But this kind of sincere dedication from both sides is destined to be sacrificed in the face of erroneous strategies and increasingly severe macro markets.
In the breakup between Matthew M. Williams and Givenchy, external factors are actually more noteworthy. Apart from the undifferentiated impact of the pandemic on the global luxury goods industry during Matthew M. Williams’s three-year tenure, an undeniable macro change is the loss of favor for street fashion styles, or at least a cooling off in the luxury goods sector.
The slowdown in the growth of the sneaker market is the primary sign of rationalization in the street market.
According to data from Euromonitor Information Consulting, the total global sales of sports shoes in 2022 were $152.4 billion, a year-on-year increase of 2.7%, but a significant slowdown compared to the 19.5% growth rate in 2021. The company also expects that this market will slowly rise at an average annual rate of 3.6% until 2027.
Analysts believe that leaving Givenchy after finding a home for the 1017 Alyx 9SM would be an ideal choice for both parties.
Although Matthew M. Williams’s performance at Givenchy was not satisfactory, he almost put aside the then popular 1017 Alyx 9SM for Givenchy’s work, and actively cooperated with the group’s wishes to improve the creative direction, which has demonstrated the sincere dedication of this creative director.
At the same time, unlike the stereotypical image of a cold and powerful luxury brand CEO, industry evaluations of Givenchy CEO Renaud de Lesquin tend to give creative directors ample room to showcase their abilities. This is also why he was able to remain patient with Matthew M. Williams even though he was not well received in the first few series.
It can be believed that the cooperation between the two parties, as stated in the statement, has maintained long-term friendship, which has to some extent reversed the performance oriented narrative of the luxury goods industry in recent years, and also alleviated the increasingly serious opposition between creative directors and company management.
