In recent months, the luxury sector, particularly the fashion industry, has been a topic of much discussion: unexpected appointments and departures, new artistic direction, revised strategies... Fashion houses have made a flurry of announcements and are attempting to withstand the gloomy economic conditions and geopolitical instability.
Hedi Slimane's influence on the success of Celine, one of the jewels in LVMH's fashion portfolio, is undeniable. Since he assumed the role of artistic director in 2018, the brand has seen its annual sales soar, reaching almost 2.5 billion euros. But the tide could be turning for the French designer. According to the online magazine "Business of Fashion", contractual negotiations could pit him against the parent company, threatening his position within the firm. Are we about to witness a major turnaround for Slimane?
What is certain is that the fashion world has seen major changes in creative direction in recent months, especially at the management level. These decisions are primarily driven by the need to invigorate and renew the image of companies in the face of the luxury market slowdown and the geopolitical uncertainties shaking the world.
Valentino, which recently hired Gucci's former prodigy, Alessandro Michele, has announced the end of the quiet luxury trend, the discreet luxury that characterized its recent collections. The Italian brand now intends to reconnect with flamboyant fashion, which is in line with the DNA of the new stylist. In an interview with Bloomberg TV, Valentino's president, Rachid Mohamed Rachid, stated that "a 'new chapter' is opening up for the Italian brand." Additionally, the Qatari fund Mayhoola, which has owned Valentino since 2012, sold a 30% stake to the luxury group Kering last year.
The winds of renewal are also blowing through LVMH's management, with the entry of Bernard Arnault's two children, Alexandre and Fréderic, onto the group's board of directors. They have joined the two eldest, Delphine and Antoine. In this troubled economic and political period, Bernard Arnault has bet on unity among his heirs, bringing the family base together within the company. He has simultaneously sought to bring a new strategic vision from his younger children. Despite a mixed first quarter of 2024, the world leader in luxury posted a turnover of 86 billion euros in 2023, which confirms its ability to cope with this difficult situation.
The need for renewal and diversification continues to drive several creative teams within the LVMH portfolio of brands, the recent example being the appointment of Mary Katrantzou as director of accessories at Bulgari. With her exuberant creations, the Greek designer will bring freshness to the Italian brand, aimed at attracting younger buyers.
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