Alessandro Michele Net Worth: How Rich Is The Outgoing Gucci Creative Director?

Alessandro Michele will be stepping down as Gucci's creative director, a position he held for more than eight years.

Gucci and parent company Kering officially released a statement Wednesday to confirm Michele's departure.

The in-house design team of Gucci will reportedly be assigned the tasks usually allocated to the creative director until a new appointment is made.

When asked why he was ending his 20-year journey with the luxury clothing brand, Michele said there were "different perspectives" involved, AP News reported.

Meanwhile, Gucci acknowledged Michele's "groundbreaking creativity" and credited him with playing "a fundamental part in making the brand what it is today."

Michele is known to stir inclusivity and gender fluidity in Gucci's design. He has also reportedly helped Kering boost its revenue through his tenure as the brand's creative director.

Kering chairman Francois-Henri Pinault said the journey shared by Gucci and Michele has been "unique and will remain as an outstanding moment in the history of the house," according to the outlet.

Marco Bizzarri, the chief executive and president of Gucci, thanked Michele "for his 20 years of commitment to Gucci, and for his vision, devotion and unconditional love."

Michele has also generated buzz by working closely with multiple Hollywood stars and sometimes even releasing Gucci collections with them. He previously collaborated with celebrities like Dakota Johnson, Billie Eilish and Harry Styles. He also worked with Jared Leto, who is often described as his doppelganger. In fact, the two were spotted "twinning" at this year's Met Gala, as per Vogue.

Michele graduated from the Accademia di Costume e di Moda in Rome, Italy, and worked as a senior accessories designer at Fendi. He then kicked off his career at Gucci in 2002, when he was brought on board as an associate to the creative director. He was tapped in as the creative director of Richard Ginori, a porcelain brand owned by Gucci, in 2014.

While Michele's salary package at Gucci remains a secret, his net worth has been estimated to be nearly $10 million, according to Market Realist.

Entertainment website Idol Net Worth also estimates Michele's net worth to be $10 million.