Since arriving at Gucci, Cantino — who is described as direct, exacting and analytical by people who have worked with him but also as charming and well-connected in the fashion world — has been working closely with De Sarno, including on the brand’s splashy new campaign featuring rock star Debbie Harry of Blondie while working with the Gucci teams on improving product lines and mix.
In addition to contending with a slowing global luxury market, Gucci is also working to reimagine its aesthetic and image several years after Michele’s maximalist vision — which catapulted the brand to huge success for some time — stopped selling well.
Kering hopes that De Sarno’s sleeker, more pared down style will help it achieve its strategy of elevating the brand and making it more timeless so it will be less vulnerable to trend cycles. But it is still not clear whether Gucci’s customers will buy in.
While Cantino’s background centred on image and communications strategy might raise some concerns about his experience with operations, people close to Kering say he has the skills they need.
At Prada, he worked not only on brand positioning — a key challenge facing Gucci — and communications but also on strategy and acquisitions, including its 1999 deal to buy British shoemaker Church’s.
Within Kering, executives watched closely as their rival Louis Vuitton appointed the late visionary streetwear designer Virgil Abloh, then musician and producer Pharrell Williams to design menswear, providing big boosts to the brands and widening its audience during Cantino’s time there.
At Vuitton, “in terms of product architecture, he did a lot”, said the person close to Kering. “The turnaround [at Gucci] is not only about taking a listed company and turning it around, but it’s also turning around big areas within big organisations. This is where he is really good.”
This is not the first time Kering has had to reinvent Gucci, but the brand still has a long way to go.
“Changing brand perception through reduction of outlets [and] brand elevation does take time,” analysts at Barclays wrote, but “we think that Gucci’s recovery story could be delayed . . . Current expectations could be too ambitious, and [we] see risks of further earnings cuts.”
With Cantino set to take charge in January, “the full casting is now in place,” said Chauvet at Citi. “Now it’s all about execution.”
Adrienne Klasa © 2024 The Financial Times
This article first appeared in The Financial Times
Source: CNA
