Kering announces significant leadership changes at Saint Laurent and Balenciaga, two of its luxury fashion brands.
- Cédric Charbit returns to Saint Laurent as CEO after leading Balenciaga for eight years.
- Gianfranco Gianangeli is appointed as CEO of Balenciaga, following his tenure at Maison Margiela.
- Both Charbit and Gianangeli will report to Kering’s deputy CEO, Francesca Bellettini.
- Kering reports a significant decline in half-year revenue amidst a luxury market slowdown.
Kering has announced notable leadership appointments within its luxury brand portfolio. Cédric Charbit will assume the role of CEO at Saint Laurent, effective from 2 January 2025. Charbit previously served as Saint Laurent’s executive vice-president of product and marketing from 2011 to 2016, before moving to Balenciaga as CEO. His extensive experience in the fashion industry includes roles at Emilio Pucci and Printemps.
Stepping into Charbit’s former role, Gianfranco Gianangeli is set to lead Balenciaga as its new CEO. Gianangeli brings a wealth of expertise, having served as CEO of Maison Margiela prior to joining Saint Laurent in 2023. Both Charbit and Gianangeli’s appointments signal a strategic move by Kering to bolster leadership during challenging market conditions.
Francesca Bellettini, Kering’s deputy CEO, expressed confidence in the new appointments, highlighting her long-standing professional relationships with both Charbit and Gianangeli. She emphasised their capability to guide their respective brands to achieve greater success. This strategic reshuffle comes at a critical time as Kering navigates a luxury market slowdown, reflected in its recent financial performance.
In the first half of 2024, Kering’s revenue fell by 11%, with operating income declining 42%. This revenue slump underscores the luxury sector’s broader challenges, as consumers worldwide become more cautious in their spending. The company aims to reverse this trend by appointing leaders poised to drive growth and innovation.
Kering’s strategic leadership changes aim to strengthen its luxury brand portfolio amidst challenging market conditions.
