A New Era for Valentino
Photo: Courtesy Fabio Lovino/@FabioLovino
This month it was announced that Pierre Paulo Picoli was leaving Valentino after 16 years as creative director and 25 years of being the brand. Valentino runs through this man's veins. We also got the news of who his successor would be, a man that single-handedly turned Gucci around, a man that I obviously have a lot of respect for, Alessando Michele, who as of November 2022, I believe, was announced to be leaving Gucci. Since then, everybody's been speculating where is he going to go because he has a very specific sort of design style. You either love Alessandro Michele or you really dislike his designs. I'm excited about this appointment. I think it's going to be very interesting, and I'm going to try and kind of break down what we are maybe to expect from him, what we should keep an eye out for, and just sort of general predictions for Valentino with their new creative director, Alessandro Michele
If you look at the announcement posts on basically anywhere outside of Alessandra's own Instagram, then you'll see a very divided comment section. People are either very excited about this or really like, "Oh, well, this is the end of Valentino, goodbye," all of that. And I kind of understand that point of view because we only really know of Alessandro Michele through Gucci. His design history has been Gucci creative director, previously head of accessories design at Gucci, and then before that, he was at Fendi. But in terms of Creative Director, we've only seen him at Gucci. However, there are lots of differences between Gucci and Valentino that Michele will have to navigate and obviously codes of Valentino that he will have to reinterpret in his own way. These are the things I'm going to attempt to break down.
The first difference I wanted to highlight is that Valentino is a much smaller brand compared to Gucci. The last reported figures of Gucci brought in 10.5 billion euros worth of sales, whereas Valentino brought in 1.4 billion in their last report, which I think was 2022. So, Valentino is a tenth of the size in terms of sales of the house that Gucci is. However, while it's smaller, this may be a very big reason as to why they've brought in Michele. He really did turn Gucci into an absolute powerhouse of a brand. By early 2018, he had already had five consecutive quarters of at least 35% growth. He also broke the 10 billion euro sales mark for the brand. So, he has proven, albeit only once because we've only really seen him at Gucci, to be able to do that and to be able to instate such a huge amount of growth for a brand. There is potential for that in Valentino. I know that a lot of people are sort of scared of Michele’s ostentatious, over-the-top, opulent vibe, but that is what resonated at the time, that's what made such a huge amount of growth possible for the brand because he was feeding into what people wanted, and it took off hugely.
Fair enough, it's going to be interesting in a new sort of landscape where quiet luxury rules supreme. How is he going to interpret his own version of Valentino along with the current trends that are happening right now? The second difference in these two brands is that Valentino is a couture-first brand, whereas Gucci is a leather goods brand. This is where they got their starts as designer brands. And although couture clothing is where Valentino got their start from, I think about 62% of Valentino's sales come from accessories. And this is where once again, Michele's strengths lie. He launched a number of it/very popular bags under his reign at Gucci, such as the Gucci Dionysus, the Marmont, and the Horsebit 1995 bag, which are very ingrained in the brand now. They're still bags you can buy now. They're not something that came out and nobody heard from again because they didn't do well. He has a great track record in accessories.
If we look at Valentino's accessories, while they do have some amazing bags, they've not really been able to have these bags pop off in the same way as other luxury brands to become it bag status. So, can he do that for the brand? Does he have the Midas touch? Will I be coming on here in a year's time going, "Oh my gosh, this Valentino bag makes me weep so much because I want it?" We'll see.
Shoes are where Valentino, I think, has done a bit better. You had the Rockstud, which was an iconic designer shoe, and more recently, you had the Valentino Tango. Michele at Gucci had the Ace sneaker, but I think accessories will be a really, really big avenue for him at Valentino, where he has the capacity to do very well.
The next difference is that Valentino does couture, and Gucci does not. Valentino regularly shows at the couture shows. His first couture collection will probably be in January, so that'll be interesting. But he's no stranger to dressing celebrities for the red carpet. I think this is something that he would really enjoy and really push the boundaries with, that kind of over-the-top grandeur that comes with couture that he can now do because it's Valentino, and Gucci doesn't do couture. Michele's design philosophy is characterized by a maximalist, gender-fluid approach that revitalized Gucci. This perspective is likely to infuse Valentino with fresh, contemporary vigor, while his ability to blend cultural nuances with historical fashion elements suggests a rich, evolving narrative for Valentino's collections. His designs resonate both on the runway and in popular culture, suggesting his potential to similarly transform Valentino.
The next difference is that Gucci has many eras while Valentino has really only had one. Gucci has lived many lives—Tom Ford, Michele, Sabato, and so forth. Whereas Valentino, founded by Valentino Garavani, has really only had him and then Pierpaolo Piccioli. They've stayed very true to Valentino's designs. So, how will Michele interpret this? But then again, I don't think these two brands are worlds apart. Valentino also has designs that are feathers, opulence, over the top, which is very much his vibe.
One thing that we know that Michele will do is dip into the archives and reinterpret codes of the house. But I did want to take a moment to remind us all of these codes. What makes Valentino Valentino? What are the things that we see come up in the collections that are a sort of consistent story throughout the brand so that we have an idea of what to look forward to, what to keep our eyes open for? Number one is the color red. Valentino red is actually a Pantone official color. And there has, for the majority of the collections, always been a red dress in each Valentino collection.
The Rockstud is another significant element. It debuted in 2010 and was everywhere. Since then, it's been reinterpreted into bags, accessories, costume jewelry, and sunglasses. It's such an interesting element that can be done in so many ways, but how do you do it in a way that feels unexpected?
Another thing that comes to mind with Valentino is 3D florals. They do florals really well, playing with texture in a really interesting way. It's tactile, and it's something we should keep an eye out for.
In terms of pricing, Valentino has generally higher price points than Gucci. As we know, pricing in general for luxury things has been a different topic in itself, but it will be interesting to see what the pricing looks like under Michele's direction.
As we look forward to Michele's reinterpretation of Valentino’s rich design heritage—marked by opulence, iconic red hues, and couture excellence—there's much to be excited about. His tenure may bring profound changes, enriching the brand's story and potentially elevating its status further in the luxury fashion industry.
I'm excited, and I'm looking forward to it. What do you think?