Designer Hedi Slimane departs from LVMH's Celine brand
LVMH has appointed Michael Rider as the successor to Slimane. Rider, who will commence his new role in the early months of next year, previously collaborated with Phoebe Philo, former Celine designer, at Celine for more than a decade.
Slimane's departure will fuel rumors of instability within the industry, where several high-profile designers have shifted roles. One of the most sought-after roles, that of creative director at Chanel, remains vacant following the departure of Virginie Viard in June.
Creative directors typically leave their positions when they no longer contribute positively to sales, according to Luca Solca, an analyst with Bernstein.
"I don't think this is an anomaly," Solca commented on Slimane's exit, pointing out that creative directors, much like artists, tend to produce variations on a theme, which can become monotonous.
Solca acknowledges that Slimane performed admirably at the label, potentially doubling brand revenue to around €2.5 billion ($2.76 billion).
Slimane could not be reached for comment.
Slimane joined Celine in 2018, promptly making an impact at the renowned fashion house with his edgy rocker-chic style.
He is also recognized for the slim silhouettes he presented during his tenure at Dior Homme and Kering's Yves Saint Laurent, inspiring Karl Lagerfeld to lose weight to fit into his Dior outfits.
The designer preferred to keep a low profile and exercised strict control over the brand's image, personally shooting advertising campaigns and hosting fashion shows outside the traditional calendar.
At Celine, Slimane aimed to modernize the brand's traditional French bourgeois aesthetic for a younger demographic, showcasing model Kaia Gerber in cropped tops and faded jeans, accessorized with a baseball cap and a small leather bag.
He also introduced a menswear line at Celine, as well as fragrances and makeup.
LVMH chairman and CEO Bernard Arnault set ambitious goals for Slimane, announcing soon after his arrival that LVMH aimed to increase Celine's annual revenue between €2 billion to 3 billion within five years, from nearly €1 billion ($1.10 billion) at the time.
In January, during LVMH's annual results presentation, Arnault declared that Celine was thriving thanks to Slimane and had surpassed €2 billion in sales.
The company does not disclose revenue by brand in its published financial reports.
Sales growth in the luxury goods industry has significantly decreased this year, with middle-class consumers in China postponing purchases due to the real estate crisis and job insecurity.
Barclays analyst Carole Madjo mentioned during a recent trip to China that Celine was experiencing 'brand fatigue' and was likely to underperform in the country.
The change comes after other developments at LVMH, such as its investment in one of the industry's top performers this year, Moncler.
It recently announced selling off streetwear label Off-White, founded by former Louis Vuitton menswear designer Virgil Abloh.
Rider's appointment as the new creative director at Celine signals a shift in the brand's stylistic direction, potentially moving away from Slimane's edgy and impactful rocker-chic fashion.
The fashion industry is abuzz with anticipation, wondering if Rider will follow in Slimane's footsteps and maintain the focus on slim silhouettes, as seen in his work at Dior Homme and Yves Saint Laurent.
