Sabato De Sarno - Designer

[LadyJunon]

alber died? When was that. Yikes!

April 2021. They even had a send off show for him the following September.

 

[LadyJunon]

So I went to Gucci's website for the first time since Sabato's appointment and the visuals have been completely stripped down to the absolute bare minimum.

It almost looks like a generic Shopify store with its black text on white backgrounds, floating images and all...

 

[callmejaeden]

So I went to Gucci's website for the first time since Sabato's appointment and the visuals have been completely stripped down to the absolute bare minimum.

It almost looks like a generic Shopify store with its black text on white backgrounds, floating images and all...

I went on it earlier this year, I think and was so shocked about how bland it is imo I hate when brands make basic looking sites trying to go for that minimalistic luxury aesthetic

 

[yslforever]

So I went to Gucci's website for the first time since Sabato's appointment and the visuals have been completely stripped down to the absolute bare minimum.

It almost looks like a generic Shopify store with its black text on white backgrounds, floating images and all...

Yeah it's been like that for the last 5 months I think, the only remaining interesting stuff there is the Gucci Vault. They're in for a large revamp. I wonder what will they do with the huge flagship they just bought right in front the LV Place Vendôme store.

 

[donyan]

Just looked at the site. It's a masterclass in merchandising, or to put it differently, merchandised to death. Everything anyone could ever want from Gucci is there, and in the end nothing sticks. I'm very curious how this will play out, but the madcap desirability of yore is gone, replaced by an onslaught of product.

 

[reese06]

I hadn't noticed because ever since Alessandro left, I hadn't bothered to visit the site as Gucci has had little to no interesting presence in comparison.

However I just visited the site and hopefully this is just a palette cleanser. There is no identity, except it looks like a department store website. Way too many products, no interesting propositions for styling that makes me want to purchase.

 

[FashionFanatico]

i am shocked how generic gucci.com comes accross.
where is the glam? the star power? the thrill and fun?
it really looks like a poorly made fake brandname scam site.

 

[FashionFanatico]

it really looks like a poorly made fake brandname scam site.

Exactly. And like a hell of boredom.
i never thought i will say this with all my heart: But at this point i really miss Allesandro.
It was a huge mistake to let him go.
Just look at the big success of the Barbie Movie – it's obvious that
people in time of crisis do want and need more fun and opulence back in their lives. It can even be a bit tacky, nostalgic, carefree and full of joy. All things that Michele mastered to the extreme.

Quiet Luxury Hype anyone? It's already getting stale and done to death, will not survive next winter.
I wish Sabato all the best, but he has to deliver the most incredible wonders to put the brand back on the map.

 

[Lola701]

Im just realizing that Peter Hawkings for Tom Ford and Sabato De Sarno for Gucci will have their debut in Milan in 2 months…

I hope the answer for the New Gucci won’t be again about Tom Ford archives. They can tap into that Jet Set feel but I’m not sure we are ready again to resee the same references…

‘Because obviously, Peter may want to reclaim his heritage. And Gucci is part of that too.

 

[LadyJunon]

Exactly. And like a hell of boredom.
i never thought i will say this with all my heart: But at this point i really miss Allesandro.
It was a huge mistake to let him go.
Just look at the big success of the Barbie Movie – it's obvious that
people in time of crisis do want and need more fun and opulence back in their lives. It can even be a bit tacky, nostalgic, carefree and full of joy. All things that Michele mastered to the extreme.

Quiet Luxury Hype anyone? It's already getting stale and done to death, will not survive next winter.
I wish Sabato all the best, but he has to deliver the most incredible wonders to put the brand back on the map.

Michele's larger than life approach actually made Gucci relevant again back in 2015 and that feel is starting to come back in to favour with Schiaparelli and Loewe taking the lead. Gucci was ahead of the curve, all they needed was a suitable "assistant-creative-director" to adjust Michele's vision to menswear market tastes. Think like Raf and Pieter at Calvin Klein.

This rendition of "Quiet Luxury" is a interesting trend, but it's a terrible design strategy as it neutralises any semblance of a house's identity, something that even the most minimalist of brands need for long term success (90s Prada, Jil Sander, Helmut Lang, Margiela, Philo's Céline).

Im just realizing that Peter Hawkings for Tom Ford and Sabato De Sarno for Gucci will have their debut in Milan in 2 months…

I hope the answer for the New Gucci won’t be again about Tom Ford archives. They can tap into that Jet Set feel but I’m not sure we are ready again to resee the same references…

‘Because obviously, Peter may want to reclaim his heritage. And Gucci is part of that too.

Hawkings is definitely going to reference Ford's Gucci, but if he's smart, he'll probably try to recreate the sexually liberated feel of Ford's Gucci with the addition of a substantial daywear offering (men's and women's) to diversify the aesthetic (Zegna should be able to help with that).

As for Sabato, he really needs to find a look that can executed in both a visually striking, directional manner and a more accessible, desirable way. Simply "Guccifying" PPP or reissuing late 90s/00s/early 10s Gucci isn't going to cut it.

