As "Gazette du bon ton," it is with a discerning eye that we turn our attention to the recent developments at the House of Gucci. The narrative, as it unfolds and shared by the greatest industry insider Susanna Nicoletti, presents a series of strategic ambiguities that warrant a more formal examination.
So, What is really going on at Gucci? No media is talking about this.
A Matter of Timing: Unraveling the Debut of Gucci's New Era A notable dissonance has emerged between industry expectations and the timeline articulated by Gucci's newly appointed Creative Director, Demna Gvasalia. It was widely anticipated that his inaugural collection would be unveiled in September 2025, a date that would have aligned with the traditional rhythm of the fashion calendar. However, in a recent exchange with esteemed journalist Suzy Menkes, Demna stated, "My first show will be March 2026." He further elaborated, "This year I will do things that will remind people what Gucci is… I cannot do things in two months."
This revised schedule raises several pivotal questions regarding the strategic direction at Gucci, a maison that has undergone five distinct creative reinventions in the past two decades. Demna's forthcoming vision will mark the sixth. The assertion that time is required to "remind people what Gucci is" subtly implies a period of internal reflection and strategic repositioning, even for a creative director who, as revealed by Vogue Business in mid-March, had been in dialogue with Gucci's leadership for several months prior to his official appointment.
According to statements from Jean-François Palus, Kering's transitional CEO, and Francesca Bellettini, Deputy CEO of Brand Development, the initial engagement with Demna was met with immediate enthusiasm and a pre-existing vision for the brand. This begs the question of the current perceived vagueness surrounding the pre-debut activities.
The Financial Imperative and the "Hint" of a New Direction The luxury market observes with keen interest as Kering navigates a delicate financial period, with Gucci's performance being a cornerstone of the group's revenue and profitability. The interim period between now and March 2026 is therefore of critical importance. In an analyst conference on April 24th, Ms. Bellettini alluded to a "hint" of the new direction to be presented in September. The precise nature of this "hint" remains undefined, contributing to an atmosphere of uncertainty.
The crucial query is what tangible initiatives will be implemented to sustain commercial momentum before the full collection is revealed. For a publicly listed entity like Kering, prolonged ambiguity can be a source of unease for investors and creditors alike. The question arises: is this a calculated postponement, a strategic recalibration, or a sign of unforeseen complexities?
Key Considerations for the Discerning Observer: The current situation at Gucci can be distilled into several key points of analysis:
The Clarity Deficit: At a time when Gucci urgently needs to invigorate sales, the lack of a clear and immediate creative message is conspicuous. The "things" intended to remind consumers of Gucci's essence remain unspecified.
A March 2026 debut deviates from Gucci's traditional role as a prominent opener of Milan Fashion Week. The final fashion week schedules for that season are yet to be confirmed, leaving open the possibility of a special, off-calendar event or even a shift in location.
The impromptu nature of Demna's announcement raises questions about the internal coordination and strategic communications planning at Gucci and Kering. Is the creative director operating with full autonomy, or is this part of a meticulously orchestrated, albeit opaque, plan? The appointment of Luca De Meo as the new CEO of Kering, effective in September, is a significant factor. It is plausible that major strategic decisions, including the cadence of Gucci's creative relaunch, are being held in abeyance pending his arrival. This may signal a forthcoming, deep-seated restructuring of the group, with a strategic acceptance that fiscal years 2025 and 2026 may be transitional periods.
The competitive landscape of September, with its flurry of new designer presentations, could present a challenging environment for a highly anticipated debut. A later date may offer a more focused spotlight, free from immediate comparison. However, one must consider that today's luxury consumer, while appreciative of artistry, also values clarity and reassurance.
In conclusion, the delayed timeline for Demna Gvasalia's first collection for Gucci, coupled with the surrounding ambiguity, points to a period of profound transition for the brand and its parent company, Kering. While patience may indeed be a virtue, the pressures of the market and the expectations of a global audience create a compelling drama. The forthcoming months, particularly the Q2 2025 results and the strategic direction set forth by the new leadership, will be paramount in shaping the next chapter for this storied Florentine house. As the Swiss are known to say, "Il n'y a pas le feu au lac" – there is no fire on the lake. Yet, in the fast-paced world of luxury, even a placid surface can conceal strong undercurrents.
