Kering is zeroing in on a contract to make Francesca Bellettini, one of its most high-profile and accomplished executives, the next chief executive officer at Gucci, WWD has learned.
According to multiple industry sources, Bellettini will succeed Stefano Cantino and Cantino will exit the Italian fashion house after only about nine months in the role, during which there has been significant change.
It is understood an announcement could come as early as this week.
Officials at Gucci and Kering did not immediately respond to multiple requests for comment over the weekend.
Appointing Bellettini would be one of the first and most crucial decisions made by incoming Kering CEO Luca de Meo, who last week vowed to start implementing his turnaround plan for the ailing French luxury group before the end of this year.
He officially starts Monday, but has been working intensively behind the scenes since last June, when Kering revealed the Renault Group executive would succeed François-Henri Pinault at a group which also comprises Saint Laurent, Balenciaga, Bottega Veneta, Boucheron and other brands. (Pinault is to remain chairman.)
Currently Kering’s deputy CEO in charge of brand development, Bellettini was seated next to Cantino at a press briefing last March when Demna, the Georgian designer who had revved up Balenciaga, was revealed as Gucci’s next creative director, succeeding Sabato De Sarno. He officially started in July and is to present his first designs later this month during Milan Fashion Week. His full-fledged debut won’t be until February 2026, however.
At the time, Bellettini said Demna was immediately enthusiastic about Gucci and came up with a compelling proposal “to make the brand cool and relevant.” She said he was tasked with “a holistic work around the brand.”
Moving swiftly to get Gucci back on track is one of de Meo’s top priorities. Kering has been dragged down by steep declines at its star brand and a bulging debt load, forcing the group to shutter stores, offload real estate and reduce headcount after a dismal start to the year that saw group net profit plummet 46 percent in the first half.
Bellettini, an investment banker who segued into business development, and later communications and merchandising for fashion houses including Prada, Gucci and Bottega Veneta, helmed the Saint Laurent brand since 2013, initially working with designer Hedi Slimane, who dropped the late founder’s first name, Yves, and in 2016 appointed Anthony Vaccarello creative director.
During her tenure leading the house, she grew the size of the business roughly sixfold, according to market sources.
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.
Cédric Charbit, CEO of Balenciaga since 2016, succeeded Bellettini as CEO of Saint Laurent, effective Jan. 2 this year, following her promotion.
Cantino joined Gucci in May last year as deputy CEO and was promoted to the corner office effective Jan. 1, succeeding Jean-François Palus at the helm of the brand after his two-year stint.
Cantino has been restructuring his team, navigating the uncertain global scenario, and aiming to rev up desirability at Gucci, which posted another 25 percent decrease in organic sales in the second quarter.
Stefano Cantino
courtesy of Gucci
Among his moves, he named Maria Cristina Lomanto, previously executive vice president, brand general manager, to the post of president of Europe, the Middle East and Africa; Marcello Costa was promoted to chief merchandising officer; Valérie Leberichel joined Gucci from Givenchy as senior vice president of global communications, and Christophe Marque joined from DFS Group, a subsidiary of LVMH Möet Hennessy Louis Vuitton, as president and CEO of Gucci Americas.
A Louis Vuitton communications executive, Cantino brought to Gucci his vast experience in communications, merchandising and managing relationships with the creative studio.
He joined Vuitton in 2018 as senior vice president of communications, recruited by then-chairman and CEO Michael Burke. Cantino’s scope on communications and events extended to retail touch points.
Before that, Cantino spent much of his 22-year career at Prada in various business development, merchandising and marketing roles, involved in everything from retail to industrial processes, working closely with Prada CEO Patrizio Bertelli and designer Miuccia Prada.
