Gucci CEO Stefano Cantino to Depart Amid Kering Restructuring

In a significant shakeup within the luxury fashion industry, Gucci’s Chief Executive Officer, Stefano Cantino, is reportedly set to leave the brand after less than a year in his role. This development highlights the rapid changes being implemented by Kering’s new CEO, Luca de Meo, who officially began his tenure on Monday following his confirmation by Kering shareholders last week.

Leadership Changes at Kering

Multiple sources have indicated that Francesca Bellettini, currently Kering’s Deputy CEO for Brand Development, is poised to take over Cantino’s position. Jean-Marc Duplaix, Kering’s Deputy CEO for Operations and Finance, will continue in his role as Chief Operating Officer. The urgency of these appointments reflects de Meo’s commitment to addressing the challenges facing Kering, particularly as Gucci remains the group’s most significant brand, accounting for nearly half of Kering’s total sales and two-thirds of its operating profit.

The anticipated announcement of Cantino’s departure comes at a critical time for Gucci, which has experienced a notable decline in sales. Last year, the brand’s sales plummeted by 21%, followed by a staggering 25% drop in the first half of 2025. This downturn has raised alarms within Kering, prompting swift action from de Meo to stabilize the brand’s performance.

The Context of Gucci’s Struggles

Gucci’s recent struggles are not isolated incidents but part of a broader trend affecting the luxury fashion sector. The COVID-19 pandemic significantly altered consumer behavior, leading to shifts in demand that many luxury brands have struggled to navigate. Gucci, once a beacon of luxury and innovation, has faced increasing competition from emerging brands and changing consumer preferences.

Cantino’s exit comes just weeks before Gucci’s new creative director, Demna, is set to unveil his vision for the brand during a presentation in Milan on September 23. Bellettini’s close involvement in the onboarding process of Demna positions her as a key player in the brand’s future direction. Her familiarity with Gucci’s challenges, combined with her previous experience as CEO of Saint Laurent, where she oversaw a remarkable growth trajectory, could provide the stability needed during this transitional phase.

Francesca Bellettini: A Proven Leader

Bellettini’s appointment is particularly noteworthy given her extensive background in the luxury sector. Before her role as Deputy CEO at Kering, she spent a transformative decade as CEO of Saint Laurent, where she successfully expanded the brand’s revenue to over €3 billion ($3.5 billion). Her previous experience at Gucci, where she worked from 2003 to 2008 in strategic planning and merchandising, gives her a unique perspective on the brand’s operations and challenges.

However, her close ties to previous decisions at Gucci, including the hiring of Cantino and former creative director Sabato De Sarno, raise questions about whether her leadership will bring about the necessary changes. De Sarno’s tenure was marked by a failure to reignite consumer interest, which adds pressure on Bellettini to deliver results quickly.

Luca de Meo’s Vision for Kering

Luca de Meo, who previously served as CEO of Renault, was confirmed as Kering’s CEO just last week. His appointment marks a new chapter for the French luxury group, which has been grappling with declining sales and a need for revitalization. De Meo’s reputation for decisive action was evident in his recent decision to postpone plans to acquire the remaining shares of Valentino from Mayhoola, a move that reflects his strategic approach to managing Kering’s portfolio.

De Meo has reportedly been proactive in preparing for his leadership role, engaging with key executives across Kering’s brands over the summer. His swift decision-making style is expected to play a crucial role in addressing the challenges facing Gucci and the broader Kering group.

The Road Ahead for Gucci

As Kering navigates this period of transition, the focus will undoubtedly be on Gucci’s performance and the effectiveness of its new leadership. The upcoming presentation by Demna is anticipated to provide insights into the brand’s future direction and creative vision. With Bellettini at the helm, there is hope that her deep understanding of the brand’s intricacies will facilitate a smoother transition and a renewed focus on innovation.

The luxury fashion industry is known for its volatility, and Gucci’s recent struggles serve as a reminder of the challenges that even the most established brands can face. As Kering seeks to reverse its fortunes, the decisions made in the coming weeks will be critical in shaping the future of Gucci and the entire group.

Conclusion

The departure of Stefano Cantino as Gucci’s CEO underscores the urgency with which Kering is addressing its internal challenges. With Francesca Bellettini stepping into the role, the brand is poised for a new direction under the leadership of Luca de Meo. As the luxury market continues to evolve, the effectiveness of these changes will be closely monitored by industry observers and consumers alike. The coming months will be pivotal for Gucci as it seeks to reclaim its status as a leader in the luxury fashion landscape.