Saint Laurent - The All-Things Saint Laurent Thread

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EXCLUSIVE: Saint Laurent to Hold Men’s Show in Marrakech in July

Saint Laurent creative director Anthony Vaccarello plans to unveil his spring 2023 men’s collection on July 15.

MAY 24, 2022, 9:04AM

Saint-Laurent-S22-9.jpeg
Saint Laurent Men’s Spring 2022 COURTESY OF SAINT LAURENT

MARRAKECH EXPRESS: Cementing the longstanding ties between Yves Saint Laurent and Morocco, Saint Laurent creative director Anthony Vaccarelloplans to unveil his spring 2023 men’s collection in Marrakech on July 15, according to sources familiar with the matter.

The house could not be reached for comment.

The founder of the brand maintained a home in the city from the ‘60s, drawing inspiration from its colors and local clothing styles. His legacy lives on in the Yves Saint Laurent Museum, located next to the Majorelle Garden, which Saint Laurent and his partner Pierre Bergé bought to save it from destruction.

Vaccarello has made traveling men’s shows a signature of his tenure at Saint Laurent, skipping Paris Men’s Fashion Week to stage itinerant shows in destinations including New York City and Malibu, Calif. His show in Venice last year coincided with the city’s Architecture Biennale and featured a specially commissioned installation by artist Doug Aitken.

It was the house’s first physical show in more than a year, after Saint Laurent, which is owned by luxury conglomerate Kering, revealed in 2020 that it would drop out of Paris Fashion Week and set its own pace for showing collections, as brands pivoted to adapt to the coronavirus crisis.

It has since resumed its women’s ready-to-wear displays in Paris, staged within a stone’s throw of the Eiffel Tower on spectacular sets, such as the wall of scaffolding that erupted with falling water that provided the backdrop for the spring 2022 show.

The men’s show in Marrakech will coincide with an exhibition focused on Saint Laurent’s love affair with Morocco. Titled “Love,” it will run from June 5 to Oct. 31 at Palácio Duques de Cadaval in Évora, Portugal.
WWD
 
yes they came in Marrakech for the settings this week, but honestly who in his right mind would set a show in the midst of July in Marrakesh ? They are in for the highest heatwaves, just like last summer.
 
This article is a bit old, but it's still relevant.
Kering Looks to Yves Saint Laurent to Reduce Reliance on Gucci

French luxury group aims to double sales of its second-largest brand, partly by opening new stores in the U.S.

By Trefor Moss

June 9, 2022 9:27 am ET

Kering SA KER -1.30% plans to double revenues at fashion house Yves Saint Laurent and at its eyewear division, as the French luxury group looks to reduce its reliance on star brand Gucci.

Sales at Yves Saint Laurent would reach €5 billion, equivalent to about $5.4 billion, and eyewear sales would hit €2 billion in the medium term, under plans set out by the company during investor presentations in Paris on Wednesday and Thursday.

Slowing growth at Gucci, the biggest brand in Kering’s portfolio, has put pressure on the company to diversify and boost revenues from other sources, according to analysts. Gucci revenues grew by around 13% year-over-year in the first quarter of 2022, underperforming Kering as a whole, which grew 21%.

Recent Covid-19 related lockdowns in China, where Gucci has relatively high exposure, have further highlighted Kering’s vulnerability to any problems affecting the brand.

Kering Chief Executive Francois-Henri Pinault has previously said he would like to expand the company through acquisitions, but few if any attractive brands capable of transforming the group are seemingly up for sale, analysts say.

Kering reported sales of €17.6 billion last year, 13% higher than in prepandemic 2019. Gucci contributed 55% of those revenues, far more than the group’s other luxury brands, which also include Balenciaga and Bottega Veneta.

Meanwhile, Kering has fallen further behind industry leader LVMH Moët Hennessy Louis Vuitton SA, whose revenues grew 20% last year relative to 2019 to €64.2 billion.

To increase sales at Yves Saint Laurent, Kering’s second-largest brand, the company told investors it would roll out new stores, especially in the U.S., to help the label reach new customers. Globally, the brand will increase its number of stores from 267 today to between 300 and 350 in the medium term, the company said.

New store openings would help the brand rebalance toward selling to local consumers rather than focusing chiefly on tourists, Kering said.

Eyewear is another business that Kering said was poised for rapid growth. The group acquired Danish eyewear company Lindberg A/S last year, and announced plans to buy U.S. brand Maui Jim earlier this year.

Still, Gucci can continue to grow, Kering told investors, stating a “medium-term ambition” for the brand to achieve revenues of €15 billion, up from last year’s €9.7 billion.

Growth at Gucci could be achieved by appealing to more male customers, boosting the brand’s appeal to a new generation of young luxury consumers, and enhancing the brand’s sales network in the U.S. and Europe, the company said.
Source: WSJ
 
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These two are more focused on Anthony Vaccarello and how he slowly transformed YSL into its current form.

Anthony Vaccarello Takes Saint Laurent to the Next Level

The creative director of Saint Laurent has brought his signature sexy-yet-sophisticated chic to the storied French house, driving it to become a nearly $3 billion brand.

By Rory Satran

Oct. 31, 2022 8:30 am ET

Anthony Vaccarello is wearing all black—a T-shirt and jeans of his own design. He often wears head-to-ankle black (with white sneakers), all the better to recede into the background. Plus, his father died earlier this year, so he’s still in mourning. This summer, he traveled to Sicily, where his parents are from, and was flooded by memories of his grandmother wearing her black widow’s garb many years after her husband died. “You want to show your sadness,” he says. It’s a thought that’s making its way into his work, including the Saint Laurent spring collection shown in Paris in September, heavy on sharp coats layered over fluid silk-knit jersey dresses.

At the creative helm of the Kering-owned luxury house since 2016, Vaccarello still hasn’t completely emerged from the wings of the iconic brand. That’s intentional. Speaking by video chat from the company’s 140,000-foot headquarters in a renovated centuries-old abbey on Paris’s Left Bank, with crystal chandeliers and delicate molding, the 40-year-old designer seems ambivalent about the very idea of an interview.

“I’m not looking for celebrity,” he says. “I love my job, I love doing clothes. But it’s not about me; it’s about what I’m doing.”

But as was the case with Yves Saint Laurent, the Algerian-born French design prodigy who founded the brand with his partner Pierre Bergé in Paris in 1961, the clothes are too good to not inspire curiosity about the introverted man who makes them. And the business, with CEO Francesca Bellettini, is on target to hit 3 billion euros ($2.9 billion) in annual sales for the first time, after growing by double-digit percentiles for several quarters.

Born in Brussels to Italian parents, Vaccarello speaks French, Italian and English, all of which are helpful to a career in fashion. During stints at Fendi (under Karl Lagerfeld) and Versus Versace (under Donatella Versace ), he used his Italian, and as he’s the head of a Parisian brand, French comes in useful when communicating with the storied atelier, full of petites mains, old-school couturiers who have been churning out tailoring and chiffon masterpieces for decades.

Growing up, Vaccarello did not think that a creative career was necessarily on the table. “Even when I was a kid, I always loved fashion, but didn’t know it could be a job,” he says. As a teen, he furthered his fashion education through MTV, becoming obsessed with designers including Gianni Versace, Azzedine Alaïa and Jean Paul Gaultier, and musicians like Madonna and Tina Turner. “In the ’90s, music and fashion were very linked,” he says.

A year in law school led to a pivot to the prestigious Brussels art school La Cambre, where he first studied sculpture, then fashion. His graduate collection won top prize at the Hyères Festival (a major launching pad for new talent), and his eponymous collection garnered the 200,000 euro ANDAM award in 2011 (around $290,000). But even as he began accumulating famous fans of his sharp, daring clothing, including model Anja Rubik and actor Charlotte Gainsbourg, he flew under the radar.

Clues about who Vaccarello is are tattooed on his restless hands: “Luca,” the name of his son with his partner, Arnaud Michaux, who works at the design studio with him; and tiny stars forming the shape of the constellation of Capricorn. He identifies strongly with his astrological sign. “I think when [Capricorns] have a goal, we go toward it, but not in a rush,” he says. “We know that it will take time, and we are not afraid of climbing the stairs slowly to achieve the goal.”

Six years into a creatively consistent and commercially successful tenure, Vaccarello is applying that laser focus to his next chapter. His fall 2022 collection, inspired by the British poet, heiress and activist Nancy Cunard, was a level up. A progression of striking coats (pea, faux fur, tuxedo) were shown layered over pieces including slinky bias-cut satin dresses. Cunard—an inspiration to Constantin Brâncuşi, who sculpted her—often wore chunky bangles, another motif in the collection. (Mostly gone were the slightly-too-short skirts and slightly-too-high heels that had given some editors pause in previous seasons.) These were enduring pieces, to be treasured in cedar closets.

Customers are saying, “If I buy this now, I will own it and wear it forever,” says Nordstrom’s women’s fashion and editorial director, Rickie De Sole, of the pieces in the fall collection, which is resonating particularly well with Nordstrom clients at the moment. De Sole bought a pair of the diamanté-buckled kitten heels and has her eye on the cocoon-like peacoat and the bangles.

