French luxury goods company Kering has named Stefano Cantino as CEO of its star label Gucci, firming up management of the Italian fashion house it has been seeking to revive, and adding he would succeed Jean-Francois Palus in January.
Palus, the right-hand man of Kering Chairman and CEO Francois-Henri Pinault for three decades, was named Gucci CEO last year to oversee a transition period at the label, which fell behind rivals during the pandemic. Cantino, who also has two decades of experience at Prada, in communications and marketing roles, will have a seat on Kering’s Executive Committee.
But the efforts have been complicated by a downturn in the global luxury market, while China’s rebound – traditionally Gucci’s most coveted market – was held back by a property crisis and high youth unemployment just when Western markets retreated after a post-pandemic spending splurge.