Luxury never stops, but sometimes it accelerates in unexpected directions. That is exactly what has just happened with Gucci, the most iconic brand of the Kering group, which is going through one of the most delicate periods in its recent history. The French conglomerate has entrusted the helm to Francesca Bellettini, until now executive vice-president of the group and architect of the historic transformation of Saint Laurent.
Less than a year after appointing Stefano Cantino as CEO of Gucci, Luca de Meo, Kering’s new chief executive, is executing his first major power shift, making it clear that patience is not an option when it comes to a brand that accounts for nearly 50% of the group’s global