Discussion: The State of Kering

[Olaffo]

I know only horror stories from Kering, as I have lots of friends from within creative space (both: womenswear and menswear) I'm quite well informed. That being said Kering is not healthy place to work until you reach very senior position. Internships are unpaid with demand of staying late non stop etc. The entry position are on the lowest end, demanding sacrifices usually by psychopathics like head of studio etc. These are talented people usually being called back from Christmas Breaks, holidays etc. Also the problem, on the corporate side, is that there is chaos. McQueen's office in London is just wild west run by everybody and nobody at the same time.

 

[MulletProof]

(they aren't ashamed to say it the same way I am saying it either).

It is super sad because most of the time they are clueless. I had an intern last year that was literally like a character from a film... You could tell her IQ was below 50 from the very first moment she opened her mouth. Since she came from a very rich and powerful family they gave her the job.

The fashion world...

Yeah no, it's pretty open haha. They just don't say rich, more like prominent, long-established, 'friends of the company', 'long-time supporters'. 😆

Ngl, I've honestly had great experiences with the children of billionaires, they're very polite, quiet, good listeners, understand and follow processes right away, have a sense of humor, surprisingly can deal with all types of people and WILL work hard (I have a feeling it's because everyone is expecting them not to but maybe also from their 2 summers mixing asphalt while building sidewalks in Nigeria lol). It's only been problematic when it's children of politicians or averagely wealthy businessmen with a close or direct proximity to politics, they put in the work too but they're usually horrible when it comes to dealing with tension or a deadline or communicating with people outside the circle such as vendors (think name-calling, nasty emails, quick escalations, resorting to class/race remarks). Every single time I see someone acting deranged, I look them up (as one should lol) and sure enough, dad tried for embezzlement in 2007? you got it.

 

[yslforever]

I know only horror stories from Kering, as I have lots of friends from within creative space (both: womenswear and menswear) I'm quite well informed. That being said Kering is not healthy place to work until you reach very senior position. Internships are unpaid with demand of staying late non stop etc. The entry position are on the lowest end, demanding sacrifices usually by psychopathics like head of studio etc. These are talented people usually being called back from Christmas Breaks, holidays etc. Also the problem, on the corporate side, is that there is chaos. McQueen's office in London is just wild west run by everybody and nobody at the same time.

Oh I know much more the executive/business side, it's super toxic even at very senior positions, since they spent half of their time plotting against their n+1 to get their jobs, or sabotaging their n-1 by fear they will be replaced... Even more toxic now because there is blood in the water.

 

[PDFSD]

I know only horror stories from Kering, as I have lots of friends from within creative space (both: womenswear and menswear) I'm quite well informed. That being said Kering is not healthy place to work until you reach very senior position. Internships are unpaid with demand of staying late non stop etc. The entry position are on the lowest end, demanding sacrifices usually by psychopathics like head of studio etc. These are talented people usually being called back from Christmas Breaks, holidays etc. Also the problem, on the corporate side, is that there is chaos. McQueen's office in London is just wild west run by everybody and nobody at the same time.

LV under NG is also a revolving door of people it's not just Kering .....but it's true Mcqueen there is a long time toxic director that they wont fire even when the girls kept making complaints with Hr etc and many more horror stories els where ...its sad to hear some of them and how hopeless people feel.

 

[PDFSD]

Oh I know much more the executive/business side, it's super toxic even at very senior positions, since they spent half of their time plotting against their n+1 to get their jobs, or sabotaging their n-1 by fear they will be replaced... Even more toxic now because there is blood in the water.

Another big snake pit lol also with the arrival of Stefano at Gucci people at LV where happy he left, at Prada he had similar reputation he was smart enough to become the boyfriend of Fabio for long time to have his back covered cheeky monkey ..... time for popcorn and sit back :-)

 

[PDFSD]

misstweed.com
LUXURY DOWNTURN HITS SOME MORE THAN OTHERS
This week’s set of quarterly results demonstrated the extent to which some brands were much more resilient than others to the current luxury spending downturn. On the one hand, you had Hermès, Moncler and Prada Group posting surprisingly strong growth – with Prada’s Miu Miu breaking all records with an 89 percent spike in retail sales thanks to the popularity of its rebel college girl looks
..........