 

[Deleted member 7575]

You guys are knocking on De Sarno and have yet to see anything by him.

We won't know what the new Gucci will look like until he shows it.

I have no personal stake in it being bad or good, its not like I own stock or was beat out of the job.

I actually met someone recently who was in the running for it. They were a Celine alumni from the Phoebe days.

 

[LadyJunon]

You guys are knocking on De Sarno and have yet to see anything by him.

We won't know what the new Gucci will look like until he shows it.

I have no personal stake in it being bad or good, its not like I own stock or was beat out of the job.

I actually met someone recently who was in the running for it. They were a Celine alumni from the Phoebe days.

I don't really have an strong opinion on De Sarno yet, but I am optimistic considering his experience. Because most of his career has centered around menswear instead of womenswear, he should do well in creating the straightforward, pragmatic collections a house like Gucci would need.

My main worry is that there's a possibility of him transfering PPP's "sickly sweet" aesthetic to Gucci, but I don't really see the Gucci suits allowing that.

 

[Deleted member 7575]

Interestingly enough Kering just bought a 30% stake in Valentino.

 

[yslforever]

Interestingly enough Kering just bought a 30% stake in Valentino.

Yeah, the Pinault definitely don't want a merger right now or try the raise the stakes...

 

[LadyJunon]

Interestingly enough Kering just bought a 30% stake in Valentino.

Yeah, the Pinault definitely don't want a merger right now or try the raise the stakes...

At this point, they deserve it. Why are you buying Valentino when 5/6 houses are on shaky ground?

 

[Lola701]

I find it interesting because the goal is to have 100% of the brand by 2028…
Really a weird move because KERING now will look like a very powerful portfolio of fragile brands…

‘Valentino is as big as Balenciaga and YSL.

 

[LadyJunon]

Kering Buys 30% of Valentino, Option to Buy the Rest
The deal marks a major expansion of the group's fashion operations and Kering has an option to buy all of Valentino by 2028.

By JOELLE DIDERICH
JULY 27, 2023, 11:52AM

PARIS — A week after a major management reshuffle and news of the arrival of an activist investor, Kering announced it was acquiring a 30 percent stake in Valentino for 1.7 billion euros, with an option to buy 100 percent of the Italian brand’s capital by 2028.

“The transaction is part of a broader strategic partnership between Kering and Mayhoola, which could lead to Mayhoola becoming a shareholder in Kering,” it said in a statement published in tandem with first-half results.

The deal ends years of speculation over the future of Valentino, the fashion house founded in Rome
in 1960 by Valentino Garavani. The company has 211 directly operated stores in more than 25 countries and had sales of 1.4 billion euros and recurring EBITDA of 350 million euros in 2022.

Kering will become a significant shareholder with board representation and Mayhoola will remain the majority shareholder with 70 percent and will continue to execute on the brand elevation strategy.

The French luxury group reported net profit fell 10 percent in the first half versus the same period last year, as solid growth in Asia was offset by a drop in U.S. sales.

Its cash cow brand Gucci fell short of market expectations, with organic sales treading water as it transitions to a new corporate and creative leadership, following the exit of longtime chief executive officer Marco Bizzarri and creative director Alessandro Michele.

Sales at Gucci totaled 2.51 billion euros in the three months to June 30, up 1 percent on a like-for-like basis, in line with the first quarter. That was below a consensus of analyst estimates, which called for a 4 percent increase in comparable sales at the maker of Jackie 1961 handbags and horsebit loafers, according to a consensus compiled by Bloomberg.

By comparison, organic sales at LVMH Moët Hennessy Louis Vuitton’s key fashion and leather goods division rose 21 percent year-over-year in the second quarter, reflecting the resilience of its marquee brands Louis Vuitton and Dior.

Kering said group revenues in the three months to June 30 rose 2 percent year-over-year to 10.14 billion euros, representing an increase of 2 percent in like-for-like terms.

This compared with a 1 percent organic sales increase in the first quarter, and was below the consensus forecast for a 4 percent sales rise in the second quarter.

The group, whose brands also include Saint Laurent, Bottega Veneta and Balenciaga, posted net income of 1.8 billion euros in the first half, compared with 1.99 billion euros during the same period last year.

Recurring operating income fell 3 percent to 2.74 billion euros, yielding an operating margin of 27 percent, down from 28.4 percent in the same period last year.

“In the first half, we pursued our investments in our houses’ desirability and exclusivity. While engaging in critical forward-looking initiatives, we maintained a high level of profitability,” François-Henri Pinault, chairman and CEO of Kering, said in a statement.

“Together with the major organizational changes we announced last week to enhance stewardship of our houses, as well as the many projects we have already launched over the past few months, the developments of the first half strengthen my confidence in Kering’s future prospects,” he added.

As part of the management reorganization, group managing director Jean-François Palus will take over as president and CEO of Gucci for a transitional period. WWD was the first to report Bizzarri’s departure. His last day at Gucci will be on Sept. 23, after the brand’s spring 2024 show in Milan, the first by new creative director Sabato De Sarno.

