by Mimosa Spencer, Elisa Anzolin and Tassilo Hummel

Paris/Milan (Reuters) – Faced with the slowdown of the sector, several luxury brands such as Gucci, Chanel and Dior have changed artistic direction to try to relaunch the interest of customers, but without confusing the richest and influential of them by an overly brutal modification of their aesthetics.

The global market for luxury products, which represents 363 billion euros, has experienced its lowest sales rates for years. Economic gloom in China and the increase in inflation in the rest of the world dissuade wealthy customers from spending their money.

“Brands are more than ever under pressure to find a balance between creativity and commercial viability, while remaining relevant on a constantly evolving market,” observes Lydia King, director of purchasing and merchandising of the British department store Liberty.

Chanel and its competitor Gucci, owned by the Kering group, bet on rising stars from smaller brands to direct their artistic creation. Their Dior rival, owned by the world champion in the LVMH sector, should soon follow the movement.

The new creators are faced with a delicate task: quickly bring the right dose of renewal, investors leaving them for a short time to win.

Last week, Kering announced the appointment of Demna Gvasalia, hitherto stylist of his brand Balenciaga, head of the artistic direction of Gucci. The announcement caused a drop of more than 10% of the Kering title and a loss of around three billion euros in market capitalization.

If many analysts had put pressure for Gucci to adopt a more daring style after two years of upmarket with more classic designs, investors fear that Demna Gvasalia, a controversial personality, is not the right person.

The sanction of Kering on the stock market highlights the importance taken by the role of artistic director in the luxury industry.

In the era of “superstars” artistic directors, the creators shape the identity of a brand, sometimes even going so far as to overshadow the inheritance, notes Jacques Roizen, of the DLG consulting firm.

The artistic directors redefine not only the aesthetic orientation but also the positioning and the customers of the houses, he adds.

“Musical chairs”

Chanel, who is not listed on the stock market, called on Matthieu Blazy, 40, after his successful success at Bottega Veneta, another brand of Kering. He will have to introduce a new aesthetic approach to it after the imprint left by Karl Lagerfeld and then his longtime collaborator Virginie Viard.

For its part, LVMH has not yet officially announced the new artistic director of Dior for male fashion after the departure in January of Kim Jones. But speculation is going well regarding the possible appointment of Jonathan Anderson whose departure from Loewe was announced on Monday.

LVMH refused to comment on the current estate in Dior Homme.

New faces also appear among smaller brands, such as Céline and Givenchy at LVMH. In Italy, Donatella Versace, 69, withdrew from the direction of the creation of Versace after almost three decades, replaced by Dario Vitale from Miu Miu.

A large transfer window that is not without disconcerting luxury consumers.

“Customers no longer know where to go with these musical chairs”, points to Yannis Ouzene, seller for a large European brand on Montaigne avenue in Paris.

“I do not remember having seen such an important change in creative leadership in the luxury industry,” adds Achim Berg, fashionable consultant and the luxury industry.

In this context, beware of “too radical changes” in the aesthetics of the brand, warns Federica Levato, the main partner of the Bain consulting firm.

If Chinese buyers mainly retain the “here and now” from the design of a brand, Western buyers attach “great importance to continuity” of his identity, says Jacques Roizen.

(Report Elisa Anzonlin, Tassilo Hummel and Mimosa Spencer; with the contribution of Helen Reid to London; Florence Lève, edited by Blandine Hénault)

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