Gucci CEO out after nine months in job

French luxury group Kering has appointed Francesca Bellettini as the new chief executive of Gucci, replacing Stefano Cantino after nine months in the role. This marks the second leadership change at the brand in under a year as Kering seeks to reverse a significant decline in sales, according to reports by Reuters and The Wall Street Journal.

Bellettini, who previously served as Kering's deputy CEO in charge of brand development, will now lead efforts to revitalise the struggling label. Her former deputy position, which she held alongside Jean-Marc Duplaix, who remains as chief operating officer, will be eliminated as part of a broader restructuring, states the reports.

The company confirmed both deputy CEO roles will be scrapped following the appointment of former Renault boss Luca de Meo to lead Kering's reorganisation. Analysts had noted that the dual deputy positions created confusion and became redundant.

Cantino, who joined Gucci from rival Louis Vuitton, will leave the company. Gucci, once Kering's top-performing brand with annual sales exceeding €10 billion, has seen its revenue decline by double-digit percentages in recent quarters, including a 25% drop in the past quarter, adds the Reuters report.

The leadership shake-up reflects ongoing challenges in the luxury sector, where several major brands are undergoing similar transitions.