According to Citibank, revenues at Alexander McQueen soared to over €500m in 2020, five times higher than 2010. Named after its outlandishly creative founder, the brand has become a global icon.
In 2020, despite coronavirus, it opened 22 new stores including Las Vegas, Miami and Tokyo.
“We’ve mainly been focused on flagships in China, the US, Korea, the Middle East and Japan, locations that are very strong with local clients”CEO Emmanuel Gintzburger
The company has dialled down its wholesale business, switching its route to market strategy by opening more retail concessions. In Tokyo for example there are now six. It has also changed its EC model taking greater control of inventory and pricing with banners like Net-a-Porter and Luisaviaroma.
It is also experimenting with the second hand market, partnering with resale platform Vestiaire Collective. Parent company Kering SA owns a stake in the start-up (valued over $1billion by the way!) The Vestiaire Collective allows customers to buy and sell “authenticated ” pre-owned luxury fashion.
“The objective is to scale up, work across channels, categories and age groups,” explained Gintzburger.
Whilst being renowned for making the Duchess of Cambridge’s wedding dress, McQueen’s high octane trainers, adorned with glitter and bright, colourful shapes are one of several hero products powering sales.
Kering’s acquisition of Alexander McQueen is paying off handsomely. The group owns a portfolio of fashion brands, such as Saint Laurent, Gucci, Bottega Veneta, Pomellato and Ulysse Nardin. At the time of writing Kering’s share price is up 46% year on year.