Kering has announced the promotion of Stefano Cantino to the role of CEO of Gucci, effective January 1, as the French luxury conglomerates looks to turn around the embattled Italian luxury brand.
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Cantino succeeds Jean-François Palus, who was appointed CEO of Gucci in July last year. Palus is credited as hiring his now-successor Cantino in May for the role of deputy CEO of Gucci.
In his new role, Cantino will report to Francesca Bellettini, Deputy CEO of Kering in charge of brand development, an will also have a seat on Kering’s executive committee.
Prior to Gucci, Cantino spent a five-year stint at Louis Vuitton, where he oversaw communications and image. Prior to that, Cantino, a graduate in Political Science from the University of Turin, spent 20 years in the Prada Group, where he held positions of increasing responsibility in marketing and commercial, culminating in his role as director of communications and marketing.
“I am deeply grateful to Jean-François for his dedication and loyalty to Gucci over this transitional period. 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,” said Bellettini.
Palus’ next move could not be learned.
“I wholeheartedly thank Jean-François for his achievements at the helm of Gucci since summer 2023,” said François-Henri Pinault, chairman and CEO of Kering.
“Over a particularly challenging period, he made the courageous decisions the house needed, and built sound foundations for a renewed Gucci to flourish again under the stewardship of Stefano. I also want to acknowledge Jean-François’s close and constant collaboration with me over the past 30 years, which has been truly invaluable.”
Cantino’s appointment comes after several quarters of lacklustre sales growth at Kering’s fashion darling Gucci. In its most recent trading update, Kering said revenues fell 11 percent to EUR 9 billion in the first half, on the back of double-digit declines at the luxury giant’s struggling Gucci brand.