Alexander McQueen: Layoffs in Italy and Kering Restructuring 2026
nss magazine· 324 words · 2 min read
McQueen has formally opened collective redundancy procedures in Italy, cutting nearly one third of the local workforce to reduce operating costs and realign the corporate structure. Meanwhile, in the United Kingdom, a similar process is already underway that could lead to the elimination of about 55 positions at the London headquarters, or roughly 20% of all central office staff. These cuts are just the first steps of the strategic review announced last November as part of the new plan that CEO Luca De Meo must implement. While other relatively "healthier" brands in the portfolio such as Gucci, Saint Laurent, Bottega Veneta, and Balenciaga are still awaiting the details of their plans, McQueen has been among the first to undergo emergency surgery.
The brand's economic picture is critical: revenues have collapsed dramatically, with excessive dependence on sneakers that at one point accounted for up to 80% of turnover, a very serious figure for a brand that at the peak of its fame generated millions half from womenswear, 30% from accessories, and 20% from menswear. Over the years, the aggressive expansion to 135 directly operated stores proved disproportionate to the brand's actual market position, generating unsustainable costs. And now McQueen accounts for about 5% of the group's revenue, around 700 million euros, but with very heavy losses.
De Meo has ruled out an immediate sale of the brand simply because the situation is so critical that it would have to be sold at a bargain price. So from a business perspective, something can still be salvaged. The current priority is to return to sustainability with structural costs and sustainable investments, but the point is that the mistake of the past was to treat McQueen like a mega-global giant instead of the medium-sized brand it actually is. As initial measures, menswear has been removed from the runway shows and the shows themselves have been relatively scaled back: the latest had about ten fewer looks than previous ones.