Kering-Owned Brand Scales Back London Presence As Van Cleef & Arpels Takes Over Flagship Space
Alexander McQueen is set to relocate its Old Bond Street store as part of an ongoing restructuring of the business under Kering, signaling a shift in its retail strategy.
The brand will vacate its current space at 27 Old Bond Street—occupied since 2019—and move to a smaller unit on the same street this fall, according to industry sources. The new location will be operated by the existing team and is expected to feature a redesigned interior while maintaining the full product assortment.
The nearly 11,000-square-foot flagship space will be taken over by Van Cleef & Arpels, the Richemont-owned jewelry house, which will assume control of the multi-level unit known for its expansive layout and central spiraling staircase.
The move comes as Alexander McQueen undergoes a broader restructuring led by Kering Chief Executive Officer Luca de Meo. Earlier this week, the company confirmed 54 layoffs in Italy, following a strategic review initiated last October that included a consultation process affecting approximately 20 percent of its London head office staff.
Speaking in February, de Meo indicated that significant cost-cutting measures were necessary to stabilize the brand, including a reduction of its global retail footprint. Alexander McQueen had expanded to approximately 135 stores worldwide, a strategy that contributed to mounting losses, alongside a heavy reliance on sneaker sales, which at one point accounted for a substantial share of revenues.
As part of the restructuring, de Meo suggested that more than half of the store network could be closed, with certain locations potentially reassigned to other brands within the Kering portfolio.