It's Official: Frida and Patrizio Out at Gucci

Frida Giannini Gucci Patrizio di Marco - P 2012
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Frida Giannini Gucci Patrizio di Marco - P 2012

The rumors that flooded Europe this summer and hit the industry Thursday proved true, with big changes afoot at the brand.

Rumors flew Thursday that Gucci creative director Frida Giannini and CEO Patrizio di Marco were leaving their respective posts at the luxury label — the same rumors that swirled around Europe earlier this year. By early Friday morning, parent company Kering confirmed that the power couple was indeed leaving the brand.

Giannini will stay on through late February, while di Marco is set to be replaced Jan. 1 by Marco Bizzarri, a 10-year Kering employee who has been overseeing the Paris-based behemoth's couture and leather goods division since April 2014. He currently heads fashion and accessories for the company's stable of brands — Alexander McQueen, Stella McCartney, Brioni, Bottega Veneta and Saint Laurent included. 

The news comes on the heels of a down quarter for the brand, which is valued at $24.8 billion. 

Giannini was named to THR's inaugural list of top 25 red carpet designers in September 2014. Her successor has not yet been named.