In-Depth Analysis: Why Saint Laurent’s “Sexiness” No Longer Generates Profit?
Hello everyone, I’m your financial journalist. Today, we’re talking about a story that’s caused a stir in both the fashion and finance worlds: Anthony Vaccarello, the creative director of Saint Laurent, may be leaving, and Chloé’s current director, Chemena Kamali, is likely to take over.
This is more than just a change of designer; it reflects a profound transformation happening within the luxury industry: “Being beautiful” doesn’t necessarily mean “selling well,” and “stability” no longer equates to “growth.”
To make this complex industry analysis easier to understand, I’ve broken it down into five key points to explain what’s happening with Saint Laurent and what the future holds.
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1. The “Signal” Behind the Rumors: Why Do People Think This Time It’s Real?
First, let’s figure out why these rumors are so credible. The fashion world is full of gossip, but there are a few concrete indicators that have concerned industry insiders:
- Endorsement from a “Prophet” Account: The leak came from a social media account called BoringNotCom, which has accurately predicted changes at brands like Balmain and Moschino before. It’s considered a reliable source with “insider knowledge.”
- A “Farewell” from the CFDA Award: The Council of Fashion Designers (CFDA) suddenly announced that Anthony Vaccarello would receive the 2026 International Designer of the Year award. Such an honor is often seen as a “summary” of a designer’s tenure, like giving a “ten-year service award” to an employee leaving the company, though the subtext is often, “Your time has ended.”
- Kering Group’s Major Reorganization: Kering, the parent company of Gucci and Saint Laurent, just appointed a new CEO, Luca de Meo. With a new leader, adjusting the creative teams of core brands is a natural move. The 2027 spring/summer collection, released in September, could very well be Anthony’s “last act.”
In Simple Terms: Although the company hasn’t officially confirmed it, the award, the leaked information, and the new CEO’s appointment all point in the same direction: “This chapter is over; it’s time for a new beginning.”
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2. Ten Years of Glory and “Aesthetic Fatigue”: What Did Anthony Do Right, and What Went Wrong?
Anthony Vaccarello was at Saint Laurent for ten years (2016-2026). What were his achievements and mistakes?
His Successes:
- Creating the “Sexy Queen” Image: When he took over, the brand had just been transformed by his predecessor, Hedi Slimane, into a “rocky, slim” style. Anthony built on this by making it more sexy, mature, and suitable for red carpets.
- Star Power: He was great at leveraging celebrities like Rosé and Bella Hadid, making his fashion shows feel like blockbuster movies—cold, sophisticated, and full of allure.
- Business Sensibility: While other brands were raising prices and excluding the average consumer, Saint Laurent kept its leather goods (bags, shoes) reasonably priced, making them accessible to those who couldn’t afford Hermès or Chanel.
His Mistakes:
- Being Too “Stable”: The luxury industry changes rapidly, and consumer tastes are constantly being shaped by new styles. Anthony’s collections were consistently the same: shoulder pads, see-through lace, tight skirts. Even with slight color changes, the overall style remained the same.
- Lack of Innovation: After the 2026 fall/winter collection, criticism grew as people felt he was just repeating himself, lacking innovation. For today’s consumers, “familiarity” is no longer a strength but a sign of lack of novelty.
In Simple Terms: Anthony was like a skilled chef; his dishes were exquisite, but after eating the same meal for ten years, even the best food gets boring. The market needs “new flavors,” not just the same old ones.
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3. The Numbers Don’t Lie: Why Didn’t “Sexiness” Lead to Growth?
This is the most concerning part. Saint Laurent is popular on social media, so why is its revenue declining?
- Three Consecutive Years of Decline:
- 2023: 4% decrease
- 2024: 9% decrease
- 2025: 6% decrease (revenue of 2.64 billion euros)
- Three years of decline is a serious issue in the luxury industry.
- **The Gap Between “Traffic” and “Sales”: Saint Laurent remains popular on platforms like Lyst, with popular items like the pleated loafers doing well. However, being popular doesn’t equal sales. The brand can generate buzz and make celebrities look great, but it hasn’t converted this into sustained growth.
- Heavy Dependence on Leather Goods: About 70% of Saint Laurent’s revenue comes from leather goods. While its shows showcase high-end fashion, it’s the more affordable leather products that drive sales. This creates a paradox: the shows are dreamy, but the products sold are more “mainstream,” leading to a disconnect between brand image and sales.
In Simple Terms: Saint Laurent’s popularity doesn’t translate into financial success.
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4. Kering Group’s Critical Situation: Why Does a Change of Director Matter?
Saint Laurent’s problems are even more severe when viewed within the context of the entire Kering Group:
- Overall Decline: Kering’s revenue fell by 10% in 2025, and profits plummeted by 33%.
- Gucci’s Struggles: Gucci, Kering’s flagship brand, is going through a tough adjustment period.
- Saint Laurent as a Critical Pillar: If Gucci struggles, Saint Laurent, as Kering’s second-largest brand, cannot afford to fail. If it continues to decline, Kering’s financial results will suffer, affecting its stock price and investor confidence.
- New CEO’s Pressure: CEO Luca de Meo needs to see growth. Although Saint Laurent showed signs of recovery in the second quarter of 2026 (with strong performance in North America and Western Europe), the overall trend is not strong enough.
- The Risk of Change: Replacing the director carries risks (the new designer might not fit in), but not changing could be even riskier (stagnation and falling behind competitors).
In Simple Terms: Kering is like a ship with a broken engine (Gucci). If the second-largest brand also stops running, the whole ship will sink. Therefore, they need to replace the director with someone who can drive growth, even if that person isn’t fully trained.
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5. The Successor, Chemena Kamali: Savior or High-Risk Bet?
If the rumors are true, who is Chemena Kamali, and is she the right choice?
Her Advantages:
- She’s Familiar with the Brand: She worked as Saint Laurent’s director from 2016 to 2023 and knows the brand’s DNA, reducing cultural conflicts.
- She’s Had Success: She’s improved Chloé’s direction and performance in the past two years, giving the brand a new identity and outperforming its peers.
- Complementary Styles: Her style (light, romantic, 70s-inspired) could attract consumers who find Saint Laurent too strict.
Her Challenges:
- Big Difference in Scale: Chloé is a mid-sized brand, while Saint Laurent is a giant. Managing a complex, large business is much harder.
- Pressure to Perform: Kering is underperforming, and Chemena needs to quickly deliver results. She has time with Chloé, but Saint Laurent needs immediate growth.
- Leather Goods Dependency: How can she boost leather sales while maintaining the brand’s aesthetic in clothing? That’s a big question.
In Simple Terms: Chemena Kamali is experienced; she knows the brand well. She’s successful with Chloé and could potentially revive Saint Laurent. However, she’s used to managing a smaller brand, and now she’s being asked to drive growth for a much larger one.
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Conclusion: Saint Laurent’s Next Step
Saint Laurent’s main issue is that it has become a “precise but stagnant machine.” In today’s luxury market, stability and sexiness alone are no longer enough. Competitors like Dior, Chanel, and Gucci are undergoing comprehensive reforms in products, marketing, and retail strategies.
- If the Change Is Successful: Saint Laurent could soften its style, attract new customers, and revive growth.
- If the Change Fails: The brand could fall into further confusion, losing both its existing fans and failing to attract new ones.
Whether Anthony Vaccarello stays or not, Saint Laurent must answer one question: How can it become Kering’s growth engine beyond Gucci?
This transformation is just beginning.