The 21st-century fashion order has been rocked by what restructuring?

The 21st-century fashion order has been rocked by what restructuring?

Nothing lasts forever, especially with the fashion industry always in need of innovation and fierce competition. Brands need changes like lubricants to regain productivity, and sometimes, the success is far greater than expected.

The 21st-century fashion order has been rocked by what restructuring?

Although there are often conflicts with designers when leaving, Kering is still a “cool” corporation when choosing to send gold talents to brands that need to be revived.

The first thing to mention is the rebellious man who specializes in “smashing statues” Hedi Slimane. Returning to Yves Saint Laurent after 12 years, Hedi immediately overhauled the brand completely starting with the logo. Not only did he remove the “Yves”, he also changed the font from Gert Wiescher’s Ela Sans Light to Helvetica Neue Bold with bold and legible capital letters. Along with his signature skinny image, Hedi immediately received waves of vehement protests from the public and fans alike. Despite mixed reactions, Hedi Slimane’s Saint Laurent was still a resounding success both in terms of revenue and creating a rock-wearing trend. After just two years, Hedi doubled the brand’s sales to $787 million.

Hedi’s “Midas” hand is the reason for LVMH to seize the opportunity to “ask” him to Céline right after Phoebe Philodecided to leave the brand. Unlike the return to “rescue” Yves Saint Laurent, Céline was already very successful with a valuation of $ 1 billion before Hedi arrived and his mission this time is to double or triple that number in five years. Originally re-edited, Hedi used the move to change the logo by removing the accent mark to return to the original name of the brand, as well as applying his familiar style on the catwalk, besides launching a men’s clothing line. world and perfume. But this method did not bring about a quick victory like Saint Laurent, but only started when Hedi aimed at a youthful image and a more popular marketing method. With just over a year left, the five-year contract will come to an end, and it’s time for Hedi to sprint to the numbers LVMH hopes.

Returning to Saint Laurent, the replacement Anthony Vaccarello has created certain successes for the brand. Anthony replaced the elegant and sexy look of the previous rebellious rock chic image. At the same time, he also gradually brought the YSL spirit back with the three-letter logo through shoe accessories and bags. With Fall – Winter 2022, he also brought back the Ela Sans Light font for the first time in the advertising campaign. In just five years, Anthony has turned Saint Laurent into one of Kering’s most powerful brands, worth $3 billion.

As one of Kering’s treasures, Gucci spent the last few years of Creative Director Frida Giannini languishing. Both CEOs Patrizio di Marco and Frida left the brand earlier than contracted in 2015. As part of the restructuring plan, Gucci welcomed Marco Bizzarri as CEO and Alessandro Michele, a longtime Gucci hermit as Creative Director. Exactly what Gucci needed, Michele and Bizzarri brought not only a brand new style but also effective marketing campaigns targeting the lucrative Chinese market and Millennials and Gen Z customers. Before the pandemic, Gucci’s annual sales tripled since the duo took office.

As brazen as Hedi Slimane, Daniel Lee before leaving Bottega Veneta also revived the brand with shocking changes. Changing the logo is not enough, Daniel Lee also separates Bottega Veneta from the fashion week schedule and distinguishes the collections with the numbered “Salon” name. Not only that, but he also deleted all social media channels of Bottega Veneta. This not only does not reduce the brand’s popularity in the digital age but also makes Bottega Veneta more “cool” and “cool” in the eyes of young customers.

Under the influence of street fashion, many brands from affordable to high-end have chosen to pursue trendy hype.

Leading the “hype” trend is LVMH. The most memorable milestone was the handshake between Louis Vuitton and Supreme ushering in a new era when high fashion was street fashion. This is also the premise for Louis Vuitton to choose Virgil Abloh, a designer of the hypebeast world as Creative Director. As a result, Virgil’s first Louis Vuitton collection outsold even the Supreme collaboration. Despite experiencing two stressful years of the epidemic, LVMH’s sales still reached $71.6 billion, exceeding expectations by 2.4 billion, including the results of Louis Vuitton in general and Virgil’s menswear line in particular.

Dior Men under the leadership of Kim Jones is also the money tree of LVMH. In addition to changing the brand name from Dior Homme to Dior Men which is easier to read, the youthful street orientation is also more effective in reaching a young audience. Famous for his collaborations, Kim chooses names that make hypebeasts crazy like Kaws, Hajime Sorayama, Shawn Stussy, Kenny Scharf, and Travis Scott…

Jewelry brand Tiffany & Co. recently joined the group, also following the above direction by shaking hands with brands and celebrities of the Hypebeast world such as Supreme, Pharrell Williams, and Wilsons. The most popular recently is the 3-in-1 combination with Fendi and Marc Jacobs to celebrate the 25th anniversary of the Baguette bag.

But Hypebeast isn’t always the standard recipe. At the casual level, GAP “one big play” with a 970 million USD 10-year contract with Ye (Kanye West’s new stage name), hopefully again “pride of American fashion”. Earlier this year, the company continued to announce with Yeezy to partner with Balenciaga with a target of 1 billion USD in 2025. The contract brought GAP reputation and new customers when 75% of people ordered the first GAP x product. Yeezy is new and belongs to the Gen Z generation. But according to experts, former CEO of GAP, Mickey Drexler, it will be difficult for Kanye to work with GAP because Kanye is not the type of person who can work in a corporate style with a giant corporate machine like GAP. And then that happened, both of them went their separate ways because they could not find a common voice when collaborating.

Sometimes to succeed, or even to get out of the quagmire, requires the companionship of larger organizations. In the past 5 years, fashion has had many cult acquisitions, including Capri Holdings’ acquisition of Versace. According to a statistical report by Statista, Versace’s revenue has increased sharply since joining Capri Holdings, which is expected to increase by more than 50% in 2022 compared to the previous year.

In 2018, Puig Group acquired a majority stake in Dries Van Noten. Owning many famous European fashion brands such as Nina Ricci, Jean Paul Gaultier or Paco Rabanne…, but Puig is promoting the exploitation of money-making products such as cosmetics and perfumes, and Dries Van Noten does not. is the exception. This year, the company launched a collection of perfumes and lipsticks. This is a commercial transformation of the new Dries Van Noten version, which is different from the independent low-key spirit of the previous Belgian brand.

In the US, the once-giant J.Crew had a second chance to do it again after being bought by TPG Capital and Leonard Green & Partners from the risk of bankruptcy, buying it for $ 3 billion. To restart, in addition to a major personnel change. J. Crew also changed its style, not being noisy or following the fashion of young people, but instead, the spirit of fashion but not too much personality to be able to hit the majority of consumers.

Not every change brings success, but all success comes from change. Regardless of the brand’s size and status, restructuring is always necessary to achieve its purpose of existence and development, especially when we seriously consider fashion as a business and an industry.

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