Anthony Vaccarello is leaving Saint Laurent after ten years as Creative Director, ending a tenure that delivered both the house's fastest growth period and its sharpest recent decline. Kering confirmed the departure Tuesday. No successor named. The exit arrives as Saint Laurent revenue—which nearly tripled under Vaccarello to approach €3 billion annually—has contracted for six consecutive quarters.
Vaccarello joined Saint Laurent in April 2016, replacing Hedi Slimane. His aesthetic centered on sharp-shouldered blazers, micro-hemlines, and overt sexuality—a direct line from Yves Saint Laurent's 1970s codes. The formula worked. Between 2016 and 2022, Saint Laurent grew from roughly €1.1 billion to €2.9 billion in annual revenue, making it Kering's second-largest house behind Gucci. Retail expansion tracked creative momentum: the brand opened 47 boutiques in Greater China alone between 2018 and 2021. Margins held near 34% operating profit through 2022, above category averages.
Then momentum reversed. Saint Laurent revenue fell 9% in 2023, then another 8% in the first nine months of 2024. The decline reflects three forces. First, Chinese luxury demand collapsed after zero-COVID ended, erasing the market that fueled half of Vaccarello's growth. Second, the house's signature silhouette—abbreviated, body-conscious, evening-skewed—aged poorly as day-dressing and quiet luxury gained share. Third, creative fatigue set in. Vaccarello's Fall 2024 collection drew industry criticism for repeating motifs from 2019 without evolution. Wholesale doors began reducing buy depth in late 2023. By Q3 2024, comparable-store sales in Asia-Pacific were down 14% year-over-year.
The departure matters beyond one house. Kering is now searching for creative directors at both Saint Laurent and Gucci simultaneously—François-Henri Pinault dismissed Sabato De Sarno rumors in October, but Gucci's 20% revenue slide since 2022 makes that role unstable. The group's market capitalization has fallen 48% since its 2021 peak, to roughly €33 billion. LVMH, meanwhile, trades near all-time highs. Pinault's operational doctrine relies on stable creative leadership extracting multi-decade brand codes; back-to-back replacements suggest the model requires recalibration. Analysts at Bernstein estimate each creative transition costs €150 million to €200 million in first-year revenue as wholesale resets and retail repositions.
Watch three signals. First, whether Kering appoints from within its studio system or recruits externally—internal suggests cost control, external suggests creative crisis. Second, how quickly the new director's first collection reaches stores; anything beyond eighteen months indicates product pipeline problems. Third, whether Saint Laurent's leather-goods assortment expands under new leadership. Bags represented only 28% of sales in 2023, below category norms of 40%, leaving revenue on the table.
Vaccarello's final collection shows in Paris on February 25. Kering's FY2024 earnings release is scheduled for February 13, which will clarify whether Saint Laurent stabilized in Q4 or continued contracting.
The takeaway
Saint Laurent's €3 billion revenue peak under Vaccarello now eroding; Kering faces dual creative searches as market cap sits 48% below 2021 highs.
Editorial & Disclosure Notice: This article was written with artificial intelligence from public sources and is published without individual human review. Artificial intelligence and other digital tools are also used for research, analysis, editing, formatting, and production. Errors, omissions, outdated information, or inaccuracies may occur. References to companies, brands, products, services, organizations, or individuals are for informational and editorial purposes and do not imply endorsement, sponsorship, affiliation, partnership, or approval unless expressly stated. All trademarks and other intellectual property remain the property of their respective owners. Opinions, analysis, estimates, and commentary are informational only and should not be construed as financial, investment, legal, tax, medical, procurement, or other professional advice. Information may be corrected, clarified, or updated after publication. Corrections or removal requests: jenny@pops4.com.
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