Michele to Valentino - a short reflection
Michele’s new challenge
Alessandro Michele and Valentino seem like a strong match – the designer who already lives in Rome joins the Roman house. His maximalist aesthetic can be informed well by the house’s codes: red, pink, Valentino camouflage and frequent use of silver and gold studs should enable Michele to work his magic. Furthermore, Valentino’s emphasis on runway shows echoes well with Michele’s inclination to theatrical presentations. Other than Gucci, Valentino has an haute couture heritage and its shows under the helm of Pierpaolo Piccioli have always received strong reviews. Surely, the highest level of dressmaking will present a fun new challenge for Michele and I’m excited to see how the relationship between the different types of presentations will play out!
Valentino’s ambition
Valentino has been successful in terms of critical reception over the last years, BUT, is also part of the brands that have always lagged behind in terms of commercial execution and growth. With EUR 1,4bn in revenue and EUR 350m EBITDA in 2022 it is at around the size and level of profitability as Bottega Veneta. Pierpaolo Piccioli is a genius for the runways (we just discussed that in the first part). To take Valentino to new heights it needs someone who can create fashion that will also dominate the streets. Michele, on his end, has mastered blending a distinct creative vision with a developed merchandising proposition. Under his helm revenue at Gucci tripled. Let’s see how he maintains the most difficult balance for creative directors today – delivering creatively and commercially.
Kering’s yearning
Kering? Yes, Kering. In November 2023 Kering bought a 30% stake in Valentino with the option of taking over the remaining 70% after another 5 years.
Kering-owned Gucci just let go off Michele in 2022 because growth was slowing down at the brand. Now, both the conglomerate (even though it does not have a controlling stake yet) and the designer seem to have found each other again. What I would like to know now: How long has this been in the works and who was involved in the discussions?
While Gucci’s recent decline (referring to the Q1 2024 decline here) might have highlighted the need for Michele’s aesthetic on the market, this nomination should not be seen a sign of sorrow from Kering. Appointing Michele at Valentino just makes sense following everything we touched upon above – no hard feelings involved, just Kering taking another bet on Michele as rainmaker.
Nevertheless, how much creative freedom will the designer receive this time?
How will it play out?
Bringing Michele into Valentino is clever. Kering and Valentino are enabling an artist and executive alike whose aesthetic is missed on the market. It is also a clear testament to growth ambitions at Valentino, which has the potential to develop a powerful commercial offering based on its highly praised runway presentations.
Expect to see big investments into marketing and visual merchandising to bring a full Michele vision to life between 2025 and 2026. I would love to see another Gucci Story – growth driven by creativity.
Personally, I also hope Michele’s return will bring fashion some fun back and an overall more forward-looking proposition – we need more of both.
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