Francesca Bellettini appointed Deputy CEO of Kering

Luxury group Kering announced a major reshuffling of its executives yesterday at 6 p.m., after the stock markets had closed. Marco Bizzarri, who has been leading Gucci since 2015, will be leaving the company. The news has shaken the fashion world, especially since Bizzarri will officially end his duties on September 23.

During the transition period, Jean-François Palus, Deputy CEO of the group, will assume the role of CEO. "For several decades, Jean-François has been my right-hand man and teammate on a daily basis; he will now dedicate all his energy to strengthening our main asset," said François-Henri Pinault, CEO of Kering, about Palus.

Francesca Bellettini, who has been leading Yves Saint Laurent since 2013, will be prominently featured by Kering. She will become Deputy CEO in charge of the development of the brands, and the directors of the different houses within the group will now report to her to establish their commercial strategies.

In partnership with the avant-garde designer Alessandro Michele, Marco Bizzarri propelled Gucci onto the international markets, redefining the brand's image. The results of his actions have been largely positive, although some slowdowns have been observed. Despite the unexpected departure of creative director Alessandro Michele, which significantly affected the brand's results in the fourth quarter (-14% in sales), Gucci still achieved revenue of €10.5 billion last year.

Since Michele's replacement by the young Sabato De Sarno, Bizzarri's future within Kering seemed increasingly uncertain, and the executives appeared more inclined to reshuffle the cards within the group.

Francesca Bellettini's success at Yves Saint Laurent convinced Kering's board of directors to entrust her with a central role in the development of the brands. Her strategic approach and wise choice of Anthony Vaccarello as creative director have allowed Saint Laurent to progress rapidly in recent years. In 2022, the brand recorded revenue of €3.3 billion, approximately six times more than when Francesca Bellettini joined in 2013.

As the upcoming September fashion week approaches, the fashion world eagerly anticipates the unveiling of the new Gucci collection by Sabato De Sarno. This event will be an opportunity to gauge the impact of this major change within the Kering group.