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Kering Appoints de Sarno as Gucci Creative Director

A Gucci sign is seen outside a shop in Paris, France, December 18, 2017. REUTERS/Charles Platiau
A Gucci sign is seen outside a shop in Paris, France, December 18, 2017. REUTERS/Charles Platiau
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Kering Appoints de Sarno as Gucci Creative Director

A Gucci sign is seen outside a shop in Paris, France, December 18, 2017. REUTERS/Charles Platiau
A Gucci sign is seen outside a shop in Paris, France, December 18, 2017. REUTERS/Charles Platiau

French luxury giant Kering appointed Sabato de Sarno as creative director of its star brand Gucci, it said on Saturday.

De Sarno began his career at Prada in 2005, moving to Dolce & Gabbana, before joining Valentino in 2009, where he held several positions before being appointed fashion director overseeing both men's and women's collections.

At Gucci, he will be tasked with reviving the fortunes of a brand that, after stellar growth between 2015 and 2019, has been losing momentum in recent years.

Creative director Alessandro Michele left abruptly in November after seven years in the job, following tensions with Kering's top management, sources told Reuters.

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Hermes 2Q Sales Rise 13% on Continued Appetite for High-End Luxury

People stand with Hermes shopping bags as they wait at a traffic light in Tsim Sha Tsui, a bustling shopping hotspot, in Hong Kong, China December 5, 2023. (Reuters)
People stand with Hermes shopping bags as they wait at a traffic light in Tsim Sha Tsui, a bustling shopping hotspot, in Hong Kong, China December 5, 2023. (Reuters)
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Hermes 2Q Sales Rise 13% on Continued Appetite for High-End Luxury

People stand with Hermes shopping bags as they wait at a traffic light in Tsim Sha Tsui, a bustling shopping hotspot, in Hong Kong, China December 5, 2023. (Reuters)
People stand with Hermes shopping bags as they wait at a traffic light in Tsim Sha Tsui, a bustling shopping hotspot, in Hong Kong, China December 5, 2023. (Reuters)

Birkin-bag maker Hermes reported a 13% rise in second-quarter sales on Thursday, demonstrating the continued appetite from wealthy shoppers for its luxury handbags, even as less affluent consumers pull back.

Sales at the French luxury group grew to 3.7 billion euros ($4.02 billion), a 13% organic sales rise that strips out currency fluctuations. The figure was in line with analyst expectations, according to a Visible Alpha consensus.

Operating profit for the first half was 3.1 billion euros, compared to a forecast from consensus provider Visible Alpha for 3.2 billion.

One of the most steady performers in the luxury goods sector -- even as economic conditions worsen -- the French group's results stand out after a string of disappointing earnings updates from peers which have raised investor concern about uncertain prospects for the sector in the coming months.

Hermes' famously classic designs and tight management of production and stock have helped reinforce the label's aura of exclusivity, and CEO Axel Dumas told reporters the company had seen "no big interruption in trends".

However, he said Hermes was seeing slightly less traffic with aspirational clients, which was impacting higher volume products like fashion accessories.