On Thursday, Kering confirmed the departure of Alessandro Michele, the former Creative Director of Gucci, its Italian luxury brand, to take up the position of Creative Director at Valentino.
In a press release, François-Henri Pinault, CEO of the French group, said he was convinced that the designer would be able to brilliantly interpret the heritage of the Italian house and make it shine thanks to his creativity, culture and multiple talents.
"I look forward to seeing his passion, imagination and commitment at work in this new chapter for Valentino", he added.
Alessandro Michele stepped down as Creative Director of Gucci in November 2022, having been at the helm since January 2015, as the Florentine label began to run out of steam.
Valentino's turnaround promises to be an arduous one, so much so that Kering recently issued a warning due to the steep decline in sales of its main brand.
Kering has held a 30% stake in Valentino since last November - valued at 1.7 billion euros - and has an option to acquire 100% of the fashion house by 2028 at the latest.
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A global Luxury group, Kering manages the development of a series of renowned Houses in Fashion, Leather Goods, and Jewelry: Gucci, Saint Laurent, Bottega Veneta, Balenciaga, Alexander McQueen, Brioni, Boucheron, Pomellato, Dodo, Qeelin, Ginori 1735, as well as Kering Eyewear and Kering Beauté.
By placing creativity at the heart of its strategy, Kering enables its Houses to set new limits in terms of their creative expression while crafting tomorrow's Luxury in a sustainable and responsible way. It captures these beliefs in its signature: Empowering Imagination.
In 2023, Kering had 48,964 employees and restated revenue of EUR 19.6 billion.
At the end of 2023, the Group had a network of 1,771 stores under its own management, located primarily in Western Europe (367), North America (316), Japan (238), and in emerging countries (698).
Net sales are distributed geographically as follows: Western Europe (27.6%), Japan (7.2%), Asia/Pacific (35%), North America (23%) and other (7.2%).
KERING 