Yesterday Demna said to Suzy Menkes that his debut show will happen on March 26. Everybody was expecting September 25.
“My first show will be March 2026 but this year I will do things that will remind people what Gucci is…” “I cannot do things in two months”
So apparently it’s still not clear what Gucci is…after 5 re-brandings in 20 years.
Demna one will be the 6th…
How can “people” be reminded what the brand is if even its creative director after months doesn’t know is a mystery.
Ah yes, I am too negative.It takes time.Gucci has plenty of time. Why hurry? We have August holidays, we need to be in Patmos.
This chat happens after 4 months since the announcement of Demna's appointment.
In the mid-March Vogue Business interview Bellettini and Cantino highlighted that Demna already started working on Gucci months before.
“Cantino revealed that Demna was first approached several months ago. Bellettini added: “We went out for dinner. I said: ‘We would really love to talk about this opportunity’. And after a second of thinking he was very excited, and said: ‘Yes! I have it in my mind — let me put together the project for you.’ He worked on that, and when Stefano and I received it for the first time, we were both: ‘Let’s accelerate!.’”
From GQ of April 24 “In last Wednesday's analyst conference, Kering Deputy CEO and Head of Brand Development Francesca Bellettini revealed that Demna will present a first "hint" of the house's new direction in September, presumably during Milan Fashion Week. This news says it all, but, more importantly, what does Bellettini mean when she says "hint"?
Why everything seems so vague still today?
And what are the "things" they will do to support the business before next Spring when the Group is deeply relying on Gucci revenues and profits to survive now? Is there time to wait, especially as Demna was an internal move?
Are investors and creditors happy? Or is it better like this? A strategic postponement?
Why is this confusion happening?
- The lack of clarity when Gucci desperately needs to pump sales now
- March? Does it mean a special show? Or Paris instead of Milan? Usually Gucci opened the Milan Fashion Week but in 2026 it will go from 24th February to March 2nd but the calendar always is confirmed last minute.
- Is Demna in difficulty? Is the Gucci top management in charge and firmly steering the wheel?
- Haven't they accurately planned every single move and statement to release?
- Was the top management aware of this impromptu statement? Did they agree?
Why Kering continues to swim in mystery and uncertainty in the most delicate time of its life when it’s a group listed at the stock exchange?
At the end the customer decides and let’s see Q2 25…..and the next months…
Ah oh yes we already have the answer… Luca De Meo will solve every issue.
Why hurry? As my Swiss friends were used to say in Neuch, Il y a pas feu au lac 🔥
What are the key points around this topic?
Nobody in the press is talking about this today. They only celebrate Demna 10 years tenure at Balenciaga. He also got super congratulated by Francoi-Henri Pinault himself. That’s not normal. Soundtrack Frida “I know there’s something going on” (for those of you following me since a loooong time).
He cannot make it in two months…is that the proof that it is wrong to delegate to a creative director alone the brand strategy and platform?
Nobody is worried and this confirms what I wrote before in this newsletter: There is no Demna Effect, anyway. Sales will not improve thanks to him. I wrote it in mid-March. I am not a witch. I can do my job very well.
Nobody read the comments under yesterday presentation of Balenciaga HC on Instagram. For Bellettini who enjoys free advice (from Vogue Business article mentioned here above): they are the best focus groups. No need to pay millions of euro to consulting firms.
They are waiting for Luca De Meo arrival in September. A great point. This means putting all decisions and appointments so far under scrutiny, keeping in stand by some key ones and preparing for a very deep restructuring that will totally disrupt the group. They very likely know that 2025 and 2026 are lost, that the right dimensions of revenues are the ones of 2015 and they need to drive the boat back for the future. It will be tough and super risky. That’s why there is a need for Captain Luxury, investors and creditors need to be reassured.
Luca De Meo alone cannot do this titanic work.
Probably September 25 was a bad time for a new chapter show because of the very high expectations and many other new designers presenting collections for brands they recently joined. Fear of comparison?
They are preparing a surprise. Maybe. Great for the press and the cheerleaders, but customers want to be reassured, not surprised.