Bellettini, 52, the brand’s Italian CEO, is often credited with channeling Vaccarello’s talent into strategic success. An investment banker by trade at banks like Goldman Sachs, she shot up the ranks at the Kering Group with stints at Gucci and Bottega Veneta before taking the top job at Saint Laurent in 2013. With sales reaching $2.8 billion in 2021, and consistently increasing, Bellettini aims to get to $5 billion, a radical goal for a brand that hadn’t even reached $1 billion in annual sales when she arrived nine years ago. By comparison, Bottega Veneta’s annual sales hovered around $1.7 billion last year, and Gucci’s achieved $11 billion.

It’s an ambition she can’t imagine reaching without Vaccarello. “I love him!” enthused Bellettini at a recent Caring for Women dinner hosted by the Kering Foundation in New York City at The Pool, with Salma Hayek and François-Henri Pinault alongside a cavalcade of Hollywood types and luxury clients. “We work together in a very seamless way, and he is the person I rely on the most for every important decision we need to take for the company,” she continued later.

Vaccarello was her only pick for the creative director job when his predecessor Hedi Slimane decamped in 2016. Having slashed the “Yves” from the brand’s name and administered his brand of stark, rock ‘n’ roll cool to the house, Slimane paved the way for a contemporary, post–Yves Saint Laurent era (Saint Laurent died in 2008, Pierre Bergé in 2017).

Vaccarello’s first shows for Saint Laurent, for spring 2017, paid homage to certain unavoidable tropes of the house, such as sweetheart-neckline evening dresses, the tuxedo and sheer tops, all injected with the slightly ’80s, sexy party-girl feeling he’d honed with his own brand. The model Binx Walton wore a leather, one-breasted minidress with a heart-shaped pastie on her left nipple. The one-breast-out look was a trick Slimane had employed in 2015, sans pastie, and Tom Ford in 2002 (the designer between Ford and Slimane, Stefano Pilati, appears to have resisted the style). All three owe a debt to Monsieur Saint Laurent himself, who freed the nipple decades before.

Yves Saint Laurent had taken over the design department of Dior at age 21 and was pushed out by 24. The house of Yves Saint Laurent was created in part thanks to 680,000 francs that Saint Laurent received from Dior after being ousted, in addition to $700,000 in capital from the American millionaire investor J. Mack Robinson. It would go on to be considered the birthplace of contemporary ready-to-wear, even as Saint Laurent himself descended into drugs and mental illness. Kering, then PPR (Pinault-Printemps-Redoute), acquired the brand in 1999 via Gucci Group.

Vaccarello has a healthy respect for Saint Laurent’s larger-than-life, troubled founder but isn’t haunted by him. “He knew exactly the tradition, the couture, how to make things. But I like how he always perverted it in a way, or twisted it…mixing things that were not supposed to be mixed together, or playing with bad taste.”

That mixture of shock value and bourgeois sophistication, a combination also favored by Coco Chanel and Elsa Schiaparelli, is distinctly Parisian. And Saint Laurent, which in various incarnations has tacked “Rive Gauche” (Left Bank) to its name and has been worn by French stars including Catherine Deneuve and Isabelle Huppert, is very, very French.

Does Vaccarello ever feel pressure, in the age of globalization, the tourist economy and chasing new markets, to make it less specific? “I never think it has to be global,” he counters. “Everyone is intrigued by Saint Laurent because [it] has that Parisian French image. And you like it or you don’t like it.”

Erwan Rambourg, luxury analyst for HSBC, says that Saint Laurent’s ultimate goal is not necessarily to be the biggest brand. (Within Kering, that role is taken: It’s Gucci, by a mile.) “I think the endgame is to be the reference of Parisian chic,” he says. So they have no intention to be big in limited-edition sneakers, putting out puffy, neon streetwear magnets like certain other luxury brands. “They are quite dogmatic about what they can and cannot do. But I think that’s a phenomenal strength,” says Rambourg.

It’s unlikely Vaccarello will start churning out logo T-shirts or flash-in-the-pan collaborations anytime soon. His friend the model Anja Rubik says, “He’s very resistant to any sort of pressure from the outside world when it comes to trends or what he should be doing…. He hates hypocrisy—that’s, like, his main thing. So, when he does something, it’s really because he believes in it. He’ll never do something because it’s easy to get attention.”

Which does not mean that he’s completely isolated, toiling away in his garret. He’s cognizant of the pop-cultural power of the brand. After all, the brand was built by a man who was part of Andy Warhol’s inner circle and hobnobbed with folks including Helmut Newton, François-Xavier Lalanne, Jerry Hall, Mick Jagger, Loulou de la Falaise and Betty Catroux. Catroux and Deneuve still sit front row at the show and are friends with Vaccarello.

“Anthony is like Yves,” Catroux wrote in an email. “He adapts everything to the modern world, which is exactly what Yves did for his time. It is more than fashion, it is history.”

Part of that contextualization comes from the brand’s image, which has been burnished by spare, chic ad campaigns during Vaccarello’s reign. Recent campaign stars include Jerry Hall, Al Pacino, Zoë Kravitz and house-favorite models like Freja Beha Erichsen and Hailey Bieber. Often shot in black-and-white by David Sims, with a graphic evocation of Hedi Slimane’s time at the brand, recent ads by Juergen Teller have become more colorful and mischievous.

The marketing extends to buzzy in-person events, too. This year alone, Vaccarello took a harem of stars, clients and editors to the desert outside Marrakesh, Morocco (Saint Laurent’s spiritual home), for the spring 2023 men’s show. Just a couple of months later, he hosted a dinner and public screening at the Venice Film Festival for Deneuve. This fall, he invited chef Peter Park of the Los Angeles sushi restaurant Sushi Park for a Paris pop-up restaurant, including ceramics by the artist Daeyong Kim.

Vaccarello’s Self series supports artistic projects including a short, erotically charged film from writer Bret Easton Ellis; an exhibition with photographer and artist Vanessa Beecroft; and a film and screen installation in Shanghai directed by Wing Shya and curated by Wong Kar-wai.

Next up, Saint Laurent is producing a Pedro Almodóvar–directed short film, a queer western called Strange Way of Life starring Ethan Hawke and Chilean actor Pedro Pascal. Vaccarello will design the costumes for the film, too.

When asked about a moment that made him feel that he’s made it, Vaccarello didn’t mention a fashion show but a film from the Self series. In 2019 Saint Laurent produced a Gaspar Noé film called Lux Æterna, starring Charlotte Gainsbourg and Béatrice Dalle, which screened in the midnight slot at the Cannes Film Festival. “I always dreamed about that slot at the festival of Cannes because for me it was the naughty, disturbing directors that were selected for that hour. And being there with Gaspar Noé for me was the ultimate thing. I was like, OK, wow, that’s important.”

His friend Rubik suggests that all the glamour and polish might obscure Vaccarello’s true self. “His designs are so elegant and can be sometimes quite cold and very chic,” she says. “And so, I think people don’t understand that the man behind those designs is actually very warm and family-oriented.” He’ll travel with Rubik and other friends, like Thomas Bangalter from Daft Punk or friends from La Cambre, to Los Angeles or Mallorca, where Rubik has a house. He’ll cook pasta pomodoro, and they’ll jump off the rocks and swim.

In Paris, he and Michaux are renovating a hôtel particulier in the 7th arrondissement, not far from the Saint Laurent headquarters. Vaccarello is designing it himself, inspired by Jean-Michel Frank, “very classic Parisian, very simple.” Since he knows exactly what he wants, he says it would be strange to give it to a famous architect to work on. He and Michaux play with Luca until about 10 a.m., then head to the office. He keeps more regular hours now that he has a family, coming home every day to give Luca his bath and put him to bed. This year, they spent a lot of time in Los Angeles, where he likes being “very alone and quiet” once Europe signs off for the day.

It can be hard to get Vaccarello to totally disconnect, though. “He really lives fashion,” says Rubik. When on holiday, he’ll talk about fittings, color palettes, dresses and lengths, past collections or the upcoming show. “I don’t think he really treats it as a job. It’s part of his life.”
Source: WSJ

How Anthony Vaccarello Supercharged Saint Laurent

SAMUEL HINE

December 5, 2022 8:56 AM

The designer has built an empire on sensual, cinematic menswear and next-level runway experiences. It's no surprise the A-list is all the way in.

Anthony Vaccarello and I are sitting in his stately office, housed in a 17th-century hôtel particulier in Paris’s Left Bank. Vaccarello has just presented his spring 2023 womenswear collection for Saint Laurent in front of the Eiffel Tower, and today things are so quiet you can hear his French bulldog, Nino, snoring in the next room. Vaccarello’s office is minimally decorated, as if he’s still moving in, with a tidy black desk, a few Pierre Jeanneret chairs, and a small daybed underneath some bookshelves. “It’s peaceful,” he says, sipping from a tiny glass of water. “And very chic.”

Vaccarello, who took over Saint Laurent as the brand’s sixth creative steward (including Mr. Saint Laurent) in 2016, is plenty settled in. Under his design, artistic, and image direction, the brand’s revenues have exploded from $1.07 billion to nearly $2.85 billion. Though YSL won’t share sales breakdowns, Vaccarello says menswear has been a steadily growing part of the business. He notes with some pride that he’s achieved this epic expansion without thinking much about numbers, or paying attention to what’s selling and what’s not. “I have the feeling that fashion became a bit too commercial,” he says. “I mean, being commercial is not a bad word. It’s important to sell, but if you can sell and have a real message or real style, that is a bingo for me.”

