Kering’s Bold Move: Luca de Meo Appoints Francesca Bellettini as Gucci’s Next CEO

Kering wants to waste no time in reviving its biggest brand. The French luxury group is finalizing the appointment of Francesca Bellettini as the new CEO of Gucci, replacing Stefano Cantino, who will leave the company after only nine months in the position. The official announcement could take place this week, according to the American media WWD.

The decision is one of Luca de Meo’s first moves at the helm of Kering, where he makes his debut today as CEO. The executive, who comes from Renault, has assured that his transformation plan for the holding company will begin to be implemented before the end of the year. François-Henri Pinault will remain as Chairman of the group.

The changeover at Gucci comes at a time of profound transformation for the brand and the group. Cantino, who joined in May 2024 as deputy CEO and took over as executive director last January, had initiated a restructuring of the team, with appointments such as Maria Cristina Lomanto as president of Europe, Middle East and Africa; Marcello Lomanto as president of Gucci Europe, Middle East and Africa; Marcello Lomanto as president of Gucci Europe, Middle East and Africa; and Marcello Lomanto as president of Gucci Europe, Middle East and Africa.Marcello Costa as merchandising director; Valérie Leberichel as head of global communications; and Christophe Marque as president and CEO of Gucci Americas.

Despite these moves, the company has continued to suffer from the slowdown. In the second quarter, Gucci recorded a 25% drop in comparable sales, dragging down the group’s accounts, which saw its net profit plummet 46% in the first half of the year. The deterioration of results has forced Kering to close stores, sell real estate assets and adjust staff.

Kering will entrust Gucci to Francesca Bellettini, the executive who increased Saint Laurent sixfold

Bellettini, currently co-CEO of Kering in charge of brand development, is one of the most recognized executives in the industry. She began her career in investment banking before moving on to Prada, Gucci and Bottega Veneta in the areas of business development, communication and merchandising.

In 2013 he took the reins at Saint Laurent, where he worked with Hedi Slimane and then Anthony Vaccarello. During her decade at the helm of the house, Bellettini increased the size of the business sixfold, according to market estimates. In July 2023, she was promoted to co-CEO of Kering and has since coordinated, along with Pinault, changes at the top of several brands - Gucci, Balenciaga, Bottega Veneta and Brioni - as well as relinquishing her position as CEO of Saint Laurent to oversee a portfolio of brands that also includes Alexander McQueen, Pomellato and Queelin. It remains to be seen whether or not her appointment at Gucci means she will relinquish these global responsibilities.

The next big milestone for Gucci will be Demna’s debut as creative director. The Georgian designer, who revolutionized Balenciaga in recent years, was signed in March to succeed Sabato De Sarno and will present his first proposals at the upcoming Milan Fashion Week.

Bellettini already advanced then that Demna was “excited” with Gucci and that his proposal sought to “make the brand cool and relevant again” with a “holistic” work around the universe of the firm.

Bellettini’s appointment and the new creative phase under Demna are part of De Meo’s priority to restore Gucci’s centrality in the luxury market. The coming months will be decisive in measuring the impact of the strategy and the pace of execution of Kering’s revival plan.