Bizzarri is leaving the fashion house after Gucci’s profits lagged behind rivals in recent years
Kering SA shares rose the most in eight months on optimism that the departure of Gucci Chief Executive Officer Marco Bizzarri will mark a step toward reviving the once high-flying Italian label.
Bizzarri’s departure comes after growth at Gucci — which accounts for about two-thirds of Kering’s profit — lagged behind rivals in recent years. Its previous creative director, Alessandro Michele, left in November and was replaced by Sabato de Sarno, who’s scheduled to unveil his first collection for the brand in September.
Kering has been trying to boost the appeal of its biggest brand after clients tired of Michele’s flamboyant and eccentric designs. It’s expected that De Sarno’s debut collection will be available in stores early next year. Kering’s stock this year has trailed gains of more than 25% at LVMH Moet Hennessy Louis Vuitton SE and Hermes International. Pinault said the shakeup is aimed at fully capturing the growth of the global luxury market, which has helped make LVMH the most valuable company in Europe.Under the early leadership of Bizzarri and Michele, Gucci’s revenue more than doubled between 2015 and 2019, and the brand’s popularity on Instagram — the go-to social media platform for fashionistas — also boomed.
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