Kering Confirms Francesca Bellettini as Gucci CEO

Core Insights - Francesca Bellettini has been appointed as Gucci's new president and CEO, with the goal of revitalizing the brand amid challenging market conditions for luxury goods [1][3] - This appointment marks the first significant action by Kering's new CEO, Luca de Meo, who aims to streamline the organization and focus on Gucci as the flagship brand [2][3] Leadership Changes - Bellettini succeeds Stefano Cantino, who left the company after a brief tenure, making her the fourth CEO of Gucci in two years [4] - Bellettini previously served as Kering's deputy CEO and has a strong background in luxury brand management, particularly with Saint Laurent [6][8] Strategic Vision - De Meo emphasizes the need for a leaner organization where top talent can drive the brand forward, highlighting Bellettini's leadership capabilities [3][6] - Bellettini aims to reconnect Gucci with its identity while balancing heritage and contemporary appeal, focusing on product desirability and disciplined distribution [17][20] Market Context - Analysts have expressed optimism regarding Kering's future under de Meo's leadership, with expectations of positive changes and improved executive team dynamics [10][12] - Bellettini's successful track record at Saint Laurent, where she significantly grew the brand, positions her well to lead Gucci through its next phase [8][19] Collaboration and Creative Direction - Bellettini will work closely with Georgian designer Demna, who is expected to bring a fresh perspective to Gucci's creative direction [5][19] - The collaboration aims to restore Gucci's desirability and growth, with Demna's first collection set to debut during Milan Fashion Week [5][20] Financial Performance - Gucci is a critical asset for Kering, accounting for 61% of the group's EBIT and 44% of its sales, underscoring the importance of Bellettini's role in stabilizing the brand [7][10]