In a strategic move by Kering, Gucci appoints Stefano Cantino as the new CEO, effective January 2025, following a challenging financial period.
- Stefano Cantino, previously deputy CEO, steps up to lead Gucci after joining in May 2024.
- Jean-François Palus concludes his 17-month tenure as Gucci CEO, marked by declining revenues and profits.
- Kering’s financial difficulties underline the necessity for strategic leadership as the brand aims for recovery.
- François-Henri Pinault expresses gratitude for Palus’ contributions during a tumultuous time for Gucci.
In a strategic decision, Kering has appointed Stefano Cantino as the new CEO of Gucci, effective from 1 January 2025. Cantino previously served as the deputy CEO of Gucci, having joined the company in May 2024. His appointment follows a role in overseeing communications at luxury brands Louis Vuitton and Prada, showcasing his extensive experience in the luxury sector.
Jean-François Palus, who has led Gucci since July 2023, will step down after 17 months as the CEO. His tenure was notable for efforts to stabilise Gucci during a period of falling revenues and profits. The decision for leadership change comes amid an 18% decline in Gucci sales for the first half of 2024, compared to an overall 11% drop across other brands under Kering’s umbrella, which include prominent names like Saint Laurent and Balenciaga.
Kering, which owns Gucci, experienced a 17% dip in net profit for the year ending 31 December 2023. This decline highlights the financial challenges that Palus faced during his leadership. Despite the setbacks, Palus is recognised for his courageous decisions that laid the foundational steps for Gucci’s revival.
Kering’s chairman and CEO, François-Henri Pinault, has expressed his heartfelt gratitude towards Jean-François Palus for his significant contributions and his close collaboration over the years. He acknowledged the difficult environment Palus navigated and praised the solid groundwork laid for Cantino to guide Gucci towards renewed growth.
The transition in leadership represents a pivotal moment for Gucci as it prepares to tackle persistent market challenges and seeks strategies for recovery under Cantino’s stewardship.
The appointment of Stefano Cantino as CEO is a pivotal step for Gucci in navigating its financial recovery.
