Gucci’s Creative Chief to Step Down
Kanebridge News
Share Button

Gucci’s Creative Chief to Step Down

Alessandro Michele had reinvigorated storied Italian luxury brand, though a period of rapid growth has since slowed

By NICK KOSTOV
Thu, Nov 24, 2022 8:58amGrey Clock 2 min

Alessandro Michele, whose eccentric designs reinvigorated Gucci, is stepping down as creative director of the Italian luxury brand as a period of rapid growth peters out.

Parent company Kering SA said in a statement late Wednesday that Mr. Michele was leaving his post at the fashion house having “played a fundamental part in making the brand what it is today.”

The company said Gucci’s design office would continue to carry the direction of the house forward until a new creative organisation is announced. Mr. Michele is stepping down immediately, a Kering spokesperson said.

Kering didn’t give a reason for Mr. Michele’s departure. In the statement, Mr. Michele said that “there are times when paths part ways because of the different perspectives each one of us may have.”

The departure of Mr. Michele comes as Gucci tries to adopt some subtler designs that endure across fashion seasons.

Since taking the creative lead of Gucci in 2015, Mr. Michele’s flamboyant designs were roundly praised by critics and scooped up by droves of younger shoppers from New York to Beijing, sparking a run of remarkable growth for the brand.

However, in recent years Gucci’s sales growth has lagged behind some major rivals like Louis Vuitton and Dior appeal more to older, wealthier consumers who seek out products that are unlikely to go out of style. That trend was exacerbated by the pandemic because of Gucci’s heavy reliance on tourist shoppers from Asia.

After Mr. Michele’s seven-year stint, Gucci is suffering from brand fatigue, said Bernstein analyst Luca Solca. “It needs to open a new creative chapter,” he said.

Still, the departure of Mr. Michele, 49, marks the end of an era for the industry. When he took the creative director job in 2015 the famous double-GG marque had gone cold after years of over reliance on the logo and over expansion into lower-price bags and accessories.

Mr. Michele, who first joined Gucci in 2002 to design bags, was little-known at the time and his appointment was seen by some analysts as a risk. But the Italian soon rolled out an instantly recognisable look and his use of pop culture logos quickly made his designs a favourite of fashion-savvy Instagram users. Fashion shows became spectacles that generated huge buzz on social media.

Gucci went on a tear, with the brand’s annual revenue more than doubling during Mr. Michele’s first four years to reach €8.3 billion in 2018, currently equivalent to about $8.6 billion.

From 2019, however, growth at Gucci slowed substantially, hurt in part by controversy over a sweater that critics likened to blackface. The pandemic then largely locked down international travel, pressuring the brand’s sales to well-heeled shoppers who splurged abroad.

In the most recent quarter, sales growth at Gucci lagged behind its key competitors while its business in China has yet to rebound.

That is a headache for the parent, Kering, where the Gucci brand accounts for the lion’s share of sales and profit. In June, Kering detailed to investors its strategy for Gucci aimed at sparking the next phase of growth. It recruited a former Tiffany’s executive to run the brand’s Chinese business and named a new executive vice president to oversee merchandising.

Paris-based Kering has in recent years successfully steered its stable of brands to capture the spirit of the times, mixing pop culture with more traditional luxury. Balenciaga has taken the U.S. by storm under the creative direction of Demna, its mononymic Georgian designer, while rising sales at Saint Laurent and Bottega Veneta also have helped the company offset slowing growth at Gucci.



MOST POPULAR
11 ACRES ROAD, KELLYVILLE, NSW

This stylish family home combines a classic palette and finishes with a flexible floorplan

35 North Street Windsor

Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.

Related Stories
Lifestyle
EV Home Charging: I Did the Math—and Saved Hundreds of Dollars
By JOANNA STERN 28/03/2024
hybrid v electric
Lifestyle
Hybrid v Electric: what you need to know in 2024
By Josh Bozin 25/03/2024
Lifestyle
Competition: Kanebridge Quarterly supporting the next generation of Australian designers
By KANEBRIDGE NEWS 25/03/2024
EV Home Charging: I Did the Math—and Saved Hundreds of Dollars

High-voltage outlets, smart chargers, money-saving utility programs: what to know about charging EVs at home

By JOANNA STERN
Thu, Mar 28, 2024 4 min

Things I miss about my local gas station:

That’s it. That’s the list. OK, fine, I did enjoy the communal squeegees.

This week marks six months since the grand opening of my home electric-vehicle charging station. Congrats to the whole team! (Me and my electrician.) Located between my garage door and recycling bin, it’s hard to beat for the convenience. And also the price.

If you’ve followed my ad-EV-ntures, you’re aware of my feelings about the hell that is public EV charging , at least before Tesla started sharing its Superchargers with its rivals. Truth is, I rarely go to those public spots. The vast majority of EV owners—83%—regularly charge at home, according to data-analytics company J.D. Power.

I already discovered many EV virtues , but I didn’t quite grasp the cost savings until I tallied up half a year of home-charging data. In that time, I spent roughly $125 on electricity to drive just under 2,500 miles. In my old car, that would have cost me more than twice as much—assuming gas held steady at around $3.25 a gallon . And I was charging through the winter, when electricity doesn’t stretch as far in an EV.

