Francesca Bellettini is officially Gucci’s president new chief executive officer, tasked with turning around the troubled Italian fashion house amid a morose climate for luxury players.
The announcement from Kering after the close of trading on the Paris bourse Monday confirms a WWD report Sunday that Bellettini, one of the French luxury group’s most visible and accomplished executives, would be entrusted with fixing its biggest and most crucial brand.
It’s the first major move by Kering’s new CEO, Luca de Meo, who officially started on Monday after a long career in the automotive industry, most recently turning around France’s Renault Group.
“At this pivotal moment, I intend to build a leaner and clearer organization in which the best talent drive our houses forward,” de Meo said in a release. “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.”
For her part, Bellettini said she was “truly honored to take on direct responsibility for Gucci, one of the world’s most iconic luxury houses. I look forward to working under the leadership of Luca de Meo, whose innovative and fresh perspective inspires us to push boundaries. I’m excited to embark on this new challenge together with the whole Gucci team and alongside Demna, whose creativity I have always admired.”
Bellettini becomes Gucci’s fourth CEO in the space of two years. Following the September 2023 exit of Marco Bizzarri – who had partnered with designer Alessandro Michele and grew Gucci to nearly 10 billion euros in revenues – Kering’s group managing director Jean-François Palus stepped in, only to be succeeded last January by Stefano Cantino, previously a Louis Vuitton communications executive.
Bellettini is to partner with Georgian designer Demna, who previously revved up Balenciaga with dystopian chic and streetwear buzz, to restore desirability and growth to Gucci. He is to unveil his first effort for the brand on Sept. 24 during Milan Fashion Week.
According to sources, Bellettini hit it off immediately with de Meo and is excited to work with the Italian automotive executive, who is expected to bring new thinking and a sense of urgency to the French luxury group.
For his part, de Meo is said to be eager to assure that he places the group’s best talents in the right positions as he retools and streamlines the organization.
Since July 2023, Bellettini has been Kering’s deputy CEO in charge of brand development, with all brand CEOs reporting to her, as part of a management reshuffle that also saw Jean-Marc Duplaix, chief financial officer since 2012, also become a Kering deputy CEO, in charge of operations and finance.
Kering clarified on Wednesday that Duplaix would now serve as group chief operating officer of Kering, supporting de Meo “in both the development of the group and the management of its organization.
As part of this change, the functions of Kering deputy CEO will be eliminated.”
Bellettini is best known for her long tenure leading Saint Laurent, which in 2024 accounted for 16 percent of group sales, and 23 percent of group EBIT, according to HSBC estimates. (By contrast, Gucci accounts for 61 percent of EBIT, and 44 percent of sales.)
An investment banker who segued into business development, and later communications and merchandising for fashion houses including Prada, Gucci and Bottega Veneta, Bellettini helmed the Saint Laurent brand from 2013, initially working with designer Hedi Slimane, who dropped the late founder’s first name, Yves, and in 2016 appointed Anthony Vaccarello as creative director.
During her tenure leading the house, she grew the size of the business roughly sixfold, according to market sources.
She handed over the Saint Laurent CEO reins last January to Cédric Charbit, who moved over from Balenciaga after an eight-year stint.
Since being named a deputy CEO in July 2023, Bellettini, in concert with Pinault, spearheaded decisions that left three Kering houses with new creative directors — Gucci, Balenciaga and Bottega Veneta — and four with new CEOs, at Gucci, Balenciaga, Brioni and Saint Laurent, where she relinquished the CEO title to manage the workload overseeing a stable of brands that also includes McQueen, Pomellato and Queelin.
Equity analysts have become increasingly bullish on Kering in the wake of de Meo’s appointment last June.
In a research note Monday, HSBC analyst Erwin Rambourg maintained his buy rating and argued “the bear case will start to weaken with a drip-drip-drip of good news.
“What is crystal clear is that change is coming fast and unobstructed,” Rambourg wrote.
HSBC is also of the opinion that debt levels at Kering are manageable.
In a separate report issued Monday, Bernstein analyst Luca Solca agreed that concern over Kering’s balance sheet is already reflected in its share price, “which has already moved 50 percent above recent troughs.”
Still, he said he expects significant share price swings as de Meo starts executing his strategy and “improving the executive team.
