Gucci Announces New CEO Stefano Cantino to Lead in 2025 Amid Strategic Overhaul
Riyadh, October 9, 2024 (Saudi Arabia Breaking News) – Kering has revealed that Stefano Cantino will step into the role of chief executive officer of Gucci starting January 1, 2025. As Gucci’s new CEO, Cantino will report directly to Francesca Bellettini, Deputy CEO of Kering in charge of brand development, succeeding Jean-Francois Palus, who was appointed CEO in July 2023. Cantino’s promotion comes as Gucci navigates a period of transformation under Kering, with the brand focused on reclaiming its leadership in the luxury sector amid shifting market dynamics and heightened competition.
Palus, a long-standing confidant of Kering Chairman and CEO François-Henri Pinault, has spent the past 15 months restructuring Gucci’s management and guiding the brand through a transitional phase. In expressing his gratitude for Palus’ contributions, Pinault acknowledged the pivotal role Palus played during a particularly challenging time. “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,” Pinault said, adding a note of personal appreciation for Palus’ 30-year collaboration.
Reshaping Gucci’s Leadership and Strategy
During his short tenure as CEO, Palus undertook significant organizational changes, including the hiring of industry veterans to strengthen Gucci’s management team. Among these hires is Massimo Vian, former Luxottica executive, who was appointed as chief industrial and supply chain officer earlier this year. Vian oversees the manufacturing and allocation processes for Gucci’s luxury product categories, including leather goods, shoes, ready-to-wear, and jewelry. Another key hire was Cayetano Fabry, who became Gucci’s chief commercial officer in August. Fabry brings experience from his previous role as president of the Europe, Middle East, and Africa region for Saint Laurent, and is tasked with leading client-focused retail and digital initiatives at Gucci.
Gucci’s communication strategy has also evolved with the appointment of Davide Buzzoni as global communications director in September, replacing Benjamin Cercio. Buzzoni, who joined from Loro Piana, is part of Gucci’s efforts to refine its brand image and deepen its connection with customers worldwide. Together, these changes reflect Kering’s commitment to streamlining Gucci’s operational structure and improving its responsiveness in an increasingly competitive market.
Bellettini expressed optimism about Cantino’s leadership, emphasizing that Gucci is poised to build on the groundwork laid during Palus’ tenure. “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,” she said.
Cantino’s Vision for Gucci’s Next Chapter
Cantino brings a wealth of experience to his new role. Having joined Gucci as deputy CEO in May, he has already been involved in shaping the brand’s strategy, working closely with Palus on initiatives ranging from brand positioning to communications. Cantino’s extensive background includes over two decades at Prada, where he held senior roles in business development, merchandising, and marketing. At Prada, Cantino worked directly with CEO Patrizio Bertelli and designer Miuccia Prada, gaining valuable experience in both retail and industrial processes.
In 2018, Cantino joined Louis Vuitton as senior vice president of communications, where he helped navigate the brand through significant moments, including the passing of Virgil Abloh, the appointment of Pharrell Williams as artistic director of men’s collections, and the expanded role of designer Nicolas Ghesquière. This track record underscores Cantino’s ability to steer high-profile brands through periods of transition, a skill that will be crucial as Gucci implements its elevation strategy under creative director Sabato De Sarno.
Gucci’s new direction focuses on reenergizing its product lines and emphasizing brand elevation. In recent quarters, the brand has faced challenges, with Kering reporting a 19 percent drop in organic sales in the second quarter of 2024 compared to the previous year. Revenues fell 20 percent to 2 billion euros, prompting a renewed emphasis on Gucci’s core categories. Management has outlined plans to launch new handbag lines, alongside ready-to-wear essentials based on De Sarno’s designs, all aimed at streamlining distribution and improving market responsiveness. Cantino’s background in merchandising and client experience aligns well with these priorities, positioning him to drive Gucci’s growth as it seeks to capture a greater share of the luxury market.
Looking Ahead: Gucci’s Strategy for Growth
As Gucci’s leadership transitions, Kering remains committed to expanding the brand’s global influence and reinforcing its status as a luxury powerhouse. In an increasingly competitive luxury market, Gucci’s success will depend on its ability to innovate while remaining true to its heritage. Cantino, known for his keen understanding of both strategic and creative elements, is expected to continue strengthening Gucci’s positioning in the luxury segment. His appointment signals a commitment to a bold, client-centric approach that leverages the brand’s storied legacy while adapting to evolving consumer preferences.
With fresh leadership, Gucci is embarking on an ambitious path forward, guided by a vision of modern luxury that balances tradition with innovation. As Stefano Cantino prepares to take the helm, the brand’s focus remains on crafting an elevated experience for its clientele, furthering Kering’s mission to cement Gucci’s place at the pinnacle of the luxury market.