By Mimosa Spencer and Tassilo Hummel
PARIS (Reuters) – French luxury group Kering has named Francesca Bellettini as chief executive of Gucci, replacing Stefano Cantino after only nine months at the Italian fashion brand.
Placing Bellettini directly in charge of Gucci, which she previously oversaw from Paris as deputy Kering CEO, marks Chief Executive Luca de Meo’s first major move since taking the helm last week.
Bellettini had been deputy CEO in charge of brand development since 2023 alongside Jean-Marc Duplaix, who Kering said would stay on as chief operating officer.
The two deputy positions, which analysts said created confusion and became redundant after the French group hired former Renault boss de Meo to lead its restructuring, will be scrapped.
“I intend to build a leaner and clearer organisation,” de Meo said in a statement.
Bellettini, who started her career as a banker before climbing the fashion ranks, will now lead efforts to address the problems of Kering’s former star label.
At its peak in 2022, Gucci generated more than 10 billion euros ($11.85 billion) in annual sales. But over the past two years, a period marked by designer and management changes, sales have plunged by double-digit percentages. In the past quarter, sales were down 25%.
Bellettini has already played a central role in many of the brand’s recent decisions, including the hiring of former Louis Vuitton manager Cantino as Gucci CEO and Georgian designer Demna as its creative director.
Demna’s first runway show will be held next spring, but some products from the designer will be available in a selected number of Gucci stores immediately after the brand introduces his first collection with a film at Milan Fashion Week on September 23.
His closely watched debut is part of a wider shake-up in the $400 billion luxury goods sector, with new designers also taking charge at other major labels such as Chanel and Dior, as well as smaller rivals including Celine, Balenciaga and Versace.
An industry veteran seen as a likely internal succession candidate for Kering’s CEO position, Bellettini’s future had become the subject of speculation.
De Meo, meanwhile, is in a hurry to get Kering back on track and told a shareholder meeting last week that he will make his first decisions before the end of the year. “These decisions won’t always be easy,” he added.
Kering announced last week that it would push back the possible acquisition of Valentino, another issue that weighed on the group.
Cantino, who Gucci said would exit the company, had joined the label from LVMH-owned rival Louis Vuitton, where he was in charge of communications and image strategy.
($1 = 0.8442 euros)
(Reporting by Tassilo Hummel; Writing by Makini Brice; Editing by David Goodman)
