PARIS.- Stefano Cantino, from Louis Vuitton, was appointed new deputy general director of Gucci, announced on Thursday in a statement the famous brand of moda italian of luxury.
Cantino, who will take up his new duties on May 2, “will define and implement the brand’s strategy,” said Gucci, whose sales are declining in a slowing global luxury market.
Gucci, spearhead of the Kering group for a long time, has been going through turbulence for several months. Sales of the Italian brand, which represent more than half of Kering’s turnover, fell 6% in 2023. And for the first quarter of 2024, sales are forecast to decline by 20%.
“Our priority is to get Gucci back on track,” François-Henry Pinault, head of Kering, said in early February, adding that this “won’t happen overnight.”
Brand changes
To this end, the group has already made several changes at the head of Gucci.
In 2023, the group placed Jean-François Palus at the head of the brand. A few weeks earlier, Gucci had already separated from his artistic creator and replaced him with Sabato de Sarno.
The appointment of Stefano Cantino is, therefore, a new step in the strengthening of Gucci, said Francesca Bellettini, deputy general director of Kering, who praised his extensive experience in strategic functions.
“We are going to write a very successful new chapter in the history of our magnificent brand,” Bellettini promised.
Source: AFP
