Gucci Names Stefano Cantino as Deputy CEO Amid Turnaround Process
By Andrea Figueras
Kering's flagship Gucci has named Stefano Cantino as deputy chief executive officer, at a time when the brand is going through a turnaround plan.
The appointment is for a newly created position and will be effective from May 2, the Italian luxury brand said Thursday.
In his role, Cantino will share with Jean-François Palus--president and CEO of Gucci--the responsibility to define and implement the brand's strategy.
"I am absolutely delighted that Stefano Cantino joins us at Gucci for the new chapter that we are currently writing for the House with determination and a long-term vision," Palus said.
The appointment comes as Kering seeks to revamp its core label Gucci in a bid to catch up to luxury rivals. In January 2023, the French luxury giant appointed Sabato de Sarno as the brand's creative chief, but some analysts said signs of improvement could take time.
In its 2023 results, Kering already anticipated pressure on earnings during the current year due to investments in its houses. The profit warning reflected differing trends in the industry, with some companies pointing to a constructive start to demand in 2024.
LVMH Moet Hennessy Louis Vuitton--considered a bellwether for the sector--reported 2023 sales above analysts' forecasts and said it entered 2024 with confidence.
Cantino will join Gucci after spending more than five years at peer Louis Vuitton, where he oversaw communication and image.
"The appointment of Stefano Cantino as Deputy CEO of Gucci is another step in the reinforcement of the iconic Florentine House," Deputy CEO of Kering in charge of Brand Development Francesca Bellettini said.
Last month, Kering warned that sales for the first quarter were expected to decline mainly due to a steep sales drop at Gucci in Asia-Pacific.
Other names in the luxury sector are facing a slower-than-expected recovery in China--one of the industry's largest markets--partly due to domestic economic woes. However, some analysts pointed out that Kering's weak performance in China seemed a Gucci-specific issue, as it is in the midst of its transition process.
Write to Andrea Figueras at andrea.figueras@wsj.com
(END) Dow Jones Newswires
April 11, 2024 04:57 ET (08:57 GMT)
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