Gucci CEO to step down as leadership change looms

Gucci is bracing for another leadership change as Stefano Cantino, chief executive of the Italian fashion house, is expected to step down less than a year into the role. The Wall Street Journal reported that Kering has chosen Francesca Bellettini, the group’s deputy chief executive, to take the helm in what marks the first major move by new Kering chief Luca de Meo.

The decision underscores the urgency facing Kering, which is grappling with a deepening sales crisis at Gucci, its largest brand. Gucci accounts for nearly half of the French luxury group’s turnover but has struggled with falling demand, posting a 21 per cent sales drop in 2024 and a further 25 per cent decline in the first half of 2025. Analysts have warned that prolonged weakness at Gucci threatens the stability of the wider group, which also owns Saint Laurent, Bottega Veneta and Balenciaga.

Bellettini is widely credited with reviving Saint Laurent, where she served as chief executive for a decade and delivered a six-fold increase in revenues. Her elevation to Gucci is seen as a vote of confidence in her ability to restore growth and sharpen brand positioning. Industry observers note that her track record in balancing creative vision with commercial discipline will be central to Gucci’s turnaround.

The timing is deliberate. In September, Gucci’s new creative director Demna is due to unveil his debut collection in Milan, a showcase that will set the tone for the brand’s future. Bellettini has been closely involved in the recruitment process and her appointment ensures continuity in shaping the strategic direction alongside Demna.

For de Meo, who took over Kering earlier this year, the move signals a readiness to act decisively. He has already postponed Kering’s plan to acquire the remainder of Valentino, signalling a pivot towards internal consolidation. Replacing Cantino so swiftly reflects an acknowledgement that Gucci cannot afford prolonged uncertainty.

Kering has not yet formally confirmed the leadership change. Cantino, a former LVMH executive, was appointed in late 2024 with a mandate to steady Gucci after years of inconsistent performance. His short tenure highlights the pressure on executives to deliver rapid results in an intensely competitive luxury market.