builder… and can bring the brand to new heights.Reuse content