The Problem with Gucci

As I carefully read through the freshly published results reports—trying to "read between the lines" of Pinault and Bellettini’s statements—I feel a cold chill down my spine. Having worked with both, I know them well, and I can’t shake the impression that the real problem with Gucci is that Kering’s top management still thinks and speaks as if we were in the early 2000s. But the world has changed enormously, and if they don’t accept that Gucci must align with it, they are in serious trouble.

Not every brand stands for the same values, and in times like these, it is essential to understand what a brand represents in the minds of potential customers—whether we like it or not. Gucci has always stood for Fashion with a capital F. Heritage and luxury are important, but they are secondary when it comes to Gucci’s DNA. This is precisely why the two creatives who revitalised Gucci in the past 30 years—Tom Ford and Alessandro Michele—both had an exceptionally powerful sense of fashion, image, and marketing. Their irreverence and ability to tap into the zeitgeist were what made Gucci relevant again.

So when Kering reacts to a downturn by deciding that Gucci needs a quiet designer—someone who reminds the public of the beauty and elegance of the classic Jackie bag, now in patent burgundy leather—they not only ignore everything Gucci stands for but also risk damaging the reputation of a talented designer in the process. De Sarno is not a bad designer, but he was the wrong choice for Gucci.

It is disheartening to see highly paid executives unwilling to hold their nerve through difficult times in order to allow for a resurgence. If Michele had truly become a problem, why not look back at Gucci’s history—starting from Guccio Gucci himself—and hire with a clear strategic vision, rather than making a reactionary decision in the hope of a quick fix?

Gucci cannot afford to be just another source of inspiration for Zara. Gucci needs to excite, shock, and spark conversations—both positive and negative—in order to exist. If Cantino (whom I don’t know personally but instinctively respect) has the same strength and boldness that Bizzarri once had, there is still hope for Gucci to reclaim its place as a powerhouse of fashion and business success.