Kering, the French luxury goods giant, has announced a series of new CEO appointments as part of its strategy to address declining sales and revitalise its key brands.
Cédric Charbit, currently CEO of Balenciaga, will take over as CEO of Saint Laurent, replacing Francesca Bellettini, who will oversee development across Kering’s fashion, leather goods, and jewellery divisions. Meanwhile, Gianfranco Gianangeli, Chief Commercial Officer of Saint Laurent, will succeed Charbit as Balenciaga’s CEO.
The leadership changes will take effect on 2 January 2025 and come in the wake of Kering’s Q3 earnings report, which highlighted challenges across its portfolio. Gucci’s revenue fell by 26% year-on-year, Saint Laurent declined 13%, and combined revenue from other brands, including Balenciaga and Alexander McQueen, dropped 15%. These changes aim to revitalise performance and strengthen Kering’s position in the competitive luxury market.
François-Henri Pinault, Kering’s chairman and CEO, emphasised in a recent statement that the company’s executive reshuffle is designed to strengthen the organisation’s leadership. He highlighted that the changes, including last year’s appointment of Jean-Marc Duplaix as deputy CEO and COO, reflect Kering’s commitment to building a more robust structure to navigate current challenges and drive future growth.
“We have the right leadership team in place to address current industry challenges and set the pace for long-term growth,” Pinault said.
“Having had the privilege of collaborating closely with both Cédric and Gianfranco for many years, I am confident they are the ideal leaders for Saint Laurent and Balenciaga. I am certain they will excel in their new roles, guiding their respective Houses toward even greater success,” said Bellettini.
Cédric Charbit began his career at Printemps in 2001, where he advanced to Deputy Director and General Merchandising Manager. In 2009, he joined Pucci, part of the LVMH Group, as Deputy Chief Executive. Charbit moved to Saint Laurent in 2012 as Product Strategy Director, later rising to Executive Vice President, overseeing product, retail merchandising, and communication. In 2016, he was appointed President and CEO of Balenciaga, where he significantly expanded the brand’s global presence and spearheaded the relaunch of its Haute Couture line. Three years later, in 2019, Charbit became a member of the Kering Executive Committee, solidifying his role within the group and contributing to its strategic direction.
Gianfranco Gianangeli’s professional career started at Bottega Veneta in 2006, progressing through various roles in merchandising, including Merchandising Director for Men’s categories and General Merchandising Manager in Japan. In 2011, he joined Prada as Associate International Director and later moved to Givenchy in 2013 as Global Retail Director. In 2017, Gianangeli became Owner and CEO of his family’s knitwear manufacturing company, Gianangeli Srl, in Italy. By 2020, he was appointed CEO of Maison Margiela, where he successfully led the brand under OTB Group ownership. In September 2023, he joined Saint Laurent as Chief Commercial Officer, further enhancing his extensive experience in luxury brand management.
Kering is a French global luxury group founded in 1963, parent to an iconic range of renowned brands across fashion, leather goods, jewellery, eyewear, and beauty. These include Gucci, Saint Laurent, Bottega Veneta, Balenciaga, Alexander McQueen, Brioni, Boucheron, Pomellato, DoDo, Qeelin, and Ginori 1735, alongside Kering Eyewear and Kering Beauté. Placing creativity and innovation at the heart of its strategy, Kering empowers its brands to push boundaries in design and craftsmanship while championing sustainability and ethical practices. This commitment is encapsulated in its motto, “Empowering Imagination.” In 2023, the group employed over 49,000 people and reported revenue of €19.6 billion, solidifying its position as a leader in high-end luxury while shaping a responsible future for the industry.
Kering has made sustainability a cornerstone of its strategy, aiming to reduce its environmental footprint by 40% across its supply chain by 2025, compared to 2015 levels. This ambitious target includes cutting greenhouse gas emissions, sourcing sustainable materials, and minimising water use and pollution. The group achieved a significant milestone in 2022 by sourcing 100% renewable energy, aligning with global efforts to combat climate change. To further its sustainability ambitions, Kering established a dedicated Sustainable Finance Department in July 2022, integrating financial strategies with environmental objectives. Additionally, Kering spearheaded the creation of the Fashion Pact in 2019, an industry-wide coalition focused on climate change mitigation, biodiversity restoration, and ocean protection, reinforcing its leadership in sustainable luxury.
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