Investors tend to be suspicious of companies that put too much emphasis on such matters such as diversity, inclusion and carbon footprint. It can mean that they do not have much to say about their past and future performance. Valentino declined Miss Tweeds request for comment about its results.


Meanwhile, Kering said its flagship brand Gucci was suffering, particularly in China. Saint Laurent, its strongest growing fashion label these past two years, was also going through a rough patch. Claire Roblet, in charge of Kering's investor relations, said the group did not expect trading to "improve sequentially in Q2" and was more confident about the second half.


Kering did not really discuss Gucci's fundamental issues. It believed its strategy was right and "regarding the management of the brand, we consider that we have the right set up," Roblet said. However, after a year it's become clear that Gucci's designer Sabato De Sarno is not up to the task. How long is Kering planning to live in denial of that fact?

How many managers will have to leave the brand before it recognizes that fact?

Miss Tweed reported last month that many members of Gucci's senior management team had left or were planning to leave as they do not believe in De Sarno's vision. Kering did not reply to several requests for comment. Proof is in the numbers. If De Sarno had created buzz and excitement around Gucci, traffic in stores would be much higher and the brand's results would be better, never mind what products are in store. Kering cannot put all the blame on the downturn for the brand's underperformance.


At Kering's annual general meeting on Thursday, two days after the group's first-quarter trading update, CEO François-Henri Pinault said his teams were working hard to make the group's brands more exclusive and desirable, especially Gucci. "It will take some time but we'll manage," Pinault said. About the collapse of Kering's shareprice, he said.


"You're disappointed, you're frustrated — me too, I'm the first, be sure of that... It's a permanent concern."


Kering shares have slid 14 percent this year, compared with LVMH up 10 percent, Hermès rising 20 percent, Prada gaining 43 percent and Moncler up 17 percent.

 

[Lola701]

What has happened to the Dapper Dan/Gucci thing? It folded completely?

 

[tigerrouge]

With the amount of time, money and effort going into this, they might as well start from scratch and create a new brand that delivers whatever values they want to prioritise, instead of trying to reposition Gucci as anything other than a cut or two above Coach.

Do you want to make money - or do you want to waste your time heaving a dead weight up the stairs because you want to compete with other brands who are far ahead of you in so many ways?

 

[Lola701]

misstweed.com
LUXURY DOWNTURN HITS SOME MORE THAN OTHERS
This week’s set of quarterly results demonstrated the extent to which some brands were much more resilient than others to the current luxury spending downturn. On the one hand, you had Hermès, Moncler and Prada Group posting surprisingly strong growth – with Prada’s Miu Miu breaking all records with an 89 percent spike in retail sales thanks to the popularity of its rebel college girl looks
..........

Investors tend to be suspicious of companies that put too much emphasis on such matters such as diversity, inclusion and carbon footprint. It can mean that they do not have much to say about their past and future performance. Valentino declined Miss Tweeds request for comment about its results.


Meanwhile, Kering said its flagship brand Gucci was suffering, particularly in China. Saint Laurent, its strongest growing fashion label these past two years, was also going through a rough patch. Claire Roblet, in charge of Kering's investor relations, said the group did not expect trading to "improve sequentially in Q2" and was more confident about the second half.


Kering did not really discuss Gucci's fundamental issues. It believed its strategy was right and "regarding the management of the brand, we consider that we have the right set up," Roblet said. However, after a year it's become clear that Gucci's designer Sabato De Sarno is not up to the task. How long is Kering planning to live in denial of that fact?

How many managers will have to leave the brand before it recognizes that fact?

Miss Tweed reported last month that many members of Gucci's senior management team had left or were planning to leave as they do not believe in De Sarno's vision. Kering did not reply to several requests for comment. Proof is in the numbers. If De Sarno had created buzz and excitement around Gucci, traffic in stores would be much higher and the brand's results would be better, never mind what products are in store. Kering cannot put all the blame on the downturn for the brand's underperformance.


At Kering's annual general meeting on Thursday, two days after the group's first-quarter trading update, CEO François-Henri Pinault said his teams were working hard to make the group's brands more exclusive and desirable, especially Gucci. "It will take some time but we'll manage," Pinault said. About the collapse of Kering's shareprice, he said.


"You're disappointed, you're frustrated — me too, I'm the first, be sure of that... It's a permanent concern."