One example: He’s eschewed splashy collaborations with other brands and artists, and avoided big marketing stunts of the kind we’ve come to expect from large luxury houses. “I still have that idea of when I did fashion when I was at school; all the brands were so different and so cool and fresh. Now, it’s all about doing the next collab and that kind of thing. I hate it. I find it super boring,” he says. Vaccarello is so committed to showcasing his very parisien vision of real style that you can count on one hand the number of bags—the most reliable driver of luxury brand revenue—he’s sent down the runway. Explains Vaccarello: “Where do you go with a bag on the runway?”

What Vaccarello does instead is create fashion that resonates and experiences that are genuinely moving. In July, in the middle of the Agafay Desert, a dusty, hour-plus ride outside of Marrakech, he staged his spring 2023 menswear show. Among those in attendance were talented people you wouldn’t quite call “celebs,” like Steve Lacy and Dominic Fike, as well as dozens of other beautiful creatures wearing gauzy p*ssy-bow blouses; fulsome, flowy trousers; and at least one dark cape that made its wearer look like a Jedi master. As the sun set, a troop of slender models emerged through a spooky mist. The first wore a strong-shouldered tuxedo with no shirt and simple black sandals. Another wore a silky white shirt with a plunging neckline and long black trousers that rippled in the wind. Yet another wore a large faux-fur duster coat, which grazed the tops of glimmering black high-heel boots.

Men’s fashion is going through a full-blown identity crisis—in the shifting terrain of masculinity and gender expression, and the Category 5 hurricane of trends swirling on social media, many designers seem confused as to what their customers want, or who they even are. In Marrakech, Vaccarello responded with a deeply felt urgency and clarity of vision. He presented clothing that spoke clearly of an aspirational life of pleasure and sensuality. Clothing for men who want to feel beautiful. It was a definitive moment in establishing the validity of his men’s line.

The audience clearly picked up what Vaccarello put down. As an otherworldly portal of an Es Devlin sculpture that punctuated the landscape descended back into a dark pool at the center of the runway and the models disappeared into the night, several members of the audience silently wept into their blouses. “For me, it's very important to cry at the show,” Anthony Vaccarello told me later. “I like when there's an emotion. It's super important to tell a story. Then at the end, if you cry, it means that you understood where I want to go, and I like that.”

It was not exactly destined that Vaccarello would emerge as a menswear force. When he arrived at Saint Laurent, he had never designed a shred of clothing for men, and his approach was initially cautious. “When I started doing men’s, it was more about what I was wearing back then. So it was kind of selfish, I have to say. Maybe too real,” he says. One of the designers he was wearing a lot at the time was Hedi Slimane, his predecessor at Saint Laurent. Slimane was a tough act to follow, especially for someone who was new to menswear. “I felt pressure starting men’s, because he used to do men’s, and he used to do really good men’s,” says Vaccarello, who is wearing, as he does nearly every day, a black leather aviator jacket designed by Slimane for Saint Laurent. “That’s why it took me time to find my own language.” He didn’t hold his first stand-alone men’s show until 2018, and even then the clothes echoed the vibe—think Viper Room habitué with a bad attitude—that had been established by Slimane. Vaccarello’s leggy and confident womenswear was rapturously received, and his menswear was seen as more of an afterthought.

The breakthrough came when he approached his men’s collections with the same cinematic eye he brought to his women’s line. “I had the feeling that my women’s and my men’s were very different, even if I was the one who designed both,” Vaccarello says. “Then I understood that maybe I had to work the men’s as I did the women’s—more like a fantasy, more like a film. The woman was like a character.” The idea was simple, according to Vaccarello: to make his menswear less “real” and “more elegant, more chic, more everything.” So, out went the classic YSL biker jackets, in came those powerful square-shoulder “le smoking” tuxedo jackets and mystique-inducing faux-fur dusters, both ideas borrowed from Vaccarello’s previous womenswear collections.

As Vaccarello’s alluring new vision has solidified, men who previously looked to Saint Laurent for staid staples like Chelsea boots and bomber jackets have been responding. “Our customer has really connected well with the ’70s louche aesthetic that Anthony has favored in recent seasons,” says Damien Paul, head of menswear at British retailer MatchesFashion.

Including guys like Lacy and Fike, two of the newest members of Vaccarello’s meticulously curated inner circle. As other fashion houses chase influencers and court social-media-clouted A-listers, Vaccarello has relied on a different approach to build what feels like a more enduring and authentic community of friends and ambassadors—Zoë Kravitz, Hailey Bieber, Vincent Gallo—who burnish the house’s sexy aura. “I don’t look at the Instagram follower count,” Vaccarello says. What’s more important is a smoldering sense of style and loyalty to Saint Laurent and to Vaccarello, who refuses to dress people he doesn’t know personally. “I prefer to have a few people that fit the house and understand the codes, and to build a relationship with them and to grow with them,” he says. In a fashion era where the word community is often seen near inclusion, Vaccarello is creating a sense of wicked—and incredibly aspirational—exclusivity around Saint Laurent.

If you want to join Vaccarello’s club, you’d be wise to follow the blueprint he lays out for the YSL man, the type of guy who knows his way around a p*ssy-bow blouse: “It’s a guy that’s very cultivated,” Vaccarello says. “He’s a guy that’s clever. He knows how to play. He knows how to push the limit sometimes.”

He is, in short, very chic.
Source: GQ

It's quite interesting to see Vaccarello's YSL thrive despite the high fashion climate. His traditionalist and purist approach to fashion and brand image seems like the stark antithesis to the pseudo-intellectual, activist kumbaya image the industry is so desperate to give itself.
 
^^^ Finally-- coming from GQ, of which its Western division is all about this phoney kinder, gentler, pseudo-intellectual kumbaya nonsense, is either just a blatant confession that the kumbaya gimmick is wearing thin— or even they’re tired of pretending. Probably both. The most honest statement Western GQ has made in way too long a time. (And maybe they’re looking at what the GQ China/Korea are producing, and finally remembering what GQ is all about in order to maintain its print survival.)

As for SL, Anthony isn’t offering anything fresh nor new— it’s rather basic, frankly. But keeping glamour, feminine allure and dressing women in a dignified, sophisticated and luxurious manner is the backbone of high fashion. This doesn't take talent and vision to realize, just common sense.

(Now they need to start working on putting the men back in the menswear, instead of these timid pubescent boys playing dressup.)
 
(Now they need to start working on putting the men back in the menswear, instead of these timid pubescent boys playing dressup.)
I agree. I actually like the menswear offering from Fall'20 and onwards (the romantic macho with a touch of androgyny appeals to me), but a more confident, grownup, casting would do the aesthetic much more justice.
 
According to WWD, Saint Laurent have leased YSL’s original couture house in Paris. There’s no information as to why…

…but I’m hoping it’s Vaccarello reinstating the brand’s couture operations!
 
According to WWD, Saint Laurent have leased YSL’s original couture house in Paris. There’s no information as to why…

…but I’m hoping it’s Vaccarello reinstating the brand’s couture operations!
No plans for couture now, as for the rue Spontini, it was because of FOMO the adress. They don't know exactly what to do with it yet; they took over the former Sonia Rykiel HQs this fall, the ground floor is a shop and the other 4/5 floor are the new studio (the 24 rue de l'Université, chosen and designed by Hedi is too small for the new studio).
 
According to WWD, Saint Laurent have leased YSL’s original couture house in Paris. There’s no information as to why…

…but I’m hoping it’s Vaccarello reinstating the brand’s couture operations!

That's so exciting!

Do you happen to have access to the complete article by any chance @vogue28 ?
 
That's so exciting!

Do you happen to have access to the complete article by any chance @vogue28 ?
Here you go:
Saint Laurent Has Leased the Founder’s Original Paris Couture House: Sources
Yves Saint Laurent installed his original atelier at 30 bis Rue Spontini in 1961, and worked there until 1974.


By MILES SOCHA
JANUARY 31, 2023, 1:01AM


Saint Laurent has leased the building at 30 bis Rue Spontini in Paris that sheltered the legendary designer’s original haute couture house, sources told WWD.

Exactly what the Kering-owned fashion house plans to do with the historic venue could not immediately be learned.

Saint Laurent officials could not be reached for comment.

Yves Saint Laurent’s move into the Rue Spontini was front-page news in WWD on Nov. 22, 1961, the article recounting that the “house used to belong to the famous French caricaturist Jean-Louis Forain, who died in 1931.”

It also noted that the premises were in need of remodeling ahead of the couturier’s debut presentation on Jan. 29, 1962.

Princess Anne, the Baroness de Rothschild, Roland Petit, Zizi Jeanmaire, Geneviève Fath and Françoise Sagan were among those who witnessed Saint Laurent’s first couture collection, after an acclaimed stint as the successor to Christian Dior at the House of Dior.

For more than a decade Rue Spontini became synonymous with Yves Saint Laurent’s haute couture business, even as he ventured further into ready-to-wear by opening Rive Gauche boutiques.

