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Gucci’s turnaround will be led by Stefano Cantino.
Kering has appointed Cantino as chief executive officer of Gucci, reporting to Francesca Bellettini, deputy CEO of Kering in charge of brand development, the French luxury group announced on Tuesday. Cantino, who joined Gucci in May 2024 as deputy CEO and will have a seat on Kering’s executive committee, will succeed Jean-François Palus as of 1 January 2025.
“I am deeply grateful to Jean-François for his dedication and loyalty to Gucci over this transitional period. I am confident that, building on what has been set up over the past 15 months, Stefano and the Gucci team will succeed in the mission to take Gucci back to the leadership the brand deserves,” Bellettini said in a statement.
Kering, and Gucci in particular, have felt the brunt of the luxury downturn. Cantino’s appointment comes as Gucci sales dropped 19 per cent in the second quarter of 2024 to €2 billion, after an 18 per cent decrease in the first quarter. The much-anticipated rebound, with the gradual arrival of creative director Sabato De Sarno’s collections in stores since February, has yet to materialise. “Gucci is caught in the turmoil and a repositioning in times of crisis is very tough,” Erwan Rambourg, HSBC global head of consumer and retail research told Vogue Business in July. Bellettini told analysts at the time that four handbags are slated to launch before the end of the year, with a “disciplined approach of communication”.
Cantino joined Gucci following a five-year career at Louis Vuitton, where he oversaw communications and image. Prior to that, he spent 20 years at Prada Group where he climbed the ladder to being appointed director of communications and marketing.
Palus, who was appointed interim CEO of Gucci amid an executive shake-up in July 2023, had been installed in the role on a seemingly permanent basis. “Jean-François has proven to be a great leader… He’s leading the show,” François-Henri Pinault, chairman and CEO of Kering, said in February 2024.
“I wholeheartedly thank Jean-François for his achievements at the helm of Gucci since summer 2023,” Pinault stated. “Over a particularly challenging period, he made the courageous decisions the house needed, and built sound foundations for a renewed Gucci to flourish again under the stewardship of Stefano. I also want to acknowledge Jean-François’s close and constant collaboration with me over the past 30 years, which has been truly invaluable.”
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