The Kering reshuffle continues.
Balenciaga CEO Cedric Charbit will succeed Francesca Bellettini as CEO of Saint Laurent.
Gianfranco Gianangeli will succeed Charbit as CEO of Balenciaga, parent company Kering announced on Monday.
Photo: Ezra Petronio and Alice Rosati Studio
The changes will be effective 2 January 2025.
Equally, I am confident that Gianfranco is the ideal leader to succeed Cedric as CEO of Balenciaga.
Bellettini has been leading Yves Saint Laurent since 2013.
Gianangeli has been chief commercial officer of Saint Laurent since September 2023.
Before that, he was CEO of Maison Margiela (between 2020 and 2023).
The handover comes at a time when Kering is navigating a turnaround at Gucci.
Meanwhile, Saint Laurent has also been severely impacted by the luxury downturn.
Sales were down 9 per cent in the first nine months of 2024 to 2.11 billion.
Under Charbit, Balenciagareintroduced its couture businessin 2020, while its growth sharply accelerated.
Sales went from 410 million in 2016 to 2.13 billion in 2022, according to Morgan Stanley estimates.
(Kering doesnt break down individual sales of its other houses division that includes Balenciaga and Alexander McQueen.)
Revenues were down to 1.82 billion in 2023, per Morgan Stanley estimates.
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