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Kering’s new CEO, Luca de Meo, did not take long to make important decisions.
Francesca Bellettini is to succeed Stefano Cantino at Gucci, parent company Kering announced today. Bellettini has been Kering’s deputy CEO in charge of brand development since 2023. Before that, she served as president and CEO of Saint Laurent from 2013 until January 2025 (assuming both roles between 2023 and the end of 2024). Meanwhile, Jean-Marc Duplaix, who has been Kering’s deputy CEO in charge of operations and finance since 2023, is appointed COO. As part of this change, the role of Kering Deputy CEO will be eliminated.
“At this pivotal moment, I intend to build a leaner and clearer organisation in which the best talent drive our Houses forward. Gucci, as the flagship of our Group, deserves the sharpest focus, and Francesca — one of the most seasoned and respected professionals in our industry — will bring the leadership and flawless execution needed to restore the brand to its rightful place,” said De Meo in a statement.
Cantino joined Gucci in May 2024 as deputy CEO and became Gucci CEO on 1 January 2025, reporting to Bellettini. It was under his watch that Sabato De Sarno’s role as creative director came to a close in early 2025, and Demna was appointed as the house’s new artistic director. During his tenure, Gucci launched new handbags such as the Giglio, which was one of the house’s “most successful launches,” according to Kering’s Q2 earnings release. “He made a significant contribution to strengthening the brand’s fundamentals and clarifying its positioning,” Bellettini said in a separate statement sent out by Gucci on Wednesday. Rumours of Cantino’s departure were first reported in the Italian press last week.
These changes come days after de Meo took on his role as Kering CEO. “Knowing him, decisions will come quickly,” departing CEO François-Henri Pinault, who will remain chair of Kering, told shareholders last Tuesday. De Meo has to define and execute a go-forward strategy, amid declining sales and profits, with company debt adding to the overall stress. Already, last Wednesday, Kering announced jointly with Mayhoola that they are postponing plans for Kering to fully acquire Valentino.
This management reshuffle also comes less than two weeks before Demna presents his debut collection in Milan during the all-important debut season. Together with Demna, Bellettini has the big task of turning around the group’s largest house in a challenging market. Gucci has been lagging compared to its peers. In the second quarter, sales were down 25 per cent to €1.46 billion, after a 25 per cent decrease in Q1.
During the Q2 earnings call, Bellettini said while the full collection will be available in stores from the beginning of January, certain outposts will begin receiving new designs from that collection as early as September. She insisted on the importance of a regular injection of novelty in the stores. “There is also going to be a Christmas capsule that has already been worked on by the team. There is gonna be a project for Chinese New Year. I just would love everybody to defocus a little bit on the collection of Demna. There is a company, there is a brand, and there is constant work of all the team, in presenting new collections and new products and working on the carryover,” she noted. Demna’s first runway show will be in March for the Autumn/Winter 2026 season.
“I am truly honoured to take on direct responsibility for Gucci, one of the world’s most iconic luxury Houses. I look forward to working under the leadership of Luca de Meo, whose innovative and fresh perspective inspires us to push boundaries. I’m excited to embark on this new challenge together with the whole Gucci team and alongside Demna, whose creativity I have always admired," commented Bellettini on her appointment.
It marks a return to Gucci for Bellettini, who joined Kering in 2003 as strategic planning director and associate worldwide merchandising director of Gucci, before climbing the ladder at Kering. She worked at Bottega Veneta from 2008 to 2013. In 2013, she took the helm of Yves Saint Laurent, where she recruited Anthony Vaccarello to succeed Hedi Slimane and turned the house into a megabrand (sales rose from €557 million in 2013 to €2.9 billion in 2024 during her tenure).
Gucci’s sales were €7.7 billion in 2024, down from €10.49 billion in 2022. The house has taken cost-reduction measures: headcount is down 22 per cent compared to its 2022 peak. “It means that today, Gucci in terms of employees is below the level of 2019,” Duplaix told analysts during Kering’s Q2 earnings call. Gucci also closed 16 stores in the first half of 2025.
In the first half of 2025, the house accounted for 40 per cent of the group’s revenue and 50 per cent of its operating income.
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