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

Jean-Marc Duplaix, chief financial officer since 2012, was named deputy CEO, in charge of operations and finance. Meanwhile, former Chanel global CEO Maureen Chiquet has joined the Kering board. “We are building a more robust organization to fully capture the growth of the global luxury market,” Pinault said at the time.

Analysts broadly welcomed the leadership changes, which coincided with news that activist investment firm Bluebell Capital Partners had taken a stake in the group. A source with knowledge of the matter, who asked not to be named for confidentiality reasons, said Bluebell believes Kering is undervalued and approves of the shake-up at the top.

Representatives of the firm met with senior Kering management to discuss a potential merger with Compagnie Financière Richemont, the source said. Johann Rupert, Richemont’s controlling shareholder, has previously quashed speculation of a combination with Kering. “Everybody urged us to do that a year ago, and two years ago. And we said no,” Rupert said in May.

Kering had been under pressure to make a transformational acquisition that would put it on a more equal footing with LVMH and make it less reliant on Gucci, which accounted for 67 percent of the group’s operating profit last year. Signaling its ambitions in beauty, Kering last month purchased niche high-end fragrance house Creed in a deal reportedly valued at 3.5 billion euros.

It must now deliver on the drawn-out Gucci turnaround. “It becomes now very important that the new Gucci team will score some goals and win some matches, to give investors confidence that we are indeed on the right path,” Luca Solca, analyst at Bernstein, said in a research note last week.

Kering’s share price has risen by just 7 percent since the start of the year. Its performance has lagged sector peers despite a gradual recovery in China following the lifting of pandemic-era restrictions.

Richemont reported sales at constant exchange rates rose 19 percent in the April-to-June period, fueled by a strong rebound among Chinese tourists and locals. And Moncler said comparable sales were up 26 percent in the second quarter, mainly thanks to an improvement in Asia.

Overall revenues at LVMH rose 17 percent in organic terms during the period. Hermès International is the next big luxury player scheduled to report second-quarter results, on Friday.

Source: WWD

• Kering has acquired 30% of Valentino
• Kering has plans to fully own the house by 2028 with Mayhoola, Valentino's majority owner, becoming a shareholder at Kering.
• Sabato will hold his debut show on September 23.
• Jean-François Palus will take over as president and CEO of Gucci for a transitional period.
• Johann Rupert, chairman of Richemont, still refuses to merge Richemont with Kering despite the majority of the board.

 

[yslforever]

I find it interesting because the goal is to have 100% of the brand by 2028…
Really a weird move because KERING now will look like a very powerful portfolio of fragile brands…

‘Valentino is as big as Balenciaga and YSL.

They are buying 30% of Valentino at 1,7 billions €, hence a valuation of 5,67 billions as of today, probably more in 2028 with a reevaluation clause for the remaining 70%.
Valentino 2022 achieved a turnover of 1,4 billions in 2022, it's half the turnover of YSL and probably in the tune of Balenciaga. Kering probably thinks that with Bellettini at the head of the brands promotion, they can grow Valentino and maybe reach the same level of YSL, ie double the turnover.
Imho it's very telling they don't buy 100% of Valentino today, maybe they can't or maybe they are unsure but have to act now to counteract merger projects and activist shareholders.
I don't see PPP lasting in this environnement.
EDIT: this puts De Sarno under intense pressure to be a success, to relaunch the staling sales at Gucci and finance Valentino acquisition. Wish him the best, it's not ideal to be a CD in such a corporate situation.

 

[LadyJunon]

Source: WWD

• Kering has acquired 30% of Valentino
• Kering has plans to fully own the house by 2028 with Mayhoola, Valentino's majority owner, becoming a shareholder at Kering.
• Sabato will hold his debut show on September 23.
• Jean-François Palus will take over as president and CEO of Gucci for a transitional period.
• Johann Rupert, chairman of Richemont, still refuses to merge Richemont with Kering despite the majority of the board.

Opinion:
Kering is full of volatile brands with very fragile identities (seriously, YSL is the only consistent one). Buying another one like that is irresponsible and stupid in the situation they're in.

Rupert is smart to steer clear off Kering, but that means that he'll really need to get to work on turning the soft luxury side of Richemont, Chloé, Dunhill, Delvaux (and maybe Alaïa), into powerhouses to quench the boardroom's thirst for "Gucci-Cartier-YSL-BV-Boucheron-Van Cleef Holdings".

 

[yslforever]

Opinion:
Kering is full of volatile brands with very fragile identities (seriously, YSL is the only consistent one). Buying another one like that is irresponsible and stupid in the situation they're in.

I agree it's a very short-term decision, to release immediate pressure, or they are very confident on their new structure (De Sarno, Palus, Bellettini). But they already had very risky turnovers previously which turned out to be successful for a while: Daniel Lee, Demna, Michele (which was a 180° departure from Giannini) so I give them the benefit of the doubt.