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Stefano Cantino named new Gucci CEO by French luxury goods company Kering

Kering has been revamping the century-old Italian fashion house that accounts for half of group sales and two thirds of profit

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Photo: AFP File

By Reuters

Published: Tue 8 Oct 2024, 8:43 PM

French luxury goods company Kering named Stefano Cantino as CEO of Gucci, the Italian fashion house it has been seeking to revive, adding he would succeed Jean-Francois Palus in January.

"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," Kering Deputy CEO Francesca Bellettini said.

Cantino, who joined Gucci in May 2024 as deputy CEO, will have a seat on Kering’s Executive Committee.

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Kering has been revamping the century-old Italian fashion house that accounts for half of group sales and two thirds of profit.

But the efforts have been complicated by a downturn in the global luxury market, while China's rebound - traditionally Gucci's most coveted market - was held back by a property crisis and high youth unemployment just when Western markets retreated after a post-pandemic spending splurge.

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Reuters

Published: Tue 8 Oct 2024, 8:43 PM

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