Luxury conglomerate Kering has appointed Francesca Bellettini as CEO of Gucci, as the brand seeks to return to growth.
Bellettini, currently a deputy CEO of Kering, will be Gucci’s fourth CEO in two years. Newly-appointed Kering CEO Luca de Meo has said the group will begin implementing plans to reorganise its brands and cut its debt by the end of the year.
“At this pivotal moment, I intend to build a leaner and clearer organisation in which the best talent drive our Houses forward,” said de Meo.
“Gucci, as the flagship of our Group, deserves the sharpest focus, and Francesca — one of the most seasoned and respected professionals in our industry — will bring the leadership and flawless execution needed to restore the brand to its rightful place.”
Bellettini was CEO of Saint Laurent before being named Kering’s deputy CEO of Brand Development in 2023. Kering’s deputy CEO positions will now be scrapped, the company said.
Gucci’s revenue dropped by 25% year-over-year in the first half of 2025, reaching EU€3.03 billion (A$5.37 billion). This was the largest decline reported by any Kering brand during the period, with the fashion house representing 40% of the group’s revenue.
The brand’s operating income plummeted by 52% year-over-year in 2025’s first half.
Kering’s total revenue was down 15% at that time, with net income falling by 46%. It reported €9.50 billion in debt.
The group also said this month that it would postpone its purchase of Italian fashion house Valentino until at least 2028.
Luxury fashion sales have dropped significantly since 2024 amid an unsteady global economy, with spending particularly declining in China and the United States. The market is likely to shrink by 2% to 5% across 2025, according to a June report by Bain & Company and Altagamma.
Related content
