CEO Stefano Cantino Set to Exit Just Before Demna’s Creative Reveal, Marking Luca de Meo’s First Major Move
Gucci is bracing for a major leadership shift as Francesca Bellettini, currently deputy CEO of Kering in charge of brand development, is expected to take over as chief executive of the House, succeeding Stefano Cantino, according to multiple sources.
The change at the top of Kering’s flagship brand is anticipated as early as Monday—marking Luca de Meo’s first official day as the new CEO of Kering, following his confirmation by shareholders last week. The executive shake-up underscores de Meo’s urgency in addressing mounting pressure at the group, particularly at Gucci, which accounts for nearly half of Kering’s revenue and two-thirds of its operating profit.
Cantino, who was only appointed CEO in January after serving briefly as deputy CEO, is said to be exiting ahead of Gucci’s pivotal presentation on September 23 in Milan. The show will mark the first creative gesture by new artistic director Demna, brought over from Balenciaga to revive momentum at the storied Italian label.
Bellettini, who played a key role in the nomination and onboarding of Demna, is widely seen as a steady hand. She would bring both historical knowledge and operational expertise to the role, having worked at Gucci from 2003 to 2008 in strategic planning and merchandising before spending a decade at the helm of Saint Laurent. There, she oversaw a six-fold growth that transformed the brand into a €3 billion powerhouse.
Since her appointment as Kering’s deputy CEO in 2023, Bellettini has been closely involved in key strategic decisions at Gucci—including the hirings of Cantino and former creative director Sabato De Sarno. De Sarno’s short-lived reboot failed to gain traction with consumers, and his departure earlier this year further added to the brand’s volatility.
De Meo’s decision to place Bellettini at Gucci avoids the delay of a prolonged external search and signals a desire for continuity in execution. However, some observers suggest it could also be seen as “more of the same,” given Bellettini’s deep involvement in recent leadership choices that have not yielded the turnaround Kering had hoped for.
Kering is under growing scrutiny as Gucci’s performance continues to lag. Sales at the House dropped 21 percent in 2024, followed by a further 25 percent decline in the first half of 2025. The pressure is mounting to stabilize the brand’s leadership and sharpen its creative and commercial focus.
Further executive changes are expected to follow quickly, including the replacement of Gucci CFO Alberto Valente. Jean-Marc Duplaix, currently deputy CEO for operations and finance, will retain his role as group COO.
De Meo, known for his decisive leadership during his time at Renault, has reportedly spent the summer quietly preparing for his first moves. His proactive approach was already evident this week when Kering and Mayhoola postponed the option to acquire full control of Valentino, pushing any buyout to at least 2028.
Now, with Bellettini poised to take over at Gucci, de Meo is signaling that Kering’s most important transformation begins at the top—and it starts now.