Kara NasvigValentino, the esteemed fashion house with a 30% ownership stake by Kering SA, has made headlines with the appointment of Alessandro Michele, former creative director of Gucci, as its new top designer. Michele succeeds Pierpaolo Piccioli, who recently stepped down from the role. This transition not only has the potential to reshape Valentino under the ownership of Qatar’s Mayhoola but also highlights the increasing interconnection between the two Italian fashion giants.
Michele’s tenure at Gucci marked a transformative period for the brand. His “Granny Chic” designs, characterized by eclectic prints, whimsical motifs, and bold colors, revitalized Gucci’s image and propelled it to unprecedented heights of success. Under Michele’s creative direction, Gucci experienced exponential revenue growth, more than doubling its revenue from approximately €4 billion in 2015 to €10.5 billion in 2022, when Michele departed.
Valentino, renowned for its heritage in haute couture, has undergone a transition from classic to contemporary in recent years, introducing signature pieces like studded shoes and V-logoed bags. With Michele’s arrival, there’s anticipation that his distinctive style will infuse new energy into Valentino. Michele’s track record of success, coupled with his network of celebrity endorsements and collaborative ventures, promises to elevate Valentino’s visibility and appeal.
However, there are cautionary notes to consider. Michele’s maximalist approach, while initially captivating, faced criticism for being disconnected from prevailing economic realities, especially amidst the challenges of the pandemic and rising inflation. Kering, which holds the option to acquire the remaining shares in Valentino by 2028, must ensure that Michele’s designs resonate with Valentino’s ethos of elegance and sophistication, steering clear of replicating Gucci’s aesthetic.
Furthermore, there’s a strategic balance to be maintained between Gucci and Valentino within Kering’s portfolio. While a revitalized Valentino could potentially compete with Gucci for market share, Gucci remains the powerhouse within the group, contributing significantly higher sales and operating profits. The dynamics of this relationship underscore the need for careful management of both brands’ identities and market positioning.
One potential avenue for Kering to explore is a reciprocal exchange of talent between Gucci and Valentino, with Piccioli joining Gucci’s creative team under Sabato De Sarno’s leadership. Such a move, while unconventional, could inject fresh perspectives into both brands, echoing successful co-creative director models seen elsewhere in the industry.
In navigating this transition, Kering must ensure that Valentino maintains its distinct identity while leveraging Michele’s creative vision to propel the brand forward. As demonstrated by Michele’s penchant for innovation and unexpected twists, sometimes embracing duality can lead to remarkable outcomes.
