Kering chief executive Luca De Meo is accelerating his shake-up of the struggling fashion conglomerate with the ousting of Alexander McQueen's chief designer, just days after a purge at Saint Laurent.
Paris-based Kering announced Thursday (Oct 15) that Alexander McQueen creative director Sean McGirr was leaving his job at the loss-making British label three years after his appointment.
The 38-year-old Irishman appeared to have paid the price for a collapse in sales over his tenure, lacklustre reviews, and De Meo's desire to restructure many of the smaller labels in Kering's extensive stable.
"I would like to thank Sean for his contribution and dedication to Alexander McQueen," De Meo said in a statement.
"Our ambition is to establish a bold new direction for the house."
Read more: Fashion label Alexander McQueen appoints new creative director Sean McGirr
De Meo arrived last September with a stellar reputation as a cost-cutter and turnaround specialist, having helped relaunch the struggling French carmaker Renault.
Shares in Kering, which also owns Gucci, Balenciaga and Bottega Veneta, rose ahead of his appointment as investors bet he could slash burgeoning debt and revive sales at the group.
But since the start of the year they are down 28% despite signs of improvement at the flagship Gucci house under its highly rated new creative director, Demna.
Pressure
The entire luxury fashion industry is suffering from a downturn in global sales linked to weaker demand from China and concerns about the world economy, heaping pressure on designers.
Last Monday (Oct 12), Kering's crosstown rival LVMH, which owns Louis Vuitton and Dior among others, reported a 5% fall in sales at its fashion labels in the third quarter.
De Meo initially explored selling Alexander McQueen after arriving in the job, before opting to slash costs through job cuts and shop closures.
"The problem of (Alexander) McQueen is that it had relied on streetwear and sneakers for its growth, while now sneakers and streetwear are yesterday's story," said Luca Solca, a luxury goods analyst at the brokerage Bernstein.
"The consensus on the recently ousted (Alexander) McQueen designer was that he wasn't really producing a positive impact," he said.
Read more: Fashion designer Anthony Vaccarello exits Saint Laurent after decade of success
Annual sales at the brand, founded by the late British fashion icon Alexander McQueen, have fallen to below €200mil (approximately RM919mil) from a peak of €800mil (RM3.7bil) in the post-Covid 19 boom years, Bernstein estimates.
McGirr follows longtime Saint Laurent designer Anthony Vaccarello out of Kering's doors after the widely acclaimed Belgian left the French label last week after a decade in charge.
There are also persistent industry rumours that Balenciaga designer Pierpaolo Piccioli might also be heading for the exit, less than 18 months after the former Valentino designer was appointed.
"There is a lot on creative directors' shoulders these days, as brands strive to grow again after a significant reset," Solca said. – AFP
