Will Demna Save Gucci?
Demna, the epochal Balenciaga designer, is leaving to take over Gucci. At a moment when Gucci needs a win and Demna could use a refresh, what comes as a total shock makes a lot of sense.
Gucci confirmed Demna's appointment on March 13, the first truly surprising creative director appointment in recent memory. There was at least some rumbling about Matthieu Blazy joining Chanel prior to his hiring but Demna to Gucci? Total left field. (Demna will leave Balenciaga for Gucci in July and his debut is expected in September)
Now, no one could argue that Demna hasn't reshaped Balenciaga in the past decade since become its creative director in 2015, following a few red-hot seasons at his own buzzy brand, Vetements (remember Vetements?).
But would it be hyperbole to posit that, while at Balenciaga, Demna reshaped fashion as a whole?
You can point to microcosms sparked by the gigantic Balenciaga Triple S sneaker released early in his tenure, which changed the trajectory of the footwear business practically overnight. Or you can gesture at how his signature street-grunge styling inspired a new generation of edgy imitators, defining a legacy of style.
(and, for what it's worth, the idea that Demna's slouchy hoodies and baggy jeans lack artistry is pure snobbery, a notion he intentionally exploited with his reborn Balenciaga couture)
It's actually quite difficult to succinctly sum up the impact of Demna's tenure at Balenciaga. It was just that huge.
He oversaw partnerships with names as disparate as GAP, The Simpsons, and, yes, even Gucci. He debuted riotous products that riled social media, including leather "garbage bags" and pre-sagged sweatpants. And his celebrity admirers ranged from Kim Kardashian and Justin Bieber to Nicole Kidman and Michelle Yeoh, many of whom were recently memorialized as Balenciaga merch.
In doing so, Demna drove yearly Balenciaga revenue from under $400 million to over $2 billion within a decade.
As pioneering as Demna's Balenciaga was, though, it's lost its sheen. After a controversial campaign in 2022 that landed Balenciaga in hot water, the brand took a step back and returned as a shadow of its former self. Even with the occasional semi-viral moment, Demna's Balenciaga became something truly shocking: Conventional. Amidst a sea of imitators and second-comers, the original had lost its spark.
In the Q4 2024 Lyst Index, the most recent top-20 ranking of the world's hottest luxury labels, Balenciaga actually gained some traction — but it only moved from 17th place to 15th.
Gucci isn't faring much better.
It was on top of the world under Alessandro Michele, who vacated the creative director role in 2022, and then found itself floundering with new hire Sabato De Sarno, who departed earlier this year. Gucci is in 12th place on the Lyst Index and its revenue is down by double digit figures.
That's not unique amidst the greater luxury slowdown but Gucci represents such an outsized share of parent company Kering that the two's fortunes are typically intertwined.
The Demna hire is exactly the kind of switch-up necessary to put Gucci back on top and give the Georgian designer a crucial opportunity to reinvent himself.
But, in fashion, nothing is guaranteed.
