Kering said on 9 October 2026 that Anthony Vaccarello is leaving Saint Laurent after ten years in charge of its creative side. A week later the group announced that Seán McGirr is leaving Alexander McQueen, three years after he got the job. Louis Vuitton is creating a new post that is not for a clothing designer.
Gucci brings in about half of revenue
Luca de Meo, who took over Kering in September 2025, is cutting costs and reshaping the group's smaller brands. Saint Laurent is the last big Kering brand to change its creative chief. Gucci, Balenciaga and Bottega Veneta did so in 2025. The group promised to name Vaccarello's successor soon.
Gucci brings in about half of Kering's revenue and faces weak demand, especially in China. Its revenue in the third quarter of 2026 was €1.29bn, down 4%. Sales in its own stores fell 9% because fewer customers came in China and Japan. Group revenue for the quarter was €3.35bn, unchanged from a year earlier.
Saint Laurent passed €3bn in annual sales in 2023, under Vaccarello. Gross revenue then fell 9% in 2024 and 6% in 2025, and levelled off in 2026. The drop is sharper at McQueen. Bernstein estimates its annual sales at under €200m, against a post-pandemic peak of €800m.
Half of McQueen's stores to close
De Meo first considered selling McQueen but chose job cuts and store closures instead. Unions in Italy say the 54 job cuts are a third of the brand's Italian staff. On 20 May 2026, workers at Kering's hub in Scandicci, near Florence, went on strike, and the date for the layoffs was pushed back to September. "The crisis cannot be passed on to the people," the unions said. De Meo called the cuts a hard but necessary decision.
The plan, called ReconKering, has McQueen focus more on women's clothing and close more than half of its stores worldwide. Across the group, Kering closed 128 stores and opened 23 in the first nine months of 2026. That is a net fall of 105 stores, and by the end of the year Kering plans at least 125. Gucci's sales to wholesale retailers are up 45% to €120m.
The consultants Bain and BCG are reviewing prices, product ranges and advertising costs across all the group's brands. Analysts at Barclays write that Saint Laurent's new creative chief must work on under-represented categories: everyday womenswear, menswear, luxury leather goods, and markets such as China and Asia.
New job at Louis Vuitton
Hector Muelas comes from Tiffany & Co., where he has been chief brand and creative officer since August 2023. He has also worked at Rimowa, Apple, Vice Media, Canal+ and advertising agencies. In his new post of chief creative officer for the brand, he will be in charge of Louis Vuitton's global story and messages, so that its campaigns and content look consistent.
Muelas will run the art buying department, led by Magena Chansarel, and Carole Fuchs's "content factory". He will report directly to deputy chief executive Damien Bertrand. The job description includes no collections and no clothing design.
The fashion brands of LVMH, which owns Louis Vuitton, reported a 5% fall in the third quarter of 2026.
Muelas starts work on 1 November 2026.