“We assume that de Meo has latitude to curb over ambitious capex and M&A decisions and possibly reverse them – or just continuing to offload real estate but possibly embracing a high-profile beauty license (rather than direct development), as well as focused brand and business divestitures,” according to Solca, who leans toward the positive on the former Renault executive, and on Gucci’s new creative leader Demna.
Executive search specialists lauded Bellettini’s skill set and track record – while offering a quick to-do list for the executive.
“Francesca Bellettini has consistently demonstrated a rare blend of strategic vision and operational rigor. At Saint Laurent, she didn’t simply manage growth; she orchestrated a transformation that repositioned the ,aison among the most dynamic and profitable brands in luxury,” said Roberto D’Incau, fashion headhunter, Lang & Partners Milan and Paris. “Her talent lies in balancing creative freedom with commercial discipline, fostering a culture where creativity and business performance reinforce each other rather than clash. She also stands out for her ability to listen and empower teams, building strong internal alignment while maintaining an acute sensitivity to market shifts.
“This unique combination of sharp financial acumen, brand elevation, and human leadership makes her, in my opinion, one of the most respected executives in the industry today,” he added.
According to D’Incau, Bellettini’s first task “will be to stabilize and re-energize one of the world’s most iconic yet currently challenged luxury houses. Gucci strongly needs to reconnect with its identity in a way that feels both authentic and contemporary: protecting the brand’s heritage while sharpening its creative language to resonate with new generations.”
At the same time, the executive “will need to reignite desirability through disciplined distribution, renewed focus on product icons, and careful balance between exclusivity and scale. If anyone can achieve this, it is Bellettini — her proven ability to align vision, creativity, and execution positions her uniquely to guide Gucci through its next chapter of growth and relevance.
“Bellettini+Demna will be the new Bizzarri+Michele in terms of results? We shall see, the market context is very different; however, this is what Kering shareholders do expect,” concluded D’Incau.
Fondazione Altagamma general director Stefania Lazzaroni believes Bellettini has “a managerial style that allows her to hold the helm with exactness, enhancing, cherishing and fuelling the creative soul of a brand.”
Bellettini in November 2022 accepted Lazzaroni’s invitation to speak at the association’s conference in Milan with Bain & Company presenting its then-latest luxury goods study. Bellettini “blends clarity with a rational vision, with an innate empathy and relationship skills. In this she is really a unique professional,” Lazzaroni said. “In her new role I think she is recognized for a precise knowledge of the brand and the strategic ability to execute business strategies that are solid and coherent.”
Giovanna Brambilla, partner at Milan-based executive search firm Value Search, compared the arrival of de Meo, “a fashion outsider” to that of Sergio Marchionne, “an automotive outsider,” who succeeded in a textbook turnaround of Fiat.
Marchionne “leveraged skilled managers and their expertise in the industry as he led the group with his strategic vision and creating brand synergies. Likewise, de Meo has already given a clear vision of where Kering should be headed, and acts quickly as Marchionne did. To reach those results, he needs those who know this sector well, so it’s not surprising that Bellettini was chosen for this role given her experience in the luxury industry.”
Brambilla added that both de Meo and Bellettini showed “great intelligence in deciding to work together. It’s a win-win situation.”
Based on the successful job done at Saint Laurent, Rodgy Guerrera, founder of boutique headhunter Rodgy Guerrera & Partners, defined Bellettini as “a great strategist, with an excellent knowledge of the fashion industry, from style to distribution.” Given her extensive experience in Kering, Bellettini is “very knowledgeable on the company culture of each brand,” knowing how to add assets also in terms of creativity, Guerrera said. “She is a very intelligent professional who has proven her value.”
Her first step should be a focus on the creative direction. Guerrera believes Bellettini, as deputy CEO of Kering, was key in choosing Demna. “We are all waiting for his debut,” she said, conceding that some observers have reservations, given the past controversies that hit Balenciaga.
“Gucci is a giant and it can’t afford mistakes in communication or product but I believe Bellettini will be very watchful. I imagine that accepting the role of CEO in Gucci means that she believes in the choice of Demna and wants to prove it,” Guerrera concluded, adding that “to achieve a newfound credibility, the brand needs someone at the top who will call the shots, authoritative across the board.”