By
AFP
Published
October 8, 2024
On Tuesday, French luxury group Kering named Stefano Cantino as CEO of Gucci to revive sales at its troubled flagship subsidiary.
Cantino will replace Jean-Francois Palus, a close associate of Kering CEO Francois-Henri Pinault, who was named interim head of the Italian fashion company in July 2023 with the aim of hiring new top management.
“I am confident that, building on what has been set up over the past 15 months, Stefano and the Gucci team will succeed in the mission to take Gucci back to the leadership the brand deserves,” Francesca Bellettini, deputy CEO of Kering in charge of brand development, said in a statement.
Cantino joined Gucci in May 2024 as deputy CEO following five years at Louis Vuitton, where he oversaw communications and image, and 20 years at Prada.
Gucci sales fell 20% in the first half of the year to €4 billion ($4.4 billion). It represents almost half of Kering’s revenue and two-thirds of its operating profit.
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