Discussion: The State of Kering

[Olaffo]

I know only horror stories from Kering, as I have lots of friends from within creative space (both: womenswear and menswear) I'm quite well informed. That being said Kering is not healthy place to work until you reach very senior position. Internships are unpaid with demand of staying late non stop etc. The entry position are on the lowest end, demanding sacrifices usually by psychopathics like head of studio etc. These are talented people usually being called back from Christmas Breaks, holidays etc. Also the problem, on the corporate side, is that there is chaos. McQueen's office in London is just wild west run by everybody and nobody at the same time.

 

[MulletProof]

(they aren't ashamed to say it the same way I am saying it either).

It is super sad because most of the time they are clueless. I had an intern last year that was literally like a character from a film... You could tell her IQ was below 50 from the very first moment she opened her mouth. Since she came from a very rich and powerful family they gave her the job.

The fashion world...

Yeah no, it's pretty open haha. They just don't say rich, more like prominent, long-established, 'friends of the company', 'long-time supporters'. 😆

Ngl, I've honestly had great experiences with the children of billionaires, they're very polite, quiet, good listeners, understand and follow processes right away, have a sense of humor, surprisingly can deal with all types of people and WILL work hard (I have a feeling it's because everyone is expecting them not to but maybe also from their 2 summers mixing asphalt while building sidewalks in Nigeria lol). It's only been problematic when it's children of politicians or averagely wealthy businessmen with a close or direct proximity to politics, they put in the work too but they're usually horrible when it comes to dealing with tension or a deadline or communicating with people outside the circle such as vendors (think name-calling, nasty emails, quick escalations, resorting to class/race remarks). Every single time I see someone acting deranged, I look them up (as one should lol) and sure enough, dad tried for embezzlement in 2007? you got it.

 

[yslforever]

I know only horror stories from Kering, as I have lots of friends from within creative space (both: womenswear and menswear) I'm quite well informed. That being said Kering is not healthy place to work until you reach very senior position. Internships are unpaid with demand of staying late non stop etc. The entry position are on the lowest end, demanding sacrifices usually by psychopathics like head of studio etc. These are talented people usually being called back from Christmas Breaks, holidays etc. Also the problem, on the corporate side, is that there is chaos. McQueen's office in London is just wild west run by everybody and nobody at the same time.

Oh I know much more the executive/business side, it's super toxic even at very senior positions, since they spent half of their time plotting against their n+1 to get their jobs, or sabotaging their n-1 by fear they will be replaced... Even more toxic now because there is blood in the water.

 

[PDFSD]

I know only horror stories from Kering, as I have lots of friends from within creative space (both: womenswear and menswear) I'm quite well informed. That being said Kering is not healthy place to work until you reach very senior position. Internships are unpaid with demand of staying late non stop etc. The entry position are on the lowest end, demanding sacrifices usually by psychopathics like head of studio etc. These are talented people usually being called back from Christmas Breaks, holidays etc. Also the problem, on the corporate side, is that there is chaos. McQueen's office in London is just wild west run by everybody and nobody at the same time.

LV under NG is also a revolving door of people it's not just Kering .....but it's true Mcqueen there is a long time toxic director that they wont fire even when the girls kept making complaints with Hr etc and many more horror stories els where ...its sad to hear some of them and how hopeless people feel.

 

[PDFSD]

Oh I know much more the executive/business side, it's super toxic even at very senior positions, since they spent half of their time plotting against their n+1 to get their jobs, or sabotaging their n-1 by fear they will be replaced... Even more toxic now because there is blood in the water.

Another big snake pit lol also with the arrival of Stefano at Gucci people at LV where happy he left, at Prada he had similar reputation he was smart enough to become the boyfriend of Fabio for long time to have his back covered cheeky monkey ..... time for popcorn and sit back :-)

 

[PDFSD]

misstweed.com
LUXURY DOWNTURN HITS SOME MORE THAN OTHERS
This week’s set of quarterly results demonstrated the extent to which some brands were much more resilient than others to the current luxury spending downturn. On the one hand, you had Hermès, Moncler and Prada Group posting surprisingly strong growth – with Prada’s Miu Miu breaking all records with an 89 percent spike in retail sales thanks to the popularity of its rebel college girl looks
..........

Investors tend to be suspicious of companies that put too much emphasis on such matters such as diversity, inclusion and carbon footprint. It can mean that they do not have much to say about their past and future performance. Valentino declined Miss Tweeds request for comment about its results.


Meanwhile, Kering said its flagship brand Gucci was suffering, particularly in China. Saint Laurent, its strongest growing fashion label these past two years, was also going through a rough patch. Claire Roblet, in charge of Kering's investor relations, said the group did not expect trading to "improve sequentially in Q2" and was more confident about the second half.


Kering did not really discuss Gucci's fundamental issues. It believed its strategy was right and "regarding the management of the brand, we consider that we have the right set up," Roblet said. However, after a year it's become clear that Gucci's designer Sabato De Sarno is not up to the task. How long is Kering planning to live in denial of that fact?

How many managers will have to leave the brand before it recognizes that fact?

Miss Tweed reported last month that many members of Gucci's senior management team had left or were planning to leave as they do not believe in De Sarno's vision. Kering did not reply to several requests for comment. Proof is in the numbers. If De Sarno had created buzz and excitement around Gucci, traffic in stores would be much higher and the brand's results would be better, never mind what products are in store. Kering cannot put all the blame on the downturn for the brand's underperformance.


At Kering's annual general meeting on Thursday, two days after the group's first-quarter trading update, CEO François-Henri Pinault said his teams were working hard to make the group's brands more exclusive and desirable, especially Gucci. "It will take some time but we'll manage," Pinault said. About the collapse of Kering's shareprice, he said.


"You're disappointed, you're frustrated — me too, I'm the first, be sure of that... It's a permanent concern."


Kering shares have slid 14 percent this year, compared with LVMH up 10 percent, Hermès rising 20 percent, Prada gaining 43 percent and Moncler up 17 percent.