Kering boss de Meo wields axe at McQueen in fashion shake-up

Kering CEO Luca de Meo is accelerating his restructuring of the struggling group by dismissing Sean McGirr as creative director of Alexander McQueen, days after a similar purge at Saint Laurent. Paris-based Kering said Thursday that McGirr will leave the loss-making British label after three years in the role. The 38-year-old Irish designer appeared to have been linked to weak sales and lukewarm reviews, as de Meo pushes cost cuts and changes across Kering’s smaller brands. De Meo called for a “bold new direction” for the house. Kering’s shares rose ahead of the move, but are still down 28% since the start of the year, amid an industry slowdown tied to softer demand from China. Analysts at Bernstein cited the brand’s reliance on streetwear and sneakers as yesterday’s story, with annual sales estimated below 200 million euros.