Kering shares have slid 14 percent this year, compared with LVMH up 10 percent, Hermès rising 20 percent, Prada gaining 43 percent and Moncler up 17 percent.

Indeed you can’t make a brand exclusive with terrible products first.
It’s maybe time to apply the strategy Frida pushed in her last years: more leather, less fabrics. And maybe less GG too.
Do Gucci luggage needs the monogram, the web band and the GG logo? No go back to the classic simple web band on leather!
Play with the horsebit details.

It’s also maybe time to stop the production of special outlets products and only truly sell unsold merchandise there.

The problem with Gucci is that they are making decisions in reaction.
What they are doing with Saint Laurent is more clever as it may impact the sales, the drop is not atrocious. The restructuration can actually work faster for Saint Laurent.

 

[plentyofhorns]

misstweed.com
LUXURY DOWNTURN HITS SOME MORE THAN OTHERS
This week’s set of quarterly results demonstrated the extent to which some brands were much more resilient than others to the current luxury spending downturn. On the one hand, you had Hermès, Moncler and Prada Group posting surprisingly strong growth – with Prada’s Miu Miu breaking all records with an 89 percent spike in retail sales thanks to the popularity of its rebel college girl looks
..........

Investors tend to be suspicious of companies that put too much emphasis on such matters such as diversity, inclusion and carbon footprint. It can mean that they do not have much to say about their past and future performance. Valentino declined Miss Tweeds request for comment about its results.


Meanwhile, Kering said its flagship brand Gucci was suffering, particularly in China. Saint Laurent, its strongest growing fashion label these past two years, was also going through a rough patch. Claire Roblet, in charge of Kering's investor relations, said the group did not expect trading to "improve sequentially in Q2" and was more confident about the second half.


Kering did not really discuss Gucci's fundamental issues. It believed its strategy was right and "regarding the management of the brand, we consider that we have the right set up," Roblet said. However, after a year it's become clear that Gucci's designer Sabato De Sarno is not up to the task. How long is Kering planning to live in denial of that fact?

How many managers will have to leave the brand before it recognizes that fact?

Miss Tweed reported last month that many members of Gucci's senior management team had left or were planning to leave as they do not believe in De Sarno's vision. Kering did not reply to several requests for comment. Proof is in the numbers. If De Sarno had created buzz and excitement around Gucci, traffic in stores would be much higher and the brand's results would be better, never mind what products are in store. Kering cannot put all the blame on the downturn for the brand's underperformance.


At Kering's annual general meeting on Thursday, two days after the group's first-quarter trading update, CEO François-Henri Pinault said his teams were working hard to make the group's brands more exclusive and desirable, especially Gucci. "It will take some time but we'll manage," Pinault said. About the collapse of Kering's shareprice, he said.


"You're disappointed, you're frustrated — me too, I'm the first, be sure of that... It's a permanent concern."


Kering shares have slid 14 percent this year, compared with LVMH up 10 percent, Hermès rising 20 percent, Prada gaining 43 percent and Moncler up 17 percent.

Francois thinks he just make anything desirable because it’s expensive. He’s so clueless

 

[PDFSD]

Indeed you can’t make a brand exclusive with terrible products first.
It’s maybe time to apply the strategy Frida pushed in her last years: more leather, less fabrics. And maybe less GG too.
Do Gucci luggage needs the monogram, the web band and the GG logo? No go back to the classic simple web band on leather!
Play with the horsebit details.

It’s also maybe time to stop the production of special outlets products and only truly sell unsold merchandise there.

The problem with Gucci is that they are making decisions in reaction.
What they are doing with Saint Laurent is more clever as it may impact the sales, the drop is not atrocious. The restructuration can actually work faster for Saint Laurent.

To be frank Saint Laurent is doing still well or ok because it's following the Hedi formula that they barely tweaked year on year then even more confusion when it mixes Tom´s Gucci (excluding Tom´s Yves references done in gucci ) in the mix at Saint Laurent being a hoge pot of high glamour sleek cliches.

Case in point the newest store concept of Vaccarello is nowhere near being as recognizable and memorable hedi´s original concept of sleek and art deco touches.

Shows there is not a unified vision or plan going forward other than waiting what Hedi does to do a version of it at Saint Laurent wich happened already with some seasons.

