Troubled Gucci gets new CEO as Luca de Meo takes over Kering

KERING appointed Francesca Bellettini as the new head of its troubled Gucci label on Wednesday as Luca de Meo took over the reins of the French luxury group.

Bellettini, who since July 2023 has served as deputy CEO of Kering and had previously run Yves Saint Laurent for more than a decade, will now take over management of Gucci, by far the group’s biggest fashion house.

“At this pivotal moment, I intend to build a leaner and clearer organisation in which the best talent drive our houses forward,” de Meo said in a statement that noted that Kering will no longer have a deputy CEO.

“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,” de Meo added.

Kering announced in June that it had poached de Meo from French automaker Renault to help turn around the company. Francois-Henri Pinault, whose family controls the holding that is the largest shareholder in Kering, ceded executive control but stayed on as board chairman.

Luxury groups worldwide have been hit hard by slowing Chinese appetite for luxury goods and by US President Donald Trump’s barrage of tariffs since returning to office this year.

SEE ALSO

Kering saw a 46-per cent plunge in net profit during the first half of this year, with sales slumping again at Gucci, which been its major generator of both sales and profits.

The Italian fashion house, famous for its handbags, has struggled since the pandemic, and in March it wooed the Georgian designer Demna to take over as artistic director. AFP