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The Alexander McQueen fashion House and Creative Director Sarah Burton ended their long-time collaboration on Monday.
The Kering SA (OTCPK:PPRUF)-owned high-end brand said the spring/summer 2024 fashion show in Paris in September will mark the conclusion of the partnership.
Shares rose 0.5% on Monday afternoon.
Burton, who designed the Princess of Wales’s wedding gown, became creative director of the fashion house in 2010, having previously worked alongside Lee Alexander McQueen for more than 14 years.
“During her 13 years tenure, Sarah Burton drove the British fashion House to new heights due to her exceptional vision and creativity,” Kering said in a statement.
The news comes as consumers in the U.S., Europe and China have been pulling back on spending.
Last week, LVMH Moët Hennessy – Louis Vuitton, Société Européenne (OTCPK:LVMHF) and Compagnie Financière Richemont SA (OTCPK:CFRHF) fell after the latter’s chair said affluent Europeans are cutting back amid high prices.
LVMHF’s Chief Financial Officer in its earnings report earlier this year noted that Americans have curbed spending across various segments.
“All in all, we experienced a little bit of pressure with the American customer to varying degrees amongst brands,” Chief Financial Officer Jean-Jacques Guiony said on an earnings call on Tuesday.
“We have a situation where, by and large, the aspirational customer is suffering a bit. We are experiencing drops with enterprise products with online sales with second-tier cities, which is a clear sign that the aspirational customer is not shopping as much as they used to.”
Movado Group (MOV) also recently revised its previous outlook to reflect “the continued expected impact of the challenging consumer discretionary environment on the business.”
Pinault comments
“Through her own experience, sensitivity and talent, Sarah continued to evolve the artistic expression of this iconic House,” Kering Chief Executive Officer François-Henri Pinault said. “She kept and continued Lee’s heritage, attention to detail and unique vision, while adding her own personal, highly creative touch.”
Lee Alexander McQueen died after hanging himself in 2010.
“Above all I want to thank Lee Alexander McQueen. He taught me so much and I am eternally grateful to him,” Burton said. “I am looking forward to the future and my next chapter and will always carry this treasured time with me.”
PPRUF also owns Gucci, Saint Laurent, Bottega Veneta, Balenciaga and Boucheron.
Shares of PPRUF are down 1.26% year-to-date.
