Francesca Bellettini is the new CEO of Gucci To save its most valuable asset, Kering calls in the big guns

At an increasingly crucial moment, when the fate of the group could be decided, Kering has chosen to rely, in order to revive Gucci’s fortunes, on one of its champions: Francesca Bellettini. Initially reported by Miss Tweed over the weekend, the news that could mark the beginning of a new era for the brand was confirmed on Wednesday afternoon. Bellettini is currently deputy CEO in charge of developing all Kering brands, and therefore one of the most important managerial figures in the entire group, already responsible for reshaping Saint Laurent, and in her new role she is expected to replace Stefano Cantino. The appointment could represent one of de Meo’s most strategic decisions, who officially took office last Monday but had already begun working intensively on Kering’s structure since June, when he was announced as the successor of François-Henri Pinault – who will remain chairman of the board.

Why Francesca Bellettini?

For Gucci, which accounts for nearly half of Kering’s revenue and two-thirds of its operating profits, the task is urgent: the brand recorded a 21% sales decline in 2024, followed by an additional 25% drop in the first half of 2025, contributing to a 46% collapse in the group’s net profit. For a group where internal promotions are a well-established policy, choosing Bellettini would be a “safe bet” given the manager’s stellar track record. As previously mentioned, from 2013 to 2023, Bellettini led Saint Laurent as CEO, nearly tripling its value to over €3 billion annually, working first with Hedi Slimane and later with Anthony Vaccarello. As deputy CEO and manager of Kering’s brand portfolio since July 2023, she has overseen the development of all group brands, including the selection of creative directors for Gucci, Balenciaga, and Bottega Veneta, as well as leadership changes at four brands, including Brioni and Saint Laurent, where she was succeeded by Cédric Charbit earlier this year.

Over the past nine months, Gucci’s current CEO, Cantino, has carried out an internal restructuring of the brand, making strategic appointments to strengthen its operational structure and merchandising at a time when Gucci faces mounting debts and plummeting sales. However, the turnaround has not materialized, with an additional 25% drop in organic sales in the second quarter, prompting Kering to accelerate its strategy. This is why de Meo, a mega-manager from the automotive world known for his swift decision-making, was brought on board, proposing a more agile vision focused on the group’s core business. In a contracting luxury market, where competitors like LVMH are struggling but still dominate, this appointment could be the catalyst for a revival that is urgently needed. For this reason, the brand will “preview” Demna’s debut with a special event during the upcoming fashion week, ahead of his first full show in February. If the announcement is confirmed, Bellettini will have the task of guiding Gucci toward a rebirth that the industry eagerly awaits.