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For the fourth time in the past two years, Gucci has a new boss.
Kering announced on Wednesday that Francesca Bellettini, former CEO of Saint Laurent, was appointed as Gucci’s president and chief executive. According to the press release, she will report to Kering’s newly appointed CEO, Luca de Meo.
De Meo said in the release that Bellettini was “one of the most seasoned and respected professionals” in the industry, and her leadership would “restore the brand to its rightful place.”
Bellettini is a company insider who has worked in numerous roles within Kering since 2003. Before joining Kering, she worked as an investment banker in London.
She joined the company in 2003 as a strategy planning and merchandising director at Gucci. In 2008, she moved to Kering’s handbag and accessories brand, Bottega Veneta, where she stayed till 2013.
In 2013, Bellettini was appointed president and CEO of Kering’s second-largest brand, Saint Laurent. And in 2023, she was tapped to be the deputy CEO of Kering, in charge of brand development.
Bellettini’s appointment comes as Gucci continues to struggle with sliding sales. In the first half of 2025, Gucci’s sales dropped 26% compared to the same period in 2024, while Kering’s total sales dropped 16%.
This was partially due to consumer preferences moving away from Gucci’s maximalist and eclectic styles toward subtle, quiet luxury.
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However, Kering’s stock price is up about 17% in the past year.
Before Bellettini, Gucci went through a rapid succession of several CEOs.
Marco Bizzarri, the former chief executive of Stella McCartney, joined Kering in 2005 and became Gucci’s CEO in 2015. Shortly after becoming CEO, he hired Alessandro Michele as the house’s creative director.
Following the post-pandemic luxury slowdown, Bizzarri stepped down from his role in 2023, and Kering appointed Jean-François Palus as Gucci’s interim CEO.
In January, Kering announced that Stefano Cantino, Gucci’s deputy CEO and a Louis Vuitton and Prada veteran, would be promoted to the house’s CEO. His stint as CEO lasted for less than 10 months.
Representatives for Gucci did not respond to a request for comment from Business Insider.
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