 

[yslforever]

To be frank Saint Laurent is doing still well or ok because it's following the Hedi formula that they barely tweaked year on year then even more confusion when it mixes Tom´s Gucci (excluding Tom´s Yves references done in gucci ) in the mix at Saint Laurent being a hoge pot of high glamour sleek cliches.

Case in point the newest store concept of Vaccarello is nowhere near being as recognizable and memorable hedi´s original concept of sleek and art deco touches.

Shows there is not a unified vision or plan going forward other than waiting what Hedi does to do a version of it at Saint Laurent wich happened already with some seasons.

I think Anthony is a weak designer but a very good image and branding director: he has set up a mood for YSL which is quite unique: sexy, sleek, neat, sophisticated, dark, cigarette-smoking, and not afraid to be freezing cold in the thinnest silks available.
I am not a complete fan, but I also love his taste in cinema;
I can't find his personnal thread , but apparently he (and Saint Laurent) is heavily in movies right now :

 

[NoInvite]

Kering : The group is in decline.
Kering also : Let's produce movies for Cannes.

Kudos to them tho. I wonder how long this will go on for.

 

[Olaffo]

I think there must be some masterplan for the group if they’re moving from fashion to moviemaking. All brands are for bids so they’re seriously considering selling it all out.

 

[yslforever]

I think there must be some masterplan for the group if they’re moving from fashion to moviemaking. All brands are for bids so they’re seriously considering selling it all out.

Yes that's what my sources (CEOs) are telling me, but they are far from the asking prices, so it's not for tomorrow.
I do believe though that SL productions is a pet project of Anthony (and Salma Hayek) and not a real new strategy from Kering.

 

[PDFSD]

I think Anthony is a weak designer but a very good image and branding director: he has set up a mood for YSL which is quite unique: sexy, sleek, neat, sophisticated, dark, cigarette-smoking, and not afraid to be freezing cold in the thinnest silks available.
I am not a complete fan, but I also love his taste in cinema;
I can't find his personnal thread , but apparently he (and Saint Laurent) is heavily in movies right now :

I would not say set up because that blueprint was laid out by Hedi, Anthony made it more sexy and easier digested by the mass to provide the obvious sexy dark sleek side of what Hedi does but Hedi goes and run with it. mixed in TF - Gucci and YSL and Alaia along the way.
He was hired with that in mind as well to continue what was build, he was smart enough to not have that big ego and indulge in that comfortable Hedi formula as hedi was also gone from the scene for a some time.

The most wise thing he did is not have a ego to move away to much of what Hedi already did but continue to make is sexier and more ig friendly.

You see the first show he did for YSL was his most ego and most further away from Hedi´s formula of design but later shows where more Hedi than Hedi himself if that makes sense.

His work is nice shiny veneer but without the depth and the obsession of a nerd like Hedi is a holistic authentic approach music and design and figures and culture melt all into one continuous research of repetition and redefining past and present.

i understand for wider audience they could care less and this is ok just as one is a fast food chain and the other a Michelin star restaurant with zero mile policy to their ingredients :-)

both can exist but one give me most joy and purpose of experience.

 

[yslforever]

Hedi had dreadful womenswear at YSL, and tbh has never been able to pull some sexyness...

 

[PDFSD]

Hedi had dreadful womenswear at YSL, and tbh has never been able to pull some sexyness...

It's more that its not the main goal for Hedi type of collection or Girl/woman, He never did fully the overt sexy that people love on ig like Alaia now has and Anthony version of YSL that glossy ig influencer hot girl vibe that any straighman would understand.

Like i mentioned Hedi is a nerd it's more in details of the total picture of the idea of each season its always about a attitude of a moment and in chapters then a constant push of sexnyness ala TF that´s only one side of a woman or mans idea of dressing up.

Dreadful i would not say personally but everyone feels how they feel i respect this :-)

I feel at times the sexness of current YSL is so hammered in each output, its forced and makes no evolution to the other layers of Yves to be explored,abit how TF YSL suffered also it was always about sex/opium side of Yves.

Stefano at times explored other layers to YSL more interestingly (even if mostly he was too heavy handed and tortured poet vibes for me to have that elegant ease of original Yves, that played with good taste and vulgarity at the same time so easily the over the top and yet also masterfully simple like a brush stroke, a dress could be fluid and chic and sexy and tasteful shocking all at same time.