Rebates and programs from my state and utility company sweeten the deal. So I will be able to take advantage of discounted electricity, and offset the cost of my charger. The same may be available to you.

But first, there are technical things to figure out. A 240-volt plug? Kilowatt-hours? Peak and off-peak charging? While other people are in their garages founding world-altering tech companies or hit rock bands, I’m in there finding answers to your home-charging questions.

How to get set up

Sure, you can plug your car into a regular 120-volt wall outlet. (Some cars come with a cable.) And sure, you can also simultaneously watch all of Netflix while it charges. It would take more than two days to fill my Ford Mustang Mach-E’s 290-mile battery via standard plug, known as Level 1 charging.

That’s why you want Level 2, which can charge you up overnight. It requires two components:

• A 240-volt electric outlet. Good news: You might already have one of these higher-powered outlets in your house. Some laundry dryers and other appliances require them. Bad news: It might not be in your garage—assuming you even have a garage. I realise not everybody does.

Since my suburban New Jersey home has an attached garage, the install process wasn’t horrible—or at least that’s what my electrician said. He ran a wire from the breaker panel in the basement to the garage and installed a new box with a NEMA 14-50 outlet. People with older homes or detached garages might face trickier wiring issues—more of a “Finding NEMA” adventure. (I apologise to everyone for that joke.)

My installation cost about $1,000 but the pricing can vary widely.

• A smart charger. Choosing a wall charger for your car is not like choosing one for your phone. These mini computers help you control when to start and stop charging, calculate pricing and more.

“This is not something where you just go to Amazon and sort for lowest to highest price,” said Tom Moloughney, the biggest EV-charging nerd I know. On his website and “State of Charge” YouTube channel , Moloughney has reviewed over 100 home chargers. In addition to technical measurements, he does things like freezing the cords, to see if they can withstand wintry conditions.

“Imagine you are fighting with this frozen garden hose every time you want to charge,” he said.

One of his top picks, the ChargePoint Home Flex , was the same one my dad had bought. So I shelled out about $550 for it.

Just remember, if you want to make use of a charger’s advanced features—remote controls, charging updates, etc.—you’ll also need strong Wi-Fi in your garage.

How to save money

I hear all you money-minded WSJ readers: That’s at least $1,600 after getting the car. How the heck is this saving money? I assumed I’d recoup the charging-equipment investment over time, but then I found ways to get cash back even sooner.

My utility provider, PSE&G, says it will cover up to $1,500 on eligible home-charger installation costs . I just need to submit some paperwork for the rebate. In addition, New Jersey offers a $250 rebate on eligible charger purchases. (Phew! My ChargePoint is on the list.) If all is approved, I’d get back around $1,250. Fingers crossed!

I didn’t know about these programs until I started reporting on this. Nearly half of home-charging EV owners say they, too, are unaware of the programs offered by their electric utility, according to a 2024 study released by J.D. Power . So yes, it’s good to check with your provider. Kelley Blue Book also offers a handy state-by-state breakdown.

How to charge

Now I just plug in, right? Kinda. Even if you have a Level 2 charger, factors affect how many hours a fill-up will take, from the amperage in the wall to the current charge of your battery. Take Lionel Richie’s advice and plan on charging all night long .

It can also save you money to charge during off-peak hours.

Electricity costs are measured in kilowatt-hours. On my basic residential plan, PSE&G charges 18 cents per kWh—just 2 cents above the 2023 national average . My Mustang Mach-E’s 290-mile extended-range battery holds 91 kilowatt-hours.

Translation: A “full tank” costs $16. For most gas-powered cars, that wouldn’t cover half a tank.

And If I’m approved for PSE&G’s residential smart-charging plan, my off-peak charging (10 p.m. to 6 a.m. and weekends) will be discounted by up to 10.5 cents/kWh that I’ll get as a credit the following month. I can set specific charging times in the ChargePoint app.

Electricity prices fluctuate state to state but every expert I spoke to said no matter where in the country you live, home charging should cost less than half what gas would for the same mileage. (See chart above for a cost comparison of electric versus gas.) And as I’ve previously explained , fast charging at public stations will cost much more.

One big question: Am I actually doing anything for the environment if I’m just taxing the grid? Eventually, I’d like to offset the grid dependence—and cost—by powering my fancy little station with solar panels. Then, I’ll just be missing the squeegee.

MOST POPULAR
35 North Street Windsor

Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.

11 ACRES ROAD, KELLYVILLE, NSW

This stylish family home combines a classic palette and finishes with a flexible floorplan

Related Stories
Money
Here’s What Retirement Looks Like for Single Women in America
By ANNE TERGESEN 25/03/2024
Property
Freddie Mercury’s London Home Selling for the First Time Since He Lived There
By LIZ LUCKING 27/02/2024
Money
Economy grows by 0.2 percent in September quarter
By Bronwyn Allen 07/12/2023
0
    Your Cart
    Your cart is emptyReturn to Shop