It was where he first met French actress Catherine Deneuve. “I showed up at Rue Spontini with a photo from the previous year’s Russian collection, which he agreed to make for me,” Deneuve would later recall, that outfit sparking “a long professional collaboration and friendship.”

In 1974, Saint Laurent and his business partner Pierre Bergé moved the couture house from Rue Spontini to a hôtel particulier at 5 Avenue Marceau which dates back to the Second Empire.

Saint Laurent would retire in 2002 and close the couture house, at which time the Avenue Marceau building was reconfigured into the Fondation Pierre Bergé–Yves Saint Laurent. Since 2017, it has been the site of the Musée Yves Saint Laurent Paris.

Eagle-eyed observers may have noticed that Saint Laurent captured some looks from its fall-winter 2023 men’s collection on Rue Spontini, the street sign slightly blurred in the background as a model in a long black trench coat strides by.

Creative director Anthony Vaccarello returned to the Paris runway for Saint Laurent menswear earlier this month, parading a mostly black, very soigné collection inspired partly by the late legendary designer’s personal style.

According to official documents about the building obtained by WWD, ownership has passed through several members of the same family over the years. It has a footprint of about 2,400 square feet, counts four floors and boasts tall and expansive windows on the second and top floors.

With contributions from Lily Templeton.
Source: WWD
 
YSL is opening a film production subsidiary and its first films will debut at Cannes:
EXCLUSIVE: Saint Laurent Creates Film Production Subsidiary
The French brand will debut two shorts at the Cannes Film Festival next month — and has feature-length films in the works with David Cronenberg and Paolo Sorrentino.

By MILES SOCHA
APRIL 13, 2023, 6:33AM

Taking its penchant for film to a new zenith, Saint Laurent has established a subsidiary devoted to the full-fledged production of movies.

Saint Laurent Productions will make its debut at the Cannes Film Festival next month with two shorts among the official selection: “Strange Way of Life” by Pedro Almodóvar, and another to be announced at a later date.

The Kering-owned fashion house is billing itself as the first to set up a registered subsidiary to produce films, rather than merely funding them — or dressing its stars.

While Saint Laurent-produced films are bound to bring additional visibility to the brand and its aesthetic, they won’t be so-called “fashion films” and it is understood the subsidiary’s intention is to operate profitably. Its movies will be sold at film festivals to the usual distributors, including cinemas, streaming platforms and broadcast networks, and benefit from the promotional activities accompanying releases.

Detailing the new thrust exclusively to WWD and Variety, media platforms owned by PMC, Saint Laurent also revealed it has feature-length projects in the works with filmmakers David Cronenberg and Paolo Sorrentino, perhaps best known for “The Great Beauty,” which won the Oscar for best foreign-language film in 2013.

“These directors never fail to open my mind and, in a way, the singular, radical vision they bring to cinema has made me the person I am today,” Vaccarello mused.

It is understood Saint Laurent Productions will link up as coproducers with Cronenberg’s and Sorrentino’s long-standing collaborators, easing the fashion firm’s transition into a new, competitive and volatile industry.

Foreshadowing the creation of the film production company, Vaccarello recently cast Cronenberg and Almodóvar in a Saint Laurent men’s campaign for spring alongside fellow directors Jim Jarmusch and Abel Ferrera, legends all.

The Belgian fashion designer, who took the creative helm of Saint Laurent in 2016, will play a key role in the new production foray, including conceiving Saint Laurent clothing and accessories in concert with each director. His name appears under Saint Laurent on posters for the Almodóvar film and the second short that will premiere at the 76th edition of the Cannes festival, scheduled for May 16 to 27.

Saint Laurent did not say how much it will invest in the films it plans to produce, and it is understood it is still assembling teams for the new subsidiary, which will be based in Paris.

Cronenberg’s last film, “Crimes of the Future,” released in 2022 and starring Viggo Mortensen, Léa Seydoux and Kristen Stewart, had a budget estimated at $27 million. Prized as an originator of the body horror category, his best-known films include “The Fly,” “Dead Ringers,” “Crash,” Videodrome,” “Scanners,” “Eastern Promises” and “A History of Violence.”

Official documents registering Saint Laurent Productions SAS list Francesca Bellettini as president of the new enterprise, active since Feb. 22. Bellettini is also president and chief executive officer of the Saint Laurent fashion house. She was not immediately available for comment.

Saint Laurent had revealed its involvement in Almodóvar’s new Western last June. The 30-minute film stars Ethan Hawke and Pedro Pascal and follows a pair of estranged, middle-aged gunslingers through the Spanish desert.

Like other luxury players positioning themselves as beacons of culture, Saint Laurent has been steadily tightening its ties with different creative fields, including photography, art and design, commissioning exclusive works that relate to brand values like self-expression, while giving each artist creative freedom.

Bespoke films have been a key focus, with Vaccarello launching Saint Laurent’s “Self” project in 2018, meant as an artistic commentary seen through the lens of Saint Laurent.

Commissions have included films and photographs signed by author Bret Easton Ellis, performance artist Vanessa Beecroft, photographer Daido Moriyama, film director Gaspar Noé, as well as a chapter curated by Hong Kong’s Wong Kar-Wai and directed by Wing Shya. Noé’s film debuted at the Cannes Film Festival in 2019.

Last September, the fashion house hosted a tribute to legendary French actress Catherine Deneuve during the Venice Film Festival to commemorate her Golden Lion for Lifetime Achievement Award.

Its fashion shows in Paris are also a magnet for stars of the big screen, including the likes of Charlotte Gainsbourg, Olivia Wilde, Zoë Kravitz, Rossy de Palma and Vincent Gallo.

In an exclusive interview earlier this week, Vaccarello said it’s been a thrill and an indulgence to collaborate with the famous filmmakers he grew up with in the ‘90s, confessing that he had to pinch himself when Almodóvar recently hosted a private projection of “Strange Way of Life” and the designer saw his name flicker on screen next to that of the Spanish movie maverick. “It was like a dream,” he marveled.

In his view, however, “Saint Laurent was always linked to cinema,” its founder Yves Saint Laurent almost synonymous with “Belle de Jour,” the iconic Luis Buñuel film starring Deneuve as a married bourgeois woman who finds herself working in a brothel, plus a host of other movies starring the likes of Romy Schneider, Jean Seberg and Sophia Loren.

What’s more, Vaccarello described working methods akin to filmmaking: He devises a character and a situation first, and then a Saint Laurent collection. “Every time I do a fashion show, for me it’s really about telling a story, like a little film,” he related over Teams.

Producing films, he argued, represents an opportunity to reach a wider audience for the brand and “expand the vision I have for Saint Laurent with a media that stays longer than clothes in a store. For me, a film is something you can still see in 10, 20, 30 years if it’s a good film.

“Communication-wise, doing a film has more impact on people than a collection,” he continued. “I’m very excited to extend that creativity into something broader and more popular.…It’s a new approach to maybe get new Saint Laurent customers.”

Not that he’s plotting vanilla crowd-pleasers.

The films he likes “are kind of dark, and maybe controversial.…I grew up watching controversial films. They make you think.…It’s good to have those kind of people that make you think about something that is not flat.

“When we produce films, we’re not worried if it’s going to shock someone. Of course, I don’t wish to offend anyone, but shock sometimes is good.”

He stressed the importance of leaving filmmakers unshackled to tell the tale they envision. “I don’t want it to be a commercial thing because it’s Saint Laurent,” he said. “A good film is made by someone who feels free.”

Almodóvar has described “Strange Way of Life” as his answer to “Brokeback Mountain,” though Vaccarello said he took pains to avoid any gay cliches in the costumes, hewing closer to Western cliches.

The designer praised Almodóvar for exalting the strength and individuality of women, typically his main protagonists in films like “Women on the Verge of a Nervous Breakdown,” “All About My Mother,” “Bad Education” or “Volver.” He drew parallels to Yves Saint Laurent’s empowerment of women with pantsuits, trench coats and sheer blouses.

However, “Strange Way of Life” sees the director putting men at the center of his story and treating them with similar brushstrokes — new turf for the 73-year-old director.

Vaccarello cited positive consumer feedback to the Saint Laurent campaign starring the clutch of silver-haired filmmakers, sparking curiosity among young people who perhaps had never heard of the likes of Jarmusch, Ferrera and company.

“I like that it opened a conversation and made people aware of those amazing director,” he enthused.

Vaccarrello allowed that Saint Laurent Production’s first projects are heavily skewed to seasoned auteurs, European sensibilities, and to his personal favorites. “In the future, there will probably more of a focus on the new generation of filmmakers,” he said.

The designer has been busy reviewing scripts, and envisions an output of one or two films per year, perhaps three if there’s a bumper crop of irresistible projects — or none given the long lead times. “It takes to choose, to produce, to be really focused,” he noted.

As far as film genres go, “there is no limit, as long as I love the story and I love the characters,” he said, while noting that “if it’s something too far from my aesthetic, or the aesthetic of Saint Laurent, then it’s not something I’m gonna do.”

The designer couldn’t mask his excitement about working with his cinema heroes.

He will attend the Cannes Film Festival next month, mount its famous red steps and relish the energy of the gathering.

