Gucci is cleaning house.
According to multiple fashion insiders, the luxury brand’s CEO Patrizio di Marco and creative director Frida Giannini will exit in an announcement made as soon as Thursday, sources exclusively tell Page Six. (The colleagues are also a couple who have a daughter together.)
Michele Sofisti, the CEO of Gucci’s watches and jewelry division, left last week.
Sales at the beleaguered brand have been stagnant, and in October Gucci posted its weakest quarterly growth for four years.
The fashion world has been buzzing for months that di Marco would be out after the brand’s bottom line has reportedly been hit by over-expansion in China as well as repositioning itself as more exclusive line by moving away from its logo-heavy product that was popular in the 2000s.
Di Marco has been with Gucci since 2009 after coming over from Bottega Veneta, which is also owned by Gucci parent Kering. Giannini joined in 2002 from Fendi.
François-Henri Pinault’s Kering also owns brands including Alexander McQueen, Saint Laurent and Puma. Reps for Gucci did not immediately respond to a request for comment.
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