Names that have been floated as possible replacements include Givenchy’s much-feted Riccardo Tisci. Earlier this year he denied ever speaking to Gucci about the job, but his potential appointment has the luxury industry rubbing its hands with glee thanks to its dramatic Capulets and Montagues implications: Last year, Kering’s biggest rival, LVMH, appointed the former Balenciaga designer Nicolas Ghesquière as artistic director of Louis Vuitton. Since Balenciaga is a Kering brand, and Givenchy an LVMH name, a Tisci steal would provide some nice payback.
Then there’s the young New York designer Joseph Altuzarra, who sold a minority stake in his house to Kering last year, and who was named the women’s wear designer of the year by the Council of Fashion Designers of America last June. However, the size of his business compared to Gucci (he only has about 10 full-time employees compared to Gucci’s thousands, as well as his lack of men’s wear experience at a time when men’s wear is the focus of many luxury brands, mitigate against his appointment.
Of course, Kering could always look to its own design team, as it did with the appointment of Ms. Giannini, though that would not provide the same much-needed excitement as an outside name.
Meanwhile, there is another important facet to Ms. Giannini’s departure that has been overlooked in the excitement about What Next: Mr. Pinault’s statement that Ms. Giannini “has been the sole creative director of Gucci for close to a decade. This is a remarkable accomplishment, considering the level and breadth of responsibility of overviewing all the aspects related to product and image for such a global brand during such a long period of time.”
In fact, in the past designers stayed at brands for much longer. Giorgio Armani, Ralph Lauren, Valentino, Karl Lagerfeld at Chanel, Yves Saint Laurent at his own brand — all were or have been at the top of their respective houses for multiple decades, not just one.
What Mr. Pinault seems to be saying, by contrast, is that in this brave new ultra-competitive world of luxury that may no longer be the case. Certainly, looking at the musical chairs of today’s new generation of designers, he seems to be right. But that is the first time I have ever heard a group chief executive articulate the new reality.
Whomever takes Ms. Giannini’s place would do well to take note.
He can't even do good work at his own line.
