Luxury group Kering has named Stefano Cantino as the new chief executive officer of Gucci, as the Italian fashion house attempts to regain its market leadership position amid challenging times for the luxury sector.

Cantino, who joined Gucci as deputy chief executive officer in May 2024, will assume his new role on 1 January 2025, succeeding Jean-François Palus. He will report to Francesca Bellettini, deputy chief executive officer of Kering in charge of brand development.

The appointment comes during a period of transition for Gucci, Kering's largest brand, which has faced declining sales and profits in the first half of 2024. The luxury house has been undergoing a strategic overhaul following the departure of former creative director Alessandro Michele in late 2022 and the appointment of Sabato de Sarno as his successor.

Francesca Bellettini expressed confidence in the new appointment, stating: "I am confident that, building on what has been set up over the past 15 months, Stefano and the Gucci team will succeed in the mission to take Gucci back to the leadership the brand deserves."

Cantino brings significant luxury sector experience to the role, having spent five years overseeing communications and image at Louis Vuitton. Prior to this, the University of Turin graduate held various senior positions at the Prada Group over two decades, ultimately serving as director of communications and marketing.

François-Henri Pinault, chairman and chief executive officer of Kering, praised the outgoing Palus for his contributions: "Over a particularly challenging period, he made the courageous decisions the House needed, and built sound foundations for a renewed Gucci to flourish again under the stewardship of Stefano."

Palus had been appointed in July 2023 with the specific mandate to establish foundations for Gucci's next chapter and recruit key talent, including his successor. His departure marks the end of a 30-year collaboration with Pinault at the luxury group.

The leadership change comes at a crucial time for Gucci, which accounts for the majority of Kering's profit. The brand has faced particular challenges in mainland China, where sales reportedly declined by approximately 30 per cent in the first half of the year, according to Barclays estimates.

Cantino will join Kering's Executive Committee in his new role, as the group, which owns other luxury brands including Saint Laurent and Bottega Veneta, posted revenue of €19.6 billion in 2023.

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