Gucci Hires Deputy CEO to Bolster Turnaround Efforts

Kering flagship Gucci has employed Stefano Cantino, a veteran communications govt from Louis Vuitton, to the newly created function of deputy CEO, bolstering its efforts to reignite progress.

Earlier than becoming a member of Vuitton, Cantino rose by means of the ranks at Prada, changing into a prime communications officer after which chief govt for the French market. At Vuitton, he oversaw the now €20 billion-a-year model’s sprawling communications equipment, together with blockbuster style week spectacles corresponding to Pharrell Williams debut on Paris’ Pont Neuf and elaborate museum-style exhibitions.

The appointment comes at a pivotal second for Gucci as Kering makes an attempt to revamp the model’s picture, collections and organisation in a bid to get issues again on observe after a precipitous gross sales decline.

Beneath new management — together with inventive director Sabato de Sarno, CEO Jean-François Palus (Kering chairman François-Henri Pinault’s most trusted deputy) and Kering deputy CEO Francesca Bellettini — the model is angling for a extra high-end, timeless picture, however might want to steadiness that ambition with efforts to draw consideration and will get prospects enthusiastic about Gucci once more.

Gross sales fell by round 20 p.c within the first quarter, the group mentioned in an unscheduled buying and selling replace final month, additional knocking investor confidence within the model’s turnaround programme.

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Can Gucci’s Turnaround Plan Still Work?

This week, Kering flagged gross sales have been down 20 p.c at its flagship model, knocking confidence within the group’s turnaround technique. ‘A extra drastic resolution is required,’ one analyst wrote.