(BFM Stock Exchange) – The luxury group announced this Thursday, February 6, that its flagship brand Gucci had ended its collaboration with its artistic director, less than two after taking office.

The transplant had not a priori completely taken. Kering announced this Thursday, February 6, the departure of the artistic director of Gucci, Sabato de Sarno on Thursday, February 6. “The new artistic direction will be announced in due time,” said the company.

Valentino’s defector, the Italian creator had joined Gucci in 2023 with the aim of making the Italian label more timeless, so as to operate a brand elevation.

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Hardness sales

And revitalize sales of a brand formerly flamboyant and now in the tough. Gucci’s revenues increased by only 1% in comparable data in 2022, then fell by 6% in 2023 and 18% in the first half of 2024. In the third quarter, they dropped by 25%.

This suggests that the new collections of Sabato de Sarno, certainly arrived very gradually in shops from spring 2024, did not allow to influence this poor trend.

“The main conclusion for us is that Gucci continues to underperform the other brands of the Kering portfolio in all regions … Despite 35% of novelties in stores in the third quarter of 2024 thanks to its new Director of Creation Sabato Sarno “, underlined in October Stifel.

In view of the weight of Gucci in Kering’s results (50% of sales and 70% of the operating profit running in 2024), the status quo was probably not possible.

“The end of the collaboration is not a surprise for us, given the underperformance of Gucci compared to his peers since the appointment of Sabato de Sarno, with potentially a new creative direction as the next step necessary to relaunch the Brand of the brand and so that Gucci recovers part of the lost market share, “said Royal Bank of Canada on Thursday.

But changing the artistic direction also amounts to potentially asking for patience at the market. Because it will take time before the new team prints their paw and then that my new products are available in stores.

“Gucci’s potential recovery is likely to be postponed to exercise 2026, taking into account the time required for the new creative direction to effect. We note that Gucci has quickly proceeded to the appointment of creative management in the recent past “, Esides Royal Bank of Canada.

On the Paris Stock Exchange, the market puts the departure of Sabato de Sarno into perspective. The action gives 0.3% around 12:40 p.m. after losing more than 3.6% at the start of the session.