The Kering reshuffle continues.
Balenciaga CEO Cédric Charbit will succeed Francesca Bellettini as CEO of Saint Laurent. Gianfranco Gianangeli will succeed Charbit as CEO of Balenciaga, parent company Kering announced on Monday. Both will report to Bellettini, Kering deputy CEO in charge of brand development, “who from then on will be entirely dedicated to the development of all Kering fashion, leather goods and jewellery houses”, according to a statement released by Kering. The changes will be effective 2 January 2025. This comes just a month after Kering announced a new CEO, Stefano Cantino, at its largest brand Gucci, also effective 2 January.
“With his profound understanding of the house and of its unique identity, Cédric is exceptionally prepared to drive the continued growth and success of Saint Laurent,” Bellettini said in a statement. “Equally, I am confident that Gianfranco is the ideal leader to succeed Cédric as CEO of Balenciaga. Gianfranco’s extensive expertise and vision make him the perfect choice to further elevate the house and to build on its remarkable achievements. Having had the privilege of knowing and working closely with both Cédric and Gianfranco for many years, I have no doubts they are the best choices to take the helm of Saint Laurent and Balenciaga.”
Bellettini has been leading Yves Saint Laurent since 2013. In 2016, she recruited Anthony Vaccarello to succeed Hedi Slimane as creative director. Under her leadership, approximate sales rose from €557 million in 2013 to €3.2 billion in 2023. In September 2023, she was appointed Kering deputy CEO in charge of brand development, in addition to her role at the French house. Gianangeli has been chief commercial officer of Saint Laurent since September 2023. Before that, he was CEO of Maison Margiela (between 2020 and 2023).
The handover comes at a time when Kering is navigating a turnaround at Gucci. Meanwhile, Saint Laurent has also been severely impacted by the luxury downturn. Sales were down 9 per cent in the first nine months of 2024 to €2.11 billion.
It marks a return to the house for Charbit who worked at Saint Laurent for five years before being named CEO of Balenciaga in November 2016. He joined Saint Laurent in 2012 as product strategy director, subsequently became merchandising director and was finally promoted to executive vice president of products and communications in May 2016. Under Charbit, Balenciaga reintroduced its couture business in 2020, while its growth sharply accelerated. Sales went from €410 million in 2016 to €2.13 billion in 2022, according to Morgan Stanley estimates. (Kering doesn’t break down individual sales of its “other houses” division that includes Balenciaga and Alexander McQueen.)
However, the brand found itself embroiled in controversy in 2022, which had an impact on sales, notably in the US. Revenues were down to €1.82 billion in 2023, per Morgan Stanley estimates. The house weathered it, implementing an elevation strategy that focused on handbags such as the high-end Rodeo and Bel Air silhouettes (which hit stores in 2024), as well as on China, particularly through its resort 2025 Shanghai show, alongside expanding retail and pursuing innovation.
“With Francesca Bellettini fully dedicated to her role as Kering deputy CEO, and Jean-Marc Duplaix — whose role, as Kering deputy CEO and COO, is to ensure that all corporate departments work together efficiently and support all brands to achieve Kering’s strategic goals — we have the right leadership team in place to address current industry challenges and set the pace for long-term growth,” Kering chairman and CEO François-Henri Pinault said.
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Correction: Charbit has been appointed Saint Laurent's CEO, not president and CEO as previously reported. (18 November 2024)
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