“It’s like a fashion week — it’s a moment where everyone is in the same location to see films and to do business,” he said. “Cannes is one of the best festivals, and since Saint Laurent is a French brand, it’s very important for us to be there.”

What’s more, Vaccarello said fashion has always been intertwined with other creative fields.

“It’s nothing new. We are human. I go to the theater, I go to the cinema, I listen to music. Fashion is the distillation of all those fields together. Fashion cannot be only clothes with no story. Fashion needs a story.

“Fashion, cinema, art — it’s part of me, it’s part of what I’m doing,” he concluded. “Saint Laurent is a cinematic brand.”

This is cool and all, but can they just bring back Canguilhem's digital spectacles.

This is a cinematic masterpiece and I rewatch it at least once a month.
 
YSL is opening a film production subsidiary and its first films will debut at Cannes:


This is cool and all, but can they just bring back Canguilhem's digital spectacles.

This is a cinematic masterpiece and I rewatch it at least once a month.

Article source is WWD.
 
Saint Laurent CEO, Francesca Belletini has become the Deputy CEO of Kering.
Posting both of these articles for full context:
LUXURY

How Saint Laurent Became a $3 Billion Powerhouse
Chief executive Francesca Bellettini breaks down how she worked with designer Anthony Vaccarello to double sales in 5 years, leaning into an amped-up take on Parisian glamour, seasonless merchandising and a rapid expansion in leather goods.

By ROBERT WILLIAMS
18 May 2022

BoF PROFESSIONAL

KEY INSIGHTS
Under CEO Francesca Bellettini and designer Anthony Vaccarello, Saint Laurent has more than doubled sales in 5 years and is on track to surpass $3 billion in 2022.

A seasonless strategy favouring evolution over revolution has hammered home the brand's message to consumers.

Quilted leather bags like Lou crossbodies and Niki envelope totes are driving growth.

PARIS — Saint Laurent’s Fall/Winter show this March was the eighth time designer Anthony Vaccarello had shown in front of the Eiffel Tower, with each outing hammering home his message of amped-up, yet relatable Parisian glamour.

The collection — featuring luxurious faux furs, tuxedo coats and wispy dresses in a silent-movie palette of deep sepia, ivory and black — dug deep into founder Yves’s archive, invoking a 1970s French take on Old Hollywood style that was famously documented by photographer Helmut Newton.

Rather than being interpreted as redundant, the show won rave reviews for its tense, cinematic presentation as well as the way Vaccarello had sublimated his iconic inspirations into something modern — adding his own subversive, Belgian spin.

Vaccarello is “finally discovering more of the provocative allure of Saint Laurent — and conveying it in his own way,” fashion critic Cathy Horyn wrote. “Vaccarello has got himself in charge of the Yves Saint Laurent aesthetic,” deploying the brand’s playbook “in his own accent, with his own taste,” added Vogue’s Sarah Mower.

The show followed months of magazine covers dominated by Saint Laurent, as almost six years into Vaccarello’s tenure fashion media seemed to be embracing his slow-burning transformation of the brand more than ever.

Since his arrival at Saint Laurent in 2016, Vaccarello has transitioned the brand from the retro, rock-and-roll-inflected positioning cultivated by his Los Angeles-based predecessor Hedi Slimane to a heightened, more squarely Parisian narrative.

While maintaining the brand’s seasonless approach — favouring evolution over revolution each season — Vaccarello has nonetheless managed to shift the brand’s focus from glitzy party dresses to daywear and tailoring and back again, perpetually twisting the bourgeois signatures of Yves Saint Laurent into something more sporty and youthful: true to the brand’s French DNA but with global, contemporary appeal.

At the same time, chief executive Francesca Bellettini’s precise approach to merchandising and distribution has helped the brand boost its commercial impact dramatically: Saint Laurent’s sales have grown by roughly 5-fold to €2.52 billion ($2.66 billion) since Bellettini joined the brand in 2013, and more than doubled since Vaccarello came aboard as creative director in 2016. Saint Laurent has grown its profits by a factor of 10 during Bellettini’s reign, with EBIT rising from €77 million in 2013 to €715 million last year.

With retail sales up by 49 percent last quarter, the brand is on track to surpass €3 billion in sales this year even as the brand works to clamp down on its exposure to wholesale, according to HSBC.

Evolution, Not Revolution
“The success lies in the consistency of our strategy,” Bellettini said during a recent interview at the brand’s headquarters in a renovated hotel particulier on Paris’ tony Rue de Bellechasse. “Everything we do aims to elevate and amplify the brand.”

An appetite for repetition (as with the Eiffel Tower background) and the more gradual stylistic evolutions on Vaccarello’s runway has helped to reinforce a consistent brand identity with consumers, as well as helping it to phase out markdowns.

“Saint Laurent has really gained with consistency,” HSBC analyst Erwan Rambourg said. “Consumers are looking for references, they’re looking for iconic products, and this is one of the most iconic French brands. They don’t need to make noise every other minute to draw you in.”

“They’ve really harnessed that Parisian chic, that luxury cool girl and wrapped it up in a way that appeals broadly,” Sam Lobban, Nordstrom’s senior vice president for designer and new concepts said.

That consistency is also helping boost Saint Laurent’s bottom line, as the consistency of collections has made it easier to avoid markdowns.

“The vision of Anthony that builds on, that reinterprets constantly — as well as adding to — the icons allows us to really build a business that is profitable. Because almost nothing is obsolete,” Bellettini said.

No items are marked down before less than one whole year, and no discounting has been done through the brand’s mainline boutiques since 2017, the brand said.

Appreciation for what Bellettini and Vaccarello have built at Saint Laurent has been hard-won, however, as the brand’s evolution was gradual enough (by fashion standards) that it was sometimes easy to miss.

Saint Laurent’s success has at times been attributed to the bold-faced, monochromatic brand image and store concept put in place by previous creative director Hedi Slimane. The perception that the brand had simply been riding the wave of Slimane’s turnaround was hard to shake.

It is true that Vaccarello has often favoured the same short hemlines and sauntering, rail-thin brand of models his predecessor employed at the brand. And the sexed-up, shimmery party dresses that marked his first seasons at the brand blended seamlessly with his predecessor’s trademark skinny jeans, low-top sneakers, and Sac du Jour handbags in stores.

But the product assortment changed rapidly following Vaccarello’s arrival. While Saint Laurent doesn’t disclose sales about particular products, retail sources say hit items featuring Vaccarello’s revival of the YSL monogram were driving growth within a few seasons: such as Lou camera bags, Niki envelope totes and Opyum stilettos.

By the time Slimane returned to fashion at the helm of LVMH’s Celine in 2019, YSL’s business had moved on from his signature styles far more than the market realised. The Celine revamp (which has featured many similar ingredients in branding, ad campaigns and even collections as Slimane’s work for Saint Laurent) has had “no impact,” on YSL’s trajectory, Bellettini says.

Saint Laurent’s fashion week storytelling has been in constant evolution too, even amid the Eiffel tower backdrop’s frequent returns: Vaccarello’s fantasy of the Saint Laurent client as a perpetual party girl gradually morphed into a sportier daywear shopper, notably with an Autumn/Winter 2020 collection that paired checked blazers in bright hues with skintight latex trousers.

That time, fashion’s gatekeepers took notice, with the collection gracing the covers of Vogue Paris and Korea, Elle and L’Officiel.

“That show was a breakthrough,” Bellettini said, as it boosted daywear and tailoring themes that Vaccarello had already been developing in stores. Spotlighting those categories has helped make ready-to-wear the brand’s fastest-growing category, she added.

Rapid Expansion in Leather Goods
Still, it’s the quilted-leather handbags championed by Saint Laurent that are driving volumes at Saint Laurent, pushing both sales and the brand’s profitability to new heights. Bags now make up 72 percent of sales, Bellettini says.

Hit accessories like the €1,950 Niki flap tote and €1,250 Lou crossbody have been aligned with several market trends: the brand offers hands-free, crossbody versions for smart-phone wielding women; there is a robust offer of logo-driven styles at prices within reach for aspirational consumers; and their “goes with everything” black or black-and-chrome shades hit the mark for ladies on the move, who increasingly favour day-to-night looks.

And while top-end rival Chanel has opted for dramatic price hikes on its own quilted-leather bags — raising prices for its classic flap styles to $10,000 — Saint Laurent seems committed to growing through volume.

“You have to keep in mind the role of each category. The accessories are what help clients entering the brand, while the ready-to-wear is about growing in the brand,” Bellettini said. “We can raise prices, but at the same time we need to protect the entry-point.”

Saint Laurent is reinforcing the high-end of its bag offer with the 3,500 euro Icare tote.
Saint Laurent is reinforcing the high-end of its bag offer with the €3,500 Icare tote. (Saint Laurent)
Recent months have seen Saint Laurent push a top-end release in its quilted-leather line, the €3,500 Icare shopper, as well as a monogrammed canvas offer including items starting at €695.

“What is relevant is to always offer the right balance of the price of the product and the value. That way when you launch a high-priced product, people are willing to pay,” Bellettini said. “It’s not that there’s no price resistance, there’s no brand resistance. They believe that what they’re paying for is worthwhile.”

