Kering: New Leadership for Saint Laurent, Balenciaga, and Gucci
Luxury giant Kering is reshaping its leadership as part of a strategic overhaul aimed at countering declining sales and strengthening its competitiveness. Following a 12% drop in revenue since the beginning of the year, the group has announced significant leadership changes for three of its flagship brands: Saint Laurent, Balenciaga, and Gucci.
Cédric Charbit: From Balenciaga to Saint Laurent
Cédric Charbit, who has helmed Balenciaga since 2016, will take over as CEO of Saint Laurent starting January 2, 2025. This move marks a homecoming for Charbit, who previously held leadership roles at Saint Laurent from 2012 to 2016. He replaces Francesca Bellettini, who will focus on her broader role as Deputy CEO of Kering, overseeing the development of the group’s brands.
Charbit played a pivotal role in transforming Balenciaga into an avant-garde powerhouse, adeptly balancing artistic innovation with operational challenges, including navigating the brand's recent reputational crises. At Saint Laurent, he will focus on sustaining its success and maintaining its premium positioning.
Gianfranco Gianangeli: A New Chapter for Balenciaga
Gianfranco Gianangeli, currently Chief Commercial Officer at Saint Laurent, will succeed Charbit as CEO of Balenciaga. With a career spanning leading roles at Prada, Givenchy, and Maison Margiela, Gianangeli joined Kering in 2023 and has since demonstrated a keen ability to merge innovative commercial strategies with a deep understanding of consumer expectations.
As Balenciaga seeks to rebuild its image and improve performance, Gianangeli’s expertise will be instrumental in steering the brand into a new era.
Stefano Cantino: Fresh Vision for Gucci
Meanwhile, Gucci, Kering’s crown jewel facing challenges, will see the appointment of Stefano Cantino as CEO starting January 1, 2025. Previously an executive at LVMH and Prada, Cantino joined Kering in May as Deputy CEO to prepare for this transition. He replaces Jean-François Palus, who served as interim CEO during a critical period.
With Gucci accounting for nearly 50% of Kering’s revenue, the brand has struggled, experiencing a 20% drop in sales during the first half of 2024. Cantino is tasked with implementing a “brand elevation” strategy, focusing on higher-end products and repositioning Gucci in more exclusive market segments.
Strategic Realignment
François-Henri Pinault, Chairman and CEO of Kering, emphasized the importance of these leadership changes:
"With Francesca Bellettini and Jean-Marc Duplaix overseeing our operations and brand development, we have the right team to tackle current challenges and position the group for sustainable growth."
This reorganization comes amidst heightened competition in a polarized luxury market dominated by rival LVMH. Alongside internal challenges, Kering must also contend with uncertainties in the Chinese market, a critical growth driver for the industry.
Toward a New Balance
By reshuffling leadership at its marquee brands, Kering aims to inject fresh energy into its operations. The coming months will be crucial to assessing the impact of these changes on the revival of Saint Laurent, Balenciaga, and Gucci. This restructuring underscores Kering’s commitment to refocusing its priorities and ensuring the enduring success of its brands in a complex and competitive luxury landscape.
