Gucci Chief Executive Officer Marco Bizzarri is set to leave the brand as owner Kering SA seeks to turn around the previously high-flying Italian label following a slump in its performance.
(Bloomberg) — Gucci Chief Executive Officer Marco Bizzarri is set to leave the brand as owner Kering SA seeks to turn around the previously high-flying Italian label following a slump in its performance.
Bizzarri, who’s been running Gucci since 2015, will leave the company on Sept. 23, Kering said Tuesday. Jean-Francois Palus, currently group managing director, will lead the brand for a “transitional period.”
Bizzarri’s departure comes after growth at Gucci — which accounts for about two-thirds of Kering’s profit — lagged behind rivals in recent years. Its previous creative director, Alessandro Michele, left in November and was replaced by Sabato de Sarno, who is scheduled to unveil his first collection for the brand in September.
Palus will focus on strengthening Gucci’s teams and operations to revive the brand’s influence and momentum, the Paris-based luxury group added. Palus will relinquish his position on Kering’s board and relocate to Milan.
Shares in Kering have risen less than 4% this year, compared with gains of more than 25% at LVMH Moet Hennessy Louis Vuitton SE and Hermes International.
Kering has suffered not only from a lack of growth at Gucci, but also sluggish sales at Balenciaga. That brand’s performance was hurt after an ad campaign late last year was perceived as sexualizing children, prompting an apology from the label.
As part of a wider reorganization at the top of Kering, Francesca Bellettini, the CEO of Yves Saint Laurent, will take on the additional role of group deputy CEO, with all the brand’s chiefs reporting to her. A new top management for Yves Saint Laurent will be eventually put in the place, Kering added.
Jean-Marc Duplaix, Kering’s chief financial officer, will also become a deputy CEO, overseeing operations and finance.
François-Henri Pinault, Kering’s chairman and CEO, said the shakeup is aimed at fully capturing the growth of the global luxury market.
Read more: With Gucci and Balenciaga Struggling, Kering Aims for a Reset
(Updates with details throughout, share price performance)
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