Saint Laurent’s more conservative pricing relative to rivals has created “white space, a bit of breathing room,” HSBC’s Rambourg said.

Still, competing with Chanel on core styles like quilted crossbodies (and tweed jackets) won Saint Laurent a rare public swipe from Chanel’s fashion president Bruno Pavlovsky, who told WWD it was “sad to see a brand like that parasite another brand.” (The companies later made peace in a cryptic joint statement about their shared commitment to support creativity.)

“We all compete for the same customers, but when you talk about a quilted bag, who doesn’t have a quilted bag?” Bellettini said about the dust-up, pointing out that YSL’s envelope styles had been around since the days of Tom Ford.

“What we need to stand for is who creates, where an idea comes from,” she said. “The problem is when customers know where an idea comes from, because there are players in the fast fashion who can copy it so quickly.”

Building on Success
A long-term focus on clienteling and nourishing its local clients has also been key to Saint Laurent’s success.

In 2020, when stores reopened after months of strict coronavirus lockdown, sales associates sent bouquets of white roses to long time customers who, in an act of self-indulgence and optimism often showed up to buy €2,100 evening gowns and €1,050 stilettos despite having little visibility on when galas and weddings might actually resume.

Those clients helped Saint Laurent’s sales get back in line 2019′s pre-pandemic levels by late 2020. Then, in 2021, as first-time luxury buyers flooded the market, the brand’s appeal with local customers in the buoyant US market pushed sales to new heights. Despite the prolonged downturn in international travel, Saint Laurent’s retail revenues grew as much as 35 percent above 2019′s pre-pandemic levels last year.

Now the brand is leaning into its acceleration in the US by expanding its stores or relocating to larger locations in San Francisco, Los Angeles, Dallas and Atlanta. In Europe, a store set to open in 2023 on Paris’ famed Avenue Champs Élysées is set to be its biggest in the world.

As sales surge, Saint Laurent is already close to hitting its mid-term target of €3 billion, it announced at an investor day for parent company Kering in 2018. It stands to reason that renewed ambitions for the brand could be announced soon, as the group plans to hold a new investor day spotlighting several of its brands in mid-June.

The luxury industry “has a very select group of megabrands, meaning at €5 billion [in sales] and beyond … Saint Laurent has the potential to join that group,” Rambourg said.
LUXURY

As Gucci’s CEO Steps Down, Saint Laurent’s Chief Steps Up
Marco Bizzarri led the Italian luxury giant through a historic expansion before the business struggled to bounce back from the pandemic. Parent company Kering announced the move as part of a broader executive shakeup after which Saint Laurent CEO Francesca Bellettini will oversee all the group’s brands.

By ROBERT WILLIAMS
18 July 2023

BoF PROFESSIONAL

Marco Bizzarri, Gucci’s CEO since 2015, is set to exit Italy’s biggest fashion brand. Parent company Kering’s managing director Jean-François Palus will take the reins for a transitional period from September, the group said Tuesday.

Bizzarri led the brand through a period of exponential growth in revenue and profits alongside creative director Alessandro Michele, who exited the house last November.

Together, Bizzarri and Michele pushed through a radical reinvention of Gucci’s product offering, piling on a maximalist, magpie mashup of brand signatures to “Gucci-fy” items ranging from casual wardrobe staples like chunky sneakers and graphic tees to $2,000 handbags. Gucci’s stores, campaigns and social media all fell in line with the revamp, allowing the brand to maximise the visibility of its exuberant message.

The results were historic: from 2015 to 2019, Gucci’s revenues roughly doubled while profits quadrupled — at one point putting the label within swatting distance of sector leader Louis Vuitton.

But Gucci took a harder hit during the pandemic than mega-brand peers like LVMH’s Vuitton and Dior, then struggled to bounce back, in part due to its high dependence on travelling shoppers and aspirational luxury consumers who broadly bought into Michele’s vision.

By the end of 2022, Gucci had returned to growth, surpassing pre-pandemic revenue levels. But the brand was slow to seduce new customers even as it reinforced its offer with more understated, high-end pieces and emphasised its heritage through initiatives like a monogram luggage program fronted by Ryan Gosling, changes aimed at reducing Gucci’s dependence on Michele’s aesthetic, which was losing traction with many customers, and build a more stable brand platform.

A Broader Shakeup
Kering announced Bizzarri’s departure as part of a broader shakeup in its executive ranks: Saint Laurent CEO Francesca Bellettini has been promoted to Kering deputy CEO, with all brand CEOs reporting to her, in addition to her current role. Chief financial officer Jean-Marc Duplaix has also been promoted to deputy CEO for finance and operations.

The moves come as Kering positions itself to navigate a new phase of more moderate growth for the fashion industry following a post-pandemic boom. While the group’s fast and loud aesthetic overhauls (deployed at Balenciaga and Bottega Veneta in addition to Gucci) helped Kering to outgrow rivals before the pandemic, customers have since flocked to brands that have prioritised more stable identities and iconic carry-over products. Hermès, Chanel, and Louis Vuitton have been able to grow sales volumes despite implementing steep price hikes thanks largely to unwavering appeal for their flagship items.

Gucci’s gap with rivals suggests that the strategy that took the brand’s annual revenues from 3.5 billion euros to 10 billion euros may no longer make sense going forward.

By elevating Saint Laurent chief Bellettini as well, Kering is signalling a shift to a more steady approach to managing its brands. Saint Laurent has grown revenues six-fold since Bellettini’s 2013 appointment with a strict approach to managing inventories and distribution (cutting out wholesale and discounting) and a brand building strategy that was more about aesthetic evolution than revolution.

The management shakeup comes as Kering seeks to win back the confidence of investors: the group’s shares are trading roughly in line with their price 5 years ago, while LVMH’s valuation has nearly tripled over the same period.

While some investors may buy into the upside potential of a leadership change, flagship brand Gucci will now need to juggle a CEO transition at the same time as landing a major creative revamp. New designer Sabato de Sarno, a longtime deputy of Pierpaolo Piccioli at Valentino, is set to show his debut collection for the brand in September — and the stakes couldn’t be higher.
Source: BoF
 
WWD's version of the story:
Kering Confirms Exit of Marco Bizzarri

The president and CEO of Gucci will leave the brand on Sept. 23 after the spring 2024 show in Milan, confirming a WWD scoop. Francesca Bellettini, president and CEO of Yves Saint Laurent since 2013, in addition to her current role, is appointed Kering deputy CEO.

By LUISA ZARGANI
JULY 18, 2023, 12:21PM

MILAN — Kering is reshuffling its top management.

In a statement issued on Tuesday evening, the French group confirmed the exit of Marco Bizzarri, president and chief executive officer of Gucci since 2015 and a member of Kering’s executive committee since 2012. WWD was the first to report that sources believed Bizzarri would leave the company. His last day at Gucci will be on Sept. 23, after the brand’s spring 2024 show in Milan.

Francesca Bellettini, president and CEO of Yves Saint Laurent since 2013, in addition to her current role, is appointed Kering deputy CEO, in charge of brand development. All brand CEOs will report to her, and she will be responsible for steering the group houses in their next stages of growth.

To ensure a smooth transition, Bellettini will gradually assume her new responsibilities over the coming months and a new Yves Saint Laurent top management lineup has been put in place.

Jean-François Palus, currently Kering Group managing director, is appointed president and CEO of Gucci for a transitional period. He will relinquish his position on the board of directors of Kering and relocate to Milan.

Jean-Marc Duplaix, chief financial officer since 2012, is appointed Kering deputy CEO, in charge of operations and finance.

Former Chanel global CEO Maureen Chiquet was appointed member of the Kering board.

“We are building a more robust organization to fully capture the growth of the global Luxury market,” said François-Henri Pinault, Kering Chairman and CEO. “I look forward to working with Francesca in her new executive leadership role; while being instrumental in multiplying revenues sixfold since she joined Saint Laurent, she has been a fantastic partner, and all brands as well as the group will now benefit from her expertise.”

Pinault continued by highlighting how Palus oversaw the transformation “into an integrated luxury group, and I count on him to continue infusing discipline and responsibility across the organization and foster the continuing development of best-in-class practices in all our operations. Jean-François has been my right-hand man and a daily sparring partner for several decades, he will now focus his energy on getting our largest asset in top shape, and I couldn’t be more grateful.”

He concluded by thanking Bizzarri “for his spectacular contribution to the success of Gucci and of Kering, and I wish him well in his future endeavors. I am confident that the changes we are announcing today will set Kering on a path to success and profitable growth over the long term.”
Kering Reshuffles Management, Francesca Bellettini Promoted to Group Deputy CEO

All of Kering's brand CEOs will report to Bellettini and Marco Bizzarri will exit Gucci, confirming a WWD scoop.

By LUISA ZARGANI
JULY 18, 2023, 3:17PM

MILAN — Kering’s major management reshuffle revealed on Tuesday leaves the group’s cash cow, Gucci, in a transitional phase and question marks eventually swirling over the top executive position at Yves Saint Laurent after a stellar upward trajectory over the past few years.

Kering is rewarding the person responsible for Saint Laurent’s growth, president and chief executive officer Francesca Bellettini, who appointed Anthony Vaccarello creative director of the French brand in 2016. She has been named a Kering deputy CEO, in charge of brand development. All Kering brand CEOs will now report to Bellettini, who is tasked with steering them in their next stages of growth.

