Alexander McQueen lost its creative edge — and 60% of its revenue in three years

Alexander McQueen entered a severe crisis after creative director Sarah Burton departed in September 2023, ending a 26-year tenure that had defined the brand since its founder's death. Her successor Seán McGirr failed to maintain creative or commercial momentum, and the creative void coincided with years of over-expansion that left McQueen with 135 stores — far more than its niche position could support. The brand had also become dependent on sneakers, which at one point generated up to 80% of revenue, leaving it exposed when footwear trends shifted.

The combination of creative drift, retail over-expansion, and product concentration proved devastating. Between 2022 and 2025, the brand's revenue fell an estimated 60%, to around €700 million. Kering, facing its own group-wide sales decline, launched a strategic review of McQueen in November 2025. The restructuring included cutting approximately 55 jobs in the London headquarters and 54 positions at Italian manufacturing sites — roughly one-third of staff at each location — and closing more than half of the 135 stores. The brand was described as near a disastrous loss.

In June 2026, Kering appointed Gianfranco D'Attis, former CEO of Prada, as McQueen's new CEO with a mandate to restore the brand. Kering stated McQueen was not for sale and committed to a three-year turnaround plan. A permanent creative director had not yet been named.