Reports from multiple sources indicate, Francesca Bellettini, Deputy CEO, Kering, is expected to be appointed as the new CEO, Gucci. This change in leadership comes less than a year after Stefano Cantino took the helm, signaling an urgent effort by Kering to stabilize and revitalize its most crucial brand.
Historically accounting for nearly half of Kering's total sales, Gucci has been facing significant challenges. The brand's performance has faltered, with sales declining by 21 per cent in FY24 and a further by 25 per cent in H1, FY25. This prolonged weakness has become a major concern for Luca de Meo, CEO, Kering, who sees a swift turnaround at Gucci as his most important task. The decision to replace Cantino so quickly underscores the immense pressure to deliver immediate results in a highly competitive luxury market.
Bellettini is widely regarded as one of the most accomplished and trusted executives in the luxury industry. Her appointment is a strategic move to leverage her proven track record of success. She is credited with the incredible revitalization of Saint Laurent, where she served as CEO for over a decade. During her tenure, she grew the brand's revenue sixfold, transforming it into a major powerhouse within the Kering portfolio.
Bellettini is also known for her ability to balance a clear creative vision with strong commercial discipline, a skill that is seen as essential for Gucci's turnaround. The timing of her appointment is critical. It comes just weeks before Denma, new Creative Director is set to debut his vision for the brand in Milan on September 23. Bellettini was closely involved in bringing Demna to Gucci, and her leadership ensures a seamless and coherent alignment between the brand's creative and business strategies.
This move is one of the first major decisions by Meo, and signals a decisive shift toward stabilizing the group's biggest asset. The urgency is so high that Kering has reportedly postponed its plans to acquire the remaining stake in Valentino to focus its energy entirely on Gucci's recovery. Bellettini's mission will be to restore Gucci's financial health, redefine its brand positioning, and rebuild the cultural relevance that made it a global icon.
