Dive Brief:
- Gucci has named Stefano Cantino as deputy CEO, a newly created position for the Kering-owned luxury house, according to a press release sent to Fashion Dive Thursday.
- Cantino will report to Jean-François Palus, Kering Group’s managing director, who has held the Gucci president and CEO position since the July 2023 departure of Marco Bizzarri.
- The appointment comes after Kering issued an earnings warning last month, in which it projected the brand’s revenue would fall nearly 20% year over year.
Dive Insight:
Kering plans to release its Q1 earnings on April 23, and the luxury group is anticipating a 10% year-over-year decline, which it attributed primarily to Gucci, its largest brand.
In Thursday’s release, Palus said Cantino is joining Gucci “for the new chapter that we are currently writing for the House with determination and long-term vision.”
Cantino will step into his new role on May 2, after spending more than five years at LVMH-owned Louis Vuitton, where he oversaw communication and image, per the release. Prior to that, he spent more than 20 years with the Prada Group, including roles in the marketing and commercial departments.
“His extensive experience in the luxury industry at senior levels in various organizations, his wide range of expertise, as well as his strategic thinking and his artistic culture, make him a major addition to our team,” Palus said. “Stefano will work very closely with me, and in full alignment with all the Gucci team, to implement our action plans across the business."
Gucci appointed a new creative director, Sabato de Sarno, in January 2023. The brand has expressed optimism around his first collection for the house, which debuted at the spring-summer 2024 shows during Milan Fashion Week in September, and is in stores now.
Kering, which also owns Saint Laurent, Bottega Veneta, Balenciaga and Alexander McQueen, has recently gone through a series of changes in addition to the shifts at Gucci, , including buying a 30% stake in Valentino and hiring a new CFO, Armelle Poulou.
In its most recent financial results, Kering reported fiscal 2023 revenue of 19.6 billion euros or about $21.1 billion, a 4% year-over-year decrease. The results reflected a slowdown in the luxury sector, seen by brands such as Aeffe and Salvatore Ferragamo. Other luxury rivals, however, saw revenue increases in the fiscal year, including Hermès and LVMH.
