Kering has made significant changes to its leadership with a reshuffle involving Saint Laurent and Balenciaga, impacting future direction.
- Cédric Charbit returns to Saint Laurent as CEO, after eight years leading Balenciaga within the Kering group.
- Gianfranco Gianangeli, previously serving as Saint Laurent’s chief commercial officer, steps into the CEO role at Balenciaga.
- Both leaders will report to Francesca Bellettini, Kering’s deputy CEO, ensuring continuity in strategic oversight.
- This strategic move occurs amid Kering’s reported 11% drop in half-year revenue, reflecting challenges in the luxury sector.
In a strategic decision by Kering, Cédric Charbit is set to return to Saint Laurent as the Chief Executive Officer, a move marking his homecoming after eight successful years at Balenciaga. Charbit, who initially served as executive vice-president of product and marketing at Saint Laurent from 2011 to 2016, succeeds his former role at Balenciaga to Gianfranco Gianangeli. Having led Balenciaga to new heights, his new appointment at Saint Laurent begins on 2 January 2025.
Gianfranco Gianangeli, previously holding the position of Saint Laurent’s chief commercial officer, will now oversee Balenciaga as CEO. Gianangeli brings his experience from OTB Group’s luxury fashion house Maison Margiela, where he served as CEO from 2020 to 2023, to his new position. Both Charbit and Gianangeli are expected to drive innovation and success, reporting directly to Francesca Bellettini, deputy CEO of Kering.
Kering’s leadership adjustments come during a challenging period for the company, evidenced by an 11% decline in revenue compared to the previous year, bringing in €9 billion (£7.57 billion) for the six months leading to 1 July 2024. Additionally, Kering has faced a stark 42% drop in operating income, amounting to €1.6 billion (£1.35 billion), amidst a broader luxury market slowdown. This context underlines the significance of the leadership changes, aiming to navigate and enhance the group’s performance in a competitive market.
These leadership changes underline Kering’s strategic intent to strengthen its position amidst industry challenges.
