Gucci CEO To Depart In Leadership Shake-Up At Kering

In a bid to capture a larger share of the thriving global luxury goods market, French parent company Kering has announced a leadership overhaul that will see the president and CEO of Gucci, Marco Bizzarri, step down later this year. According to a statement released by Kering on Tuesday, Bizzarri, who has been leading Gucci since 2015, will officially leave his position on September 23. Jean-François Palus, the current managing director of Kering, will take over in a transitional role.

Kering, which also owns renowned fashion houses Yves Saint Laurent and Balenciaga, stated that Palus has been entrusted with the responsibility of strengthening Gucci’s teams and operations, with the aim of revitalizing the Italian brand’s influence and momentum. François-Henri Pinault, the chairman and CEO of Kering, expressed confidence in Palus, emphasizing his commitment to ensuring the optimal performance of their largest asset.

Last year, Gucci accounted for slightly over half of Kering’s euro 20 billion or $22 billion in revenue. Following the announcement, Kering’s shares experienced a surge, with the stock trading 7.2 percent higher later in the day. This positive market response was accompanied by the disclosure of additional executive appointments in brand development, operations, and finance functions within the company.

Pinault highlighted the objective of building a more robust organization to fully capitalize on the growth potential of the global luxury market. The luxury sector has witnessed remarkable success this year, with designer brands reporting impressive earnings, partially fueled by the reopening of China’s economy after a series of pandemic-related lockdowns.

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