In addition to Gucci and Saint Laurent, Kering is parent to Bottega Veneta, Balenciaga, Alexander McQueen, Brioni, Boucheron, Pomellato, DoDo, Qeelin, as well as Kering Eyewear and Kering Beauté. In 2022, Kering had more than 47,000 employees and revenue of 20.4 billion euros.

But along with Bellettini’s promotion, Kering revealed the loss of one of its star executives, Gucci president and CEO Marco Bizzarri, who will leave the group effective Sept. 23 after the brand’s show in Milan. This confirms a WWD scoop on Tuesday. The September show will mark the debut of Gucci’s new creative director Sabato de Sarno.

Jean-François Palus, currently Kering Group managing director, has been appointed president and CEO of Gucci ad interim. He will relinquish his position on the board of directors of Kering and relocate to Milan until a successor for Bizzarri is named.

Bellettini joined Saint Laurent in 2013 after stints as executive director at Bottega Veneta and Gucci.

A graduate of Bocconi University in Milan, she worked in investment banking in London before joining Prada Group in 2002 and starting her 20-plus year career in fashion.

Saint Laurent reported sales of 2.4 billion euros in 2021, up from 1.7 billion euros in 2020 — a jump from 400 million euros in 2013 when the executive joined the company.

To ensure a smooth transition, Bellettini will gradually assume her new responsibilities over the coming months and a new Saint Laurent top management lineup has been put in place.

Giovanna Brambilla, partner at Milan-based executive search firm Value Search, said that Bellettini “is very much loved by those who work with her; she succeeds in blending strategic vision, understanding of both financial indicators and product knowledge with an ability to build, empower and motivate teams. These are all winning assets — and it’s also a plus that we now see a woman in such a position of responsibility.”

“Kering is in transition, as the relaunch of its mega-brand Gucci is still work in progress,” said Luca Solca, senior research analyst, global luxury goods at Bernstein. “The departure of Marco Bizzarri seems timed to give full visibility to the ‘new chapter’ (just ahead of [Sabato] de Sarno’s maiden fashion show in Milan) and is not totally unexpected. It becomes even more important that the new Gucci team will score some goals and win some matches, to give investors some confidence we are indeed on the right path.”

Jean-Marc Duplaix, chief financial officer since 2012, also has been appointed a Kering deputy CEO, in charge of operations and finance.

“We are building a more robust organization to fully capture the growth of the global luxury market,” said François-Henri Pinault, Kering chairman and CEO. “I look forward to working with Francesca in her new executive leadership role; while being instrumental in multiplying revenues sixfold since she joined Saint Laurent, she has been a fantastic partner, and all brands as well as the Group will now benefit from her expertise.”

Pinault continued by highlighting how Duplaix oversaw the transformation “into an integrated luxury group, and I count on him to continue infusing discipline and responsibility across the organization and foster the continuing development of best-in-class practices in all our operations. Jean-François [Palus] has been my right-hand man and a daily sparring partner for several decades; he will now focus his energy on getting our largest asset in top shape, and I couldn’t be more grateful.”

He concluded by thanking Bizzarri “for his spectacular contribution to the success of Gucci and of Kering, and I wish him well in his future endeavors. I am confident that the changes we are announcing today will set Kering on a path to success and profitable growth over the long term.”

In addition, former Chanel global CEO Maureen Chiquet will join the Kering board in September. Pinault touted Chiquet’s professional experience, “her deep knowledge of our sector and her international background, which will be fundamental to further enrich the diversity of our board.”.

Chiquet, who exited Chanel in 2016, began her career with L’Oréal in France, later moved to San Francisco and rose through the ranks at The Gap as a merchant under the tutelage of Millard “Mickey” Drexler. She also helped launch Old Navy and was president of Banana Republic before being recruited for the Chanel post in 2003. In 2020 she was named chair of Golden Goose.

Rumors about a possible exit of Bizzarri circulated in Milan around the time former creative director Alessandro Michele exited the brand in November. But in January, Pinault told WWD that Bizzarri would stay put, expressing trust in the executive and confidence in the success of the next chapter.

To be sure, sources in Milan said Bizzarri had recently renewed his three-year contract, making his departure now quite sudden.

Bizzarri led a textbook turnaround at the Italian luxury brand. With Michele’s gender-fluid, retro-tinged glamor, the size of Gucci tripled since 2015, reaching sales last year of 9.73 billion euros. The designer left suddenly amid disagreement over the future of the brand, sources said at the time.

Bizzarri was appointed Gucci president and CEO in December 2014, and he promoted Michele to the top creative spot in 2015, with the goal to make Gucci more directional and the brand’s shows must-sees.

Bizzarri started his career at Andersen Consulting, now Accenture. Leaving Andersen for Mandarina Duck in 1993 was a big leap — the first of many in Bizzarri’s career. He developed the brand’s international markets, setting up factories in Shanghai, Hong Kong and Hungary, and, after 10 years, he moved on to Marithé + François Girbaud for a brief stint.

After Michele’s appointment in 2015, Gucci posted growth exceeding 35 percent for five consecutive quarters by the first quarter of 2018, prompting Bizzarri to set a 10 billion euro revenue target for the brand in June that year. However, the brand has struggled over the last few years with slower growth than many of its luxury peers.

Bizzarri chose de Sarno, a Valentino designer, to succeed Michele. Since Michele’s exit, the collections have been designed by Gucci’s in-house team.

As reported, organic sales at Gucci were up 1 percent in the first quarter, compared with a 14 percent drop in the prior three months.

The figures were slightly above a consensus of analyst estimates, which had called for a 1 percent rise in overall comparable sales to 5.04 billion euros. Like-for-like sales at Gucci had been forecast to remain flat.

Gucci has been working on raising the brand’s profile in key markets through initiatives that include the launch of Salon, permanent and temporary spaces where high rollers can order bespoke luggage, exotic leather goods, furniture and high jewelry, with prices ranging from about 40,000 euros to 3 million euros.

The first ultra-luxe Salon store opened in Los Angeles in April, complete with fresh-off-the-red-carpet gowns.

Commenting on Kering’s first-quarter results, Duplaix said the Italian brand saw an acceleration in sales in March and April but remains in the midst of a turnaround plan in China, aiming to enhance the retail experience, admitting weakness compared to some peers.
Kering Shares Climb on Management Shake-up

Analysts gave the moves the thumbs-up, welcoming the setting in place of a new management structure.

By LUISA ZARGANI
JULY 19, 2023, 3:05PM

MILAN — Kering’s shares climbed 7.4 percent on Wednesday as analysts welcomed its management shake-up and amid reports that an activist investor might be circling the luxury group.

After rising 4.29 percent by early afternoon, shares closed up 7.4 percent at 530.40 euros on the Euronext Paris.

As reported, Gucci president and chief executive officer Marco Bizzarri will exit on Sept. 23, after the brand’s first show by creative director Sabato De Sarno, a former Valentino designer who succeeded Alessandro Michele. Yves Saint Laurent CEO Francesca Bellettini was named Kering deputy CEO in charge of brand development.

All Kering brand CEOs will now report to Bellettini, who is tasked with steering them in their next stages of growth. Jean-François Palus, currently Kering Group managing director, has been appointed president and CEO of Gucci ad interim. He will relinquish his position on the board of directors of Kering and relocate to Milan until a successor for Bizzarri is named.

As such, even though the CEO change may further delay the recovery story of Gucci, we think it at least closes a chapter and will enable the brand to move to the next step of the equity story.

Jean-Marc Duplaix, chief financial officer since 2012, also has been appointed a Kering deputy CEO, in charge of operations and finance. Former Chanel global CEO Maureen Chiquet will join the Kering board in September.

Kering’s share price increase on Wednesday also was partially driven by a Bloomberg report, quoting sources, that the group was in talks with defense advisers following approaches by activist investors, including Bluebell Capital Partners Ltd. Bluebell last year made a run at Compagnie Financière Richemont SA, seeking for a major shake-up of that luxury group that eventually was soundly defeated. Bluebell reportedly is pushing for a Kering-Richemont merger — although there has been speculation for several years that the two luxury groups were in talks about a deal, which Johann Rupert, Richemont’s chief, has firmly denied.

Kering declined to comment on the Bloomberg report.

As for the Kering reshuffle, Royal Bank of Canada’s Piral Dadhania wrote in a note that, “We believe Kering’s revised organizational structure and change in leadership roles are a welcome step to further align group talent to better serve the needs of its maisons in our view. We believe this reorganization should be well received by the market.”

The bank did not see Bizzarri’s exit as “a big surprise” as it’s been “a topic fairly central to the investor debate for Kering for some time now, and an important step to instil new (albeit transitory) leadership and a fresh perspective at Gucci.”

The appointment of a co-deputy CEO structure “makes a lot of sense to us” in light of the “steady hand” of Duplaix “that has contributed invaluably to the group in recent years in our view” and Bellettini’s promotion was seen as “a welcome step” given her “proven track record in brand development.” Her new role is expected to provide her with even greater knowledge across the board, noted Dadhania.

