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Investing.com -- Sabato de Sarno, the creative director of Gucci, is stepping down after a two-year tenure, as parent company Kering (EPA:PRTP) SA grapples with the Italian fashion label’s declining performance. The company has not yet announced a successor for De Sarno.
On Thursday, Kering’s shares dropped 2.3% in early trading in Paris, adding to a nearly 40% decrease over the past 12 months.
This sudden shift has reignited investor worries about the stability of Kering and the clarity of its strategic plans for Gucci, its largest brand.
In October, Kering issued a warning that its annual profit would drop to its lowest point since 2016. This comes after Gucci, which contributes significantly to the parent company’s profit, saw a 25% decline in comparable sales in the third quarter.
De Sarno, who took over from Alessandro Michele two years ago, brought a more minimalist style to the brand, a stark contrast to Michele’s extravagant aesthetics. Unfortunately, his designs did not resonate with consumers, coinciding with a period of softened demand in the overall luxury market.
In the interim, the Gucci design office will present the fall-winter fashion show in Milan this month.
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