Can New CEO Francesca Bellettini Revive Gucci?
Things move quickly at the top. Just ask Stefano Cantino who, after only nine months heading up the Italian fashion brand, is exiting the company.
He is being replaced by Francesca Bellettini, former deputy-CEO in charge of brand development at parent company Kering and one-time CEO of Yves Saint Laurent.
The appointment is the first major decision by new Kering CEO Luca de Meo, who joined the French multinational luxury goods company in June 2025 at a time when the organisation faced financial turbulence, particularly due to declining sales at flagship brand, Gucci.
He said of the appointment: “At this pivotal moment, I intend to build a leaner and clearer organisation in which the best talent drive our Houses forward.
“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.”
Reviving a luxury brand
Bellettini faces a substantial to-do list as CEO.
Sales at the Italian brand have been dropping year-on-year since the third quarter of 2023 – Kering’s latest Q2 2025 earnings update reported Gucci’s sales down 25%, as well as reduced profits at the fashion house.
The brand has faced other challenges including labour and discrimination disputes, lawsuits alleging animal welfare issues and a recent cyber attack and data breach.
This breach, which Kering reported in June 2025, saw the personal data of customers –including names, email addresses, phone numbers and dates of birth – accessed by hackers.
The stakes are high for Gucci and Bellettini. Despite its recent performance, it remains Kering’s largest and most iconic brand, historically generating around 50% of the group’s total revenue.
Kering has taken steps to revive Gucci’s fortunes in recent years, with former CEO François-Henri Pinault outlining “critical decisions to raise the impact of our communications, sharpen our product strategies, and heighten the quality of our distribution, all in the respect of the creative heritage that distinguishes our brands.”
New Artistic Director Demna was appointed in March 2025 as part of this repositioning strategy – Milan Fashion Week in late September will give a first look at his future vision.
Bellettini played a key role in Demna’s getting the creative director role, pointing to his “profound understanding of contemporary culture, coupled with his extensive experience in conceiving visionary projects”.
She said: “His appointment as Artistic Director is the perfect catalyst to reignite Gucci’s creative energy.”
Who is Francesca Bellettini?
Bellettini says she is honoured to take on direct responsibility for Gucci, calling it “one of the world’s most iconic luxury Houses”.
“I look forward to working under the leadership of Luca de Meo, whose innovative and fresh perspective inspires us to push boundaries,” she says, adding “I’m excited to embark on this new challenge together with the whole Gucci team and alongside Demna, whose creativity I have always admired.”
Bellettini joined Kering in 2003 as Strategic Planning Director and Associate Worldwide Merchandising Director of Gucci.
She later joined Bottega Veneta in 2008, becoming Worldwide Merchandising and Communications Director in 2010.
In 2013, she became President and Chief Executive Officer of Saint Laurent. During her time at the French brand she oversaw strong revenue growth and an increase in brand value – Kering’s own reports regularly showed double-digit growth across several product categories and geographies.
In September 2023, Bellettini was appointed Kering Deputy CEO in charge of Brand Development.
Prior to joining Kering, she began her career in London as an investment banker, working for the Business Planning and Development division of the Prada group, and later became Operations Manager for Helmut Lang.