Who is Gucci's new CEO?

There are winds of change in the air. Starting from January 1, 2025, Gucci will be led by Stefano Cantino, appointed as the new CEO of the brand by Kering. Cantino, a veteran of the luxury fashion industry, takes on this role at a critical moment for Gucci, replacing Jean-François Palus, who held the position of interim CEO following Marco Bizzarri's departure in 2023. Cantino’s appointment represents a strategic move by Kering to address a series of internal and external challenges that have impacted the brand’s performance and image in recent years. Stefano Cantino's background in luxury fashion is impressive, covering over two decades. Before joining Gucci, he built a solid reputation through high-level roles at both Prada and Louis Vuitton. Specifically, Cantino spent more than 20 years at Prada, working closely with Patrizio Bertelli and dealing with communication, merchandising, and strategy, playing a crucial role in Prada's global expansion and overseeing the brand's IPO. In 2018, Cantino joined Louis Vuitton as Senior Vice President of Communication, where he handled brand image, communication, and global events. Under the leadership of CEO Michael Burke, Cantino was an integral part of the brand's transformation into a “cultural brand” and its expansion into jewelry, smartwatches, and restaurants. 

Cantino joined Gucci as Deputy CEO in May 2023, initially collaborating with Jean-François Palus. Although new to the role, Cantino quickly became involved in defining the brand's strategy and played a key role in developing plans to change Gucci's image and executing strategies to attract both loyal customers and new generations. His responsibilities include refining the brand's communication, enhancing customer experience, and modernizing Gucci's merchandising approach. Now, as the official CEO, he is tasked with tackling the challenges that Gucci faces in attempting to get the brand back on track. Gucci's recent performance saw a 20% drop in revenue in the first half of 2024, amounting to 4.1 billion euros. This is partly due to the general luxury crisis affecting all brands in the sector but has hit Kering's crown jewel harder, given the brand's transitional period at an unfortunate historical moment for fashion. One of Cantino's primary missions will be to resolve the slowdown in the delivery of seasonal collections by optimizing the supply chain and distribution channels, introducing new handbag lines, and expanding the range of essential ready-to-wear items, with the goal of stabilizing sales.

In addition to Cantino's appointment, Kering has made other appointments to strengthen Gucci's executive team. Massimo Vian, a former Luxottica executive, joined as Chief Industrial and Supply Chain Officer, tasked with overseeing the production of leather goods, footwear, ready-to-wear, and jewelry. Cayetano Fabry was appointed Chief Commercial Officer, where he leads the development of customer-centric retail and digital experiences. Davide Buzzoni, formerly with Loro Piana, is now the Global Communications Director, responsible for renewing Gucci's communication strategies. Kering's executives, including Francesca Bellettini, head of the group's fashion brands, have expressed confidence in Cantino's ability to lead Gucci towards profitability, with the brand ready to grow in terms of both relevance and competitiveness in the increasingly challenging luxury landscape. His task is not easy: to reignite consumer demand and reestablish Gucci as a leader in the luxury fashion industry.