Francesca Bellettini to Lead Gucci, Kering Confirms

Francesca Bellettini, currently Kering’s co-deputy CEO for brand development, has been named president and CEO of Gucci, Kering said Wednesday, confirming media reports over the weekend including in The Business of Fashion. Bellettini will succeed Stefano Cantino, who is exiting the brand after less than one year in the role.

Bellettini’s counterpart Jean-Marc Duplaix, Kering’s co-deputy CEO and chief operating officer, will retain the role of group COO, reporting to Duplaix, Kering said.

Kering’s new CEO Luca de Meo is moving quickly to simplify reporting lines, eliminating the dual co-deputy CEO structure, at the French group and its biggest brand, only days after his official start at the company this Monday.

“At this pivotal moment, I intend to build a leaner and clearer organization in which the best talent drive our houses forward,” said de Meo in a statement. “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.”

Further changes to Gucci’s senior ranks are expected to be announced quickly, including the replacement of chief financial officer Alberto Valente, industry sources told BoF. Chief counsel Antonella Centra has also left, quietly over the summer, with chief commercial officer Cayetano Fabry also expected to depart.

Since being confirmed by shareholders as CEO just last week, the group has also announced a deal with Valentino-owner Mayhoola to postpone and extend its option to acquire the remaining 70 percent of the Roman brand. The groups also said Monday they had reached a deal for Kering to take over Valentino’s eyewear business.

But turning around Gucci’s performance is Kering’s most urgent priority, as the label still accounts for nearly half of group sales and two-thirds of its operating profit. Last year Gucci’s sales fell 21 percent, followed by a 25 percent drop in the first half of 2025.

The decision is a blow for Cantino, a fashion industry veteran who held roles at Prada spanning strategy, merchandising and communications before taking over Louis Vuitton’s vast communications and events operation in 2018.

While Cantino is known as a strategic operator and consensus builder, he may have lacked the directional vision needed to propel Gucci, which remains Italy’s biggest fashion brand despite two years of tumbling sales.

Cantino’s ouster comes just weeks before Gucci’s new creative director Demna is set to unveil an early glimpse of his vision for the brand at a Sept. 23 presentation in Milan. Bellettini has worked closely on the process to nominate and onboard the former Balenciaga designer, and would bring a deep understanding of Gucci’s challenges as well as allowing the group to avoid a lengthy search for an external candidate.

Prior to her nomination as deputy CEO in 2023, Bellettini had a transformative decade-long tenure as CEO of Saint Laurent, which grew nearly six-fold into a megabrand with over €3 billion in annual revenue. Bellettini previously worked at Gucci from 2003 to 2008 in strategic planning and merchandising roles.

The risk for Kering is that Bellettini’s appointment could be seen as bringing “more of the same” at the group’s most important brand. The executive was closely involved in key decisions at Gucci, including the hirings of Cantino — initially announced as Gucci’s deputy CEO in May 2024 –— and former creative director Sabato De Sarno, whose reboot failed to reignite demand.

De Meo, hired from carmaker Renault, was only confirmed as Kering CEO last week, with François-Henri Pinault, scion of controlling shareholder François Pinault, staying on as chairman. De Meo has reportedly worked in advance to prepare his first steps at the group, meeting with key executives across its brands over the summer.

Stay tuned to BoF for updates on this developing story.