Gucci, the relaunch also involves a change of CEO: Bellettini to replace Cantino

There has not yet been an official announcement, but the industry rumours are now very insistent, after months of chasing each other, that a change of guard at the top of Gucci's management is imminent: Francesca Bellettini, currently Vice-President in charge of Brand Development of the Kering group, is about to take over as CEO of Gucci, the group's most important brand, replacing Stefano Cantino, who would therefore leave his post after just nine months.

Bellettini's new role would be one of the first decisions of the group's new CEO, Luca de Meo, who in turn officially takes over the post held for 20 years by François-Henri Pinault. During the group's shareholders' meeting held on 9 September, de Meo presented his strategy to restructure the group and relaunch its brands, Gucci in primis, which alone generates 40% of its total sales. However, in July Gucci itself recorded another negative quarter (-15%), ending the first half of the year 25% down on the same period in 2024, with revenues of €3 billion.

In the meantime, there is also much anticipation for the debut of Demna, Gucci's new creative director since last March, who will present a preview of his vision for Gucci with a private event on 23 September during Milan Fashion Week, while the first real fashion show will have to wait until March 2026. Even in the case of the style summit, the turnover had been rather whirlwind: Demna replaced Sabato De Sarno, who had taken the helm of Gucci two years earlier.

Also from today, but unrelated to the installation of Luca de Meo as the new CEO of Kering, as it was defined before his arrival, is the news of the new agreement - effective from 1 January 2026 - between Kering Eyewear and Valentino for the development and global distribution of the Roman brand's sunglasses and prescription eyewear collections. Valentino thus closes the agreement with the Swiss group Akoni, signed in 2021.

Last week, and again as part of the strategy to relaunch the group founded by the Pinault family, anamendment of the agreements made in 2023 between the group and Mayhoola, the Qatari sovereign wealth fund that holds a majority stake in Valentino was announced: the agreement, which had been made when Kering acquired a 30 per cent stake in Valentino in 2023, will see the current ownership structure of the maison change no earlier than 2028. The French group could have exercised its options to purchase the remaining 70% as early as 2026. Moreover, since 1 September Valentino has also had a new ceo, Riccardo Bellini, who took over from Jacopo Venturini.