French luxury goods giant Kering has named Stefano Cantino as the new CEO of Gucci, effective January 2025. Cantino will succeed Jean-Francois Palus, marking a significant leadership change at the iconic Italian fashion house.
"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," stated Francesca Bellettini, Kering’s Deputy CEO.
A Strategic Shift for Gucci
Cantino joined Gucci as Deputy CEO in May 2024 and will now take a seat on Kering’s Executive Committee. His appointment comes as Gucci navigates a pivotal moment, with the brand accounting for half of Kering's sales and two-thirds of its profits.
Under Cantino’s leadership, Kering aims to rejuvenate Gucci’s status as a global leader in luxury fashion. His promotion follows 15 months of groundwork designed to steer the century-old brand toward sustainable growth in a competitive market.
Luxury Market Headwinds
The transition comes amid a challenging global luxury market. While China—Gucci’s most critical market—faces economic hurdles including a property crisis and high youth unemployment, Western markets are seeing a decline in luxury spending after a post-pandemic surge.
Kering’s strategic efforts to reinvigorate Gucci include responding to these global challenges while continuing to innovate in design, marketing, and retail strategies. As CEO, Cantino is tasked with leading the brand into a new era of relevance and profitability.
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