MILAN — Kering’s prime brass is banking on Gucci’s transitional interval being over and that the foundations have been laid for future progress.
The manager anticipated to guide the following section of the Italian model, below the Kering umbrella, is Stefano Cantino, who will tackle the function of chief govt officer on Jan. 1.
He’ll succeed Jean-François Palus, who was additionally president of the model, and report back to Francesca Bellettini, deputy CEO of Kering in command of model growth.
Cantino, who joined Gucci in Might as deputy CEO, may have a seat on Kering’s govt committee.
Palus had been appointed CEO of Gucci in July 2023 and is Kering chairman and CEO François-Henri Pinault’s most trusted deputy.
Pinault “wholeheartedly” thanked Palus “for his achievements on the helm of Gucci since summer season 2023. Over a very difficult interval, he made the brave choices the home wanted, and constructed sound foundations for a renewed Gucci to flourish once more below the stewardship of Stefano. I additionally wish to acknowledge Jean-François’s shut and fixed collaboration with me over the previous 30 years, which has been actually invaluable.”
Palus has been consolidating the model’s administration and constructing a brand new construction and group following the exit of his predecessor, Marco Bizzarri.
Key was the hiring of Luxottica veteran Massimo Vian, who was named chief industrial and provide chain officer in January, becoming a member of from Prada and in command of overseeing the event and manufacturing processes of leather-based items, sneakers, ready-to-wear and jewellery, in addition to product allocation processes throughout the assorted gross sales channels.
Likewise, Cayetano Fabry was named chief industrial officer in August, a brand new function for the corporate. Fabry is tasked with main all Gucci groups devoted to defining and implementing client-centric retail and digital experiences. He joined Gucci after spending over 4 years at Saint Laurent as president of the Europe, Center East and Africa area.
In September, Davide Buzzoni joined Gucci as international communications director from Loro Piana, succeeding Benjamin Cercio, who left in March and has since shaped his personal communications company.
Bellettini additionally expressed her gratitude towards Palus “for his dedication and loyalty to Gucci over this transitional interval. I’m assured that, constructing on what has been arrange over the previous 15 months, Stefano and the Gucci workforce will succeed within the mission to take Gucci again to the management the model deserves.”
In becoming a member of Gucci as deputy CEO, Cantino’s function was a brand new one, reporting to Palus, who took up his place at Gucci final September after a protracted tenure as managing director of Kering.
A Louis Vuitton communications govt, Cantino delivered to Gucci his huge expertise in communications, merchandising and managing relationships with the inventive studio. However it’s understood he has since been sharing some CEO capabilities, similar to model technique, with Palus.
Cantino spent a lot of his 22-year profession at Prada in numerous enterprise growth, merchandising and advertising roles, concerned in the whole lot from retail to industrial processes, working carefully with Prada CEO Patrizio Bertelli and designer Miuccia Prada.
He joined Louis Vuitton in 2018 as senior vp of communications, recruited by then-chairman and CEO Michael Burke. Cantino’s scope on communications and occasions prolonged to retail contact factors.
Throughout his tenure Cantino helped the corporate navigate by the dying of Virgil Abloh, Vuitton’s creative director of males’s collections; the arrival of Pietro Beccari as Burke’s successor; the appointment of Abloh’s eventual successor Pharrell Williams, and the expanded remit of Nicolas Ghesquière, who final 12 months added vacation spot pre-fall reveals to his workload.
Cantino is thought to relish a problem and he has joined Gucci as the posh business faces a slowdown in luxurious spending and Kering’s marquee model, designed by Valentino alum Sabato De Sarno, is pursuing an elevation technique.
In July, Kering stated Gucci’s efficiency fell in need of expectations, with natural gross sales down 19 % within the second quarter, versus analysts’ predictions for a 17 % drop. In reported phrases, revenues had been down 20 % to 2 billion euros. As reported, administration is pinning its hopes on the introduction of latest purse traces, alongside a group of ready-to-wear necessities constructing on De Sarno’s best-performing designs to this point, a shorter time to market and a streamlined distribution and provide.