In its report, Citibank stated that the executive changes were “well-thought and logical, reinforcing decision-making, governance and succession while showing further determination to transform Gucci.”

Upon the announcements a day earlier, François-Henri Pinault, Kering chairman and CEO, said, “We are building a more robust organization to fully capture the growth of the global luxury market.”

Maria Meiță at Bernstein attributed the shares’ gain mainly to Bizzarri’s exit. “Speculation abounds as to who will be leading the turnaround now… Saint Laurent’s CEO? Chanel’s ex-CEO?”

She said that “Kering’s leadership changes aim to elevate the operational expertise at group level. … Some investors were counting on him [Bizzarri] to do it again, while others were asking for a leadership change so the news was not completely unexpected.”

Meiță believes that what is also “reassuring for investors is that Maureen Chiquet, ex-CEO of Chanel, has been appointed to Kering’s board. She will be instrumental in the elevation strategy of Kering’s brands. All eyes remain on De Sarno’s first fashion show for Gucci in September. The changes increase the risk profile of our OP but we think the risk/reward is still skewed to the upside.”

Carole Madjo at Barclays said Bizzarri’s departure could be seen “as a total surprise considering the challenges faced by the brand. As such, even though the CEO change may further delay the recovery story of Gucci, we think it at least closes a chapter and will enable the brand to move to the next step of the equity story. In our view, this transition phase increases the likelihood of a proper margin reset at Gucci to strengthen the brand for the long term (increase in marketing expenses, higher vertical integration…). As of now, Gucci still expects to deliver flattish margins for FY23 and to return to a margin of 41 percent in the midterm.”

In sync with a rumor that has been circulating for a long time in Milan and that sources reiterated on Wednesday, Bellettini is still considered to be “a good fit” to be Gucci’s CEO, given her success as CEO of Saint Laurent, and her new role as deputy CEO seems to point to an overview of Gucci as well.

In her report, in addition to Bellettini, Madjo also thinks Chiquet could be “a very interesting profile,” and, looking outside Kering, Barclays points to profiles such as Roberto Eggs, as a potential future CEO for Saint Laurent or Gucci depending on how long the transition will be. Eggs is currently Moncler’s chief business strategy and global markets officer. Palus, “whose mission is to strengthen Gucci’s teams and operations, is relocating to Milan, which could indicate that he may hold this position for a decent period of time,” concluded the report.

Kering will release its first half results on July 27 and Barclays expects 4 percent organic growth in the second quarter. The second quarter is expected to be challenging with Gucci posting 5 percent organic growth and Saint Laurent a 7 percent gain, said the bank.

A Milan-based analyst who spoke on condition of anonymity said that Bizzarri’s exit at this moment was unexpected and that Gucci’s “change of strategy was tardy, meaning that it was quite clear earlier on that a change in the master plan was necessary for the brand.”

Speculation about a possible departure of Bizzarri circulated in Milan around the time Michele exited the brand in November. But in January, Pinault told WWD that Bizzarri would stay put, expressing trust in the executive and confidence in the success of the next chapter.

To be sure, sources in Milan said Bizzarri had recently renewed his three-year contract, making his departure now quite sudden.

Bizzarri led a textbook turnaround at the Italian luxury brand. With Michele’s gender-fluid, retro-tinged glamor, the size of Gucci tripled since 2015, reaching sales last year of 9.73 billion euros. The designer left suddenly amid disagreement over the future of the brand, sources said at the time.

Bizzarri was appointed Gucci president and CEO in December 2014, and he promoted Michele to the top creative spot in 2015, with the goal to make Gucci more directional and the brand’s shows must-sees.
Source: WWD
 
Honesty I think this brand could do better. 90% of their leather good offering in store right now look like a continued line of Chyc collection. Every time I am in the leather goods cornor of their store I can always feel a Pilati vibe. Nikki is basically a new version of the famous Muse bag, but with a new leather.

And please update the retail concept! Celine's interior is much more chic now. Enough with marble!
 
Honesty I think this brand could do better. 90% of their leather good offering in store right now look like a continued line of Chyc collection. Every time I am in the leather goods cornor of their store I can always feel a Pilati vibe. Nikki is basically a new version of the famous Muse bag, but with a new leather.

And please update the retail concept! Celine's interior is much more chic now. Enough with marble!

Totally agree on the retail concept, Celine surpasses them, the small changes they introduce when they opened their new Parisian flaship last year looked already dated, like a 1995 Soho concept store.
I wonder what they are going for the 2 new locations under works in Paris...
 
BoF has just released a podcast episode featuring Francesca Bellettini, CEO of Saint Laurent: Francesca Bellettini on Managing Creativity, Customers and the Bottom Line

I can't be the only one who finds it interesting how aggressively they've been pushing the success of Saint Laurent, especially with most of the articles centering around Bellettini instead of Vaccarello. The biggest irony of the whole thing is that Saint Laurent is also the one with the most traditionalist and purist modus operandi, something that the house was often criticised for.

Looking at the online store, Saint Laurent's core ready-to-wear offering primarily consists of classical bourgeoisie sportswear and suiting. Their accessories consist primarily of minimalist leather bags and stiletto heels. The core accessory range primarily consists of minimalist leather bags, brutalist jewellery and stiletto heels. The menswear more or less mirrors the womenswear. Sneakers are towards the back of the line.

The pricing is relatively modest with most of the offering hovering at €1'000 to €3'000 with very few items surpassing the €5'000 mark. Several of the house's entry-point bags and shoes are under €1'000. They've also completely eliminated mid-season and end-of-season sales, instead preceding with private sales to loyal long-term customers.

I imagine that the classical semi-formal styles must appeal to the tastes of a wide range of luxury customers, while still retaining a very luxurious edge. The competitive pricing in accessories allows for a sufficient platform for the brand entry-point products, while the elimination of seasonal sales emphasises the brand's permanent value.
 
BoF has just released a podcast episode featuring Francesca Bellettini, CEO of Saint Laurent: Francesca Bellettini on Managing Creativity, Customers and the Bottom Line
A paraphrase of the podcast episode:
Context: the audio is an archive interview with Imran Amed from BoF VOICES 2018 that has been re-edited as podcast episode.

On Slimane's debut at Celine
She's happy for Hedi's comeback as she values creativity and talented designers in fashion, regardless of where they are. She believes that Hedi's appointment is good for the industry as a whole.

On the Hedi Slimane/Saint Laurent Rebrand
She believes that Slimane revived Saint Laurent and brought the brand back to its origins and values established in the late 60s and 70s with his consumer-centric designs and moody rebellious imagery. She also notes that the entity that Kering owns is actually "Saint Laurent Rive Gauche" not the original couture house, "Yves Saint Laurent". She says that throughout time, "Rive Gauche" shifted to replace the couture house in a way.

She says that when she first joined, she noted that throughout the shifts in creative directors, the most valuable assets were the accessories, allowing for a lot of profit, leading to reinvestment in the brand. At the time, the brand was already very balanced in terms of product categories, geography and brand distribution, without being overexposed.

She also acknowledges that every revolution needs a constitution to create longevity of the brand, which is her goal with Anthony Vaccarello's appointment at Saint Laurent, noting that a lot of CEOs neglect the bottom line in favour of overfocusing on the volatile top line.

On the Saint Laurent Clientele
She says that when the creative director of a brand changes, their fans disappear within the following six to eight months. The impacts on the departure hit differently each time, as they're dependant on the creative director's most popular product categories and the demographic targeted during their tenure. The largest area of Saint Laurent's losses were amongst male consumers in Japan, where Slimane is extremely popular.

She states that while there was a loss of Hedi's fans, there was also the gain of Vaccarello's fans as well the fans of Saint Laurent the brand, therefore Celine had no effect on Saint Laurent as they've already experienced it. That said, she says that in fashion, at least 70 to 80% of a brand's annual consumers is completely new, therefore she needs to come up with ways for Saint Laurent to advance without compromising the brand.

She says that while the latest incarnation of Saint Laurent incorporates versions of several products from previous creative directors as part of the core offering, the current star product was conceived by Vaccarello. She believes that this is because the product was well designed, well merchandised and released within the perfect timeframe and context, leading for the consumer to see it as authentic.

On Chinese Luxury Consumers
She believes that China is still a very valuable market for Saint Laurent. She states that while China is no longer in a period of very fast growth, a growth that she says is very unsustainable, the country is still a fruitful venture for brands who are yet to be exposed to Chinese consumers. Previously, brands would confuse population numbers with potential consumers, when choosing a store location. She says that Saint Laurent is opening two flagship store in the country, Beijing and Shanghai.

She likes China's new policy of focusing on local businesses and believes in focusing on local consumers, stating that she directed each regional manager to focus on creating strong business with the local markets instead of seducing volatile tourists who come and go. She believes that this method is more authentic to each individual region.

She looks back on a trip with Saint Laurent's merchandising team to Marrakesh, where her goal was to educate the team about the history of the house and the founder. She believes that people are a business' primary asset, so it's important to treat them well for them to become and remain passionate for the company they work for and to transfer that passion to the consumer. For her, it's better to hate the truth than to love the lie.

Advice
She advises to believe in what you're doing and to try to distance yourself away from people who put you down solely because you're a woman (also applies to any other minority).
 

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