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.



H&M Abandons 2024 Earnings Margin Target, Q3 Profit Lags

People walk past a closed H&M clothing store in Omsk, Russia, March 3, 2022. REUTERS/Alexey Malgavko
People walk past a closed H&M clothing store in Omsk, Russia, March 3, 2022. REUTERS/Alexey Malgavko
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H&M Abandons 2024 Earnings Margin Target, Q3 Profit Lags

People walk past a closed H&M clothing store in Omsk, Russia, March 3, 2022. REUTERS/Alexey Malgavko
People walk past a closed H&M clothing store in Omsk, Russia, March 3, 2022. REUTERS/Alexey Malgavko

H&M, the world's second-largest listed fashion retailer, said on Thursday it no longer expected to reach its full-year earnings margin goal, while reporting a lower-than-expected operating profit for the June-August period.

H&M has struggled to boost its profitability amid high inflation and stiff competition from its bigger Spanish rival Zara, owned by Inditex, and the rapid growth of cut-price online fast-fashion retailer Shein.

"At present we estimate that this year's operating margin will be lower than 10%," Chief Executive Daniel Erver said in a statement.

The accumulated margin stood 7.4% for the first three quarters.

The full-year operating margins for 2022 and 2023 were 3.2% and 6.2% respectively, and H&M had cautioned in June that factors such as materials costs and foreign currency had made the 2024 target more difficult to reach.