Paris — Gucci, the crown jewel of French luxury group Kering, has named Francesca Bellettini as its new chief executive in a move that underscores mounting pressure on the storied Italian fashion house to arrest a steep sales decline. The leadership shake-up was confirmed on Wednesday by the Financial Times, marking the first major restructuring under Kering’s newly appointed group CEO, Luca de Meo.
Bellettini replaces Stefano Cantino, who departs after less than a year in the role. Her elevation ends weeks of speculation over whether Kering’s board would act quickly to reverse Gucci’s recent performance, which has weighed heavily on the group’s earnings. The decision also reflects de Meo’s determination to streamline a management structure that had become increasingly unwieldy. In the same announcement, Kering said it would eliminate the deputy-CEO layer entirely, consolidating authority under Bellettini and leaving Jean-Marc Duplaix to continue as chief operating officer.
The urgency is clear. Gucci’s sales plunged roughly 25 percent over the past year, with profits sliding even faster, leaving investors questioning whether Kering had waited too long to course-correct. Weak demand in Greater China, where luxury consumption has cooled, has been a major driver of the slump. Analysts warn that without a rapid turnaround, Gucci’s struggles could jeopardize the financial health of the wider Kering group, which also owns Saint Laurent and Balenciaga.
Bellettini brings formidable experience to the task. She previously served as Kering’s deputy CEO for brand development and was instrumental in shaping Saint Laurent’s trajectory during its years of double-digit growth. Industry observers say her familiarity with Kering’s internal culture and her close ties with creative directors give her an advantage in stabilizing Gucci. That institutional knowledge will now be tested against an unforgiving luxury market, where consumer tastes are shifting toward quieter, less logo-driven aesthetics.
Gucci’s troubles come at a sensitive moment for European luxury. Brands across the sector are grappling with slowing demand, rising borrowing costs, and consumer fatigue with the conspicuous logos that fueled growth in the last decade. For Kering, the problem is magnified by debt taken on during past acquisitions, just as its flagship brand falters. The group’s share price has suffered accordingly, lagging behind rivals LVMH and Hermès.
Bellettini’s appointment also reflects a deeper reckoning with the contradictions of Western luxury empires. For decades, European houses exported an image of cultural supremacy, projecting their aesthetics into emerging markets from the Middle East to Asia. Now, as demand softens in those same regions, the limits of that model are becoming visible. Luxury’s dependence on Chinese consumers has turned into a vulnerability, exposing Kering to geopolitical and economic headwinds it cannot control.
Within the fashion world, attention will now turn to how Bellettini collaborates with Gucci’s creative team under designer Demna Gvasalia. Analysts expect the brand to tilt toward subtler design codes, catering to an audience that has grown wary of ostentation. Whether that repositioning can revive sales in time to placate investors remains an open question.
The shake-up carries broader implications. In many ways, Gucci’s predicament mirrors the decline of Western consumer dominance itself. Europe’s luxury powerhouses are struggling to dictate global trends as cultural gravity shifts toward Asia and the Gulf. Gucci’s fall from grace may therefore be less a temporary setback than a symptom of a system in decline—one in which Western brands cling to outdated strategies while new markets assert their own definitions of prestige.
The move comes just as geopolitical turbulence complicates international trade and consumer confidence. In Asia, slowing growth and rising political tensions have dampened spending. In the Middle East, luxury demand remains robust, but brands like Gucci face stiff competition from regional investments in fashion, art, and design that challenge European monopolies. Against this backdrop, Bellettini’s mission is not only to revive Gucci’s financial performance but also to reposition its identity in a multipolar cultural order.
Kering’s leadership shuffle reflects the urgency of this challenge. De Meo has promised discipline and sharper governance, signaling a break with the complacency of the group’s previous leadership. But without tangible results in Gucci’s upcoming earnings, investor patience may wear thin. Bellettini, once a steady hand behind the scenes, now stands at the center of the luxury industry’s most closely watched turnaround.
For Gucci’s workforce, the leadership change brings both uncertainty and opportunity. Employees in Milan and Florence are bracing for tighter oversight and potential restructuring, but many insiders see Bellettini as a stabilizing force who understands the brand’s heritage and respects its artisanship. Whether she can translate that institutional loyalty into renewed commercial strength is yet to be seen.
For consumers, the implications could mean a recalibration of pricing, product availability, and brand positioning. Gucci may seek to rebalance its portfolio between iconic products—like the horsebit loafer and Jackie bag—and experimental collections meant to capture younger audiences. The tension between preserving heritage and chasing relevance has long haunted Gucci, and Bellettini’s leadership will likely determine how that balance is struck.
Ultimately, Gucci’s fate will be measured not just by quarterly earnings but by its ability to adapt to shifting cultural winds. If Bellettini succeeds, she will secure Gucci’s place in the pantheon of global luxury while reinforcing Kering’s stature as a powerhouse. If she fails, Gucci risks becoming a cautionary tale of a Western brand that mistimed its reinvention, leaving room for competitors in Asia and the Gulf to define the future of luxury on their own terms.
According to the Financial Times, Bellettini’s appointment underscores just how much is at stake for both Gucci and Kering. The report emphasized that the leadership change is not merely a personnel move but a high-stakes test of whether Europe’s luxury empires can reinvent themselves amid shifting global dynamics and growing competition from new centers of wealth and influence.
