Alexander McQueen has launched a strategic overview of its operations, a transfer that would see round 55 roles minimize from its London headquarters, roughly 20% of its head workplace workforce, because the model appears to return to sustainable profitability.
The Kering-owned home confirmed it has entered a session course of with affected employees as a part of a wider programme to reset the enterprise and streamline operations globally.
McQueen stated the initiative goals to “return the enterprise to sustainable profitability over the following three years”, in keeping with WWD. “We’re restructuring our UK head workplace and lowering complexity throughout our worldwide markets. We’re dedicated to supporting our workers all through this transition and are assured that these actions will strengthen our place and allow long-term progress,” it added.
The restructuring at McQueen comes amid sweeping adjustments throughout guardian group Kering, which is below new management following Luca de Meo’s appointment as CEO in September. De Meo has promised a full turnaround technique by spring 2026, however has already begun implementing cost-cutting and portfolio opinions throughout the enterprise.
The announcement follows a difficult monetary yr for the group. Earlier this week, the luxurious big reported a ten% drop in third-quarter income, dragged down by continued weak spot at flagship model Gucci. This got here simply days after Kering introduced it was getting into a long-term strategic partnership in luxurious magnificence and wellness with L’Oréal, together with the creation of a three way partnership within the wellness area.
Below the settlement – valued at €4 billion and anticipated to shut within the first half of 2026 – L’Oréal will purchase Kering Beauté, together with the Home of Creed, a heritage perfume model famend for its craftsmanship.
De Meo has stated his speedy priorities are to scale back debt, minimize prices and rationalise underperforming manufacturers, suggesting extra restructuring could possibly be forward.
“Kering’s third-quarter efficiency, whereas representing a transparent sequential enchancment, stays far beneath that of the market,” stated De Meo. “This reinforces my dedication to work on all dimensions of the enterprise to return our Homes and the Group to the prominence they deserve.”
McQueen, one in every of Kering’s smaller labels, has confronted profitability challenges regardless of sturdy model recognition and a loyal following. The home has been below artistic director Seán McGirr since late 2023, following Sarah Burton’s departure after greater than twenty years on the model.
McQueen’s struggles spotlight a broader recalibration inside Kering’s portfolio. The group has already bought off smaller manufacturers, together with Christopher Kane, Stella McCartney, and Tomas Maier, because it refocuses on its bigger vogue powerhouses.
