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Valentino Cancels June Fashion Shows Following Piccioli’s Exit

A model presents a creation by designer Pierpaolo Piccioli as part of his Spring/Summer 2024 collection show for fashion house Valentino during Men's Fashion Week in Milan, Italy, June 16, 2023. REUTERS/Claudia Greco
A model presents a creation by designer Pierpaolo Piccioli as part of his Spring/Summer 2024 collection show for fashion house Valentino during Men's Fashion Week in Milan, Italy, June 16, 2023. REUTERS/Claudia Greco
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Valentino Cancels June Fashion Shows Following Piccioli’s Exit

A model presents a creation by designer Pierpaolo Piccioli as part of his Spring/Summer 2024 collection show for fashion house Valentino during Men's Fashion Week in Milan, Italy, June 16, 2023. REUTERS/Claudia Greco
A model presents a creation by designer Pierpaolo Piccioli as part of his Spring/Summer 2024 collection show for fashion house Valentino during Men's Fashion Week in Milan, Italy, June 16, 2023. REUTERS/Claudia Greco

Italian fashion house Valentino said on Monday that it would not present its Men's and Haute Couture fashion shows in June, following the departure of its creative director Pierpaolo Piccioli.

The group said on Friday it had agreed with Piccioli to end their collaboration, adding that a new "creative organization" would be announced soon.

"Following the latest organizational announcement regarding the Maison's Creative Direction, Valentino confirms that it will not present its upcoming Men’s and Haute Couture fashion shows in June 2024," the group said in a statement on Monday.

"Creativity will continue to lead the company as a key pillar, shaping new future collections ...", it added

Earlier on Monday fashion trade publication WWD reported that Gucci's creative director Alessandro Michele was negotiating with Valentino to take the role left by Piccioli, citing market sources.

Italian newspaper La Repubblica said on Monday that the contract with Michele had already been signed during the weekend, cited sources close to him.

Valentino declined to comment, while Michele could not immediately be reached for comment.

French luxury group Kering, which owns Gucci, bought a 30% stake in Valentino last year from Qatari investment fund Mayhoola with an option to buy the rest in five years.

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Kering Posts 11% Drop in Q2 Sales, Sees Weak Second Half

The logo of luxury brand Gucci is seen in Tokyo on June 22, 2021. (AFP)
The logo of luxury brand Gucci is seen in Tokyo on June 22, 2021. (AFP)
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Kering Posts 11% Drop in Q2 Sales, Sees Weak Second Half

The logo of luxury brand Gucci is seen in Tokyo on June 22, 2021. (AFP)
The logo of luxury brand Gucci is seen in Tokyo on June 22, 2021. (AFP)

Kering reported a bigger-than-expected drop in second-quarter sales and forecast a weak second half, as the French luxury group struggles to revive its key label Gucci and worries grow about a prolonged downturn in high-end spending.

Sales at the French luxury group which owns labels Gucci, Boucheron and Balenciaga, fell to 4.5 billion euros ($4.9 billion), an 11% drop on an organic basis, which strips out currency effects and acquisitions.

The figure was below analyst expectations for a 9% drop, according to a Visible Alpha consensus.

It also said second-half operating income could fall by around 30%, following a 42% drop in the first half.

Sales at Gucci fell 19%, showing no improvement from the first quarter, and below analyst expectations for a 16% decline, according to a Visible Alpha consensus.

Kering has been revamping Gucci, the century-old Italian fashion house which accounts for half of group sales and two-thirds of profit.

Minimalist designs from new creative director Sabato de Sarno, which began trickling into stores earlier this year, are key to the design reset and push upmarket, in a bid to cater to wealthier clients who are more immune to economic headwinds.

Kering chief financial officer Armelle Poulou told reporters that the designs had been well received and the rollout was on track.

But the efforts have been complicated by a downturn in the global luxury market, while China's rebound - traditionally Gucci's most coveted market - was clouded by a property crisis and high youth unemployment as Western markets came down from a post-pandemic splurge.

Earnings from sector bellwether LVMH on Tuesday missed expectations as sales rose 1%, offering few signs that a pickup is around the corner, sending shares in luxury goods companies down on Wednesday. Kering traded at its lowest level since 2017.