Earlier this week, Kering underwent an executive reshuffle, naming Cédric Charbit and Gianfranco Gianangeli as CEOs of Saint Laurent and Balenciaga, respectively. This latest round of executive changes follows closely on the heels of Stefano Cantino’s appointment as Gucci’s CEO last month.
Charbit will succeed Francesca Bellettini, Kering’s deputy CEO, who will then focus on the brand development of all Kering fashion, leather goods and jewellery houses.
“Bellettini had been operating in a dual role since 2023 and given the challenges Kering faced this year, it was critical for her to fully concentrate on her role as Deputy CEO of the Group,” Mathew Dixon, partner at DHR Global, told Inside Retail.
“There was no time for a full external search for her replacement, with the likelihood of any candidate having a one-year non-compete.”
Charbit joined Kering in 2012 as product strategy director of Saint Laurent before taking the president and CEO role of Balenciaga in 2016, where he expanded the brand’s presence and relaunched its Haute Couture. In 2019, Charbit joined the Kering executive committee.
“Charbit is well respected by Pinault and had quadrupled Balenciaga’s turnover, so was always a strong internal candidate, especially as he had already worked at Saint Laurent, which doesn’t require a full transformation,” Dixon said.
Gianfranco Gianangeli began his career at Bottega Veneta in 2006. In 2017 he joined his namesake knitwear manufacturing company, Gianangeli Srl, in Italy, as owner and CEO. In 2020, he was appointed CEO of Maison Margiela, before joining Saint Laurent in September 2023 as chief commercial officer.
“Gianfranco Gianangeli had been brought into Kering in 2023 as CCO of Saint Laurent and I imagine had been promised a CEO role to sweeten the move from Margiela – with Charbit stepping up, it opened Balenciaga up for him.”
“I’m intrigued to see how Gianangeli works with Demna Gvasalia to reverse falling revenues at Balenciaga. He can manage a strong creative force, having worked with John Galliano to drive record revenues at Margiela. The brand needs a reboot, with recent controversies impacting its relevance with GenZ coupled with criticisms of pricing and value. A new dynamic between the CEO and the Creative is a great way to drive change and innovation,” Dixon said.
Both Charbit and Gianangeli will start their new roles on January 2.
The executive shakeup is part of Kering Group’s effort to improve its performance after posting disappointing sales for multiple consecutive quarters.
The group’s sales in the third quarter of this year fell 16 per cent to €3.79 billion (US$4.1 million) as its flagship brand Gucci saw sales plummet 25 per cent to €1.6 billion. Saint Laurent, long the group’s second-biggest business, posted a 12 per cent sales drop on a comparable basis.
Kering Group’s Other House unit, which includes Balenciaga, reported sales dropping 15 per cent.
“Kering is generally a business that grows its leaders from within and rarely hires externally. This has historically been a very successful policy. However, sometimes you need a fresh pair of eyes. Gucci was not working under Jean-François Palus, a financier by training, and a new perspective around innovation was essential, hence Stefano Cantino being brought in,” he added.
“Succession planning in any corporate business is achievable and desirable, providing the business remains stable. However, if a brand suddenly falls from favour, then more specialist skills are necessary.”
Last week, French luxury conglomerate LVMH made several leadership changes across its executive board, including Jean-Jacques Guiony’s appointment as president and CEO of LVMH’s wines and spirits division, Moet Hennessy.
“Luxury brands crashed in 2024 and the huge shift in consumer attitudes to spending caught companies off-guard. The timings of the reshuffle at LVMH and Kering reflect a bullish attitude to change in 2025 – a new year, a new start mentality,” Dixon said. “But will these hires really drive the necessary change?”
LVMH and Kering Group have been impacted by economic uncertainty and a prolonged slump in luxury spending in China. Consultancy firm Bain & Company predicts the recovery won’t occur until the second half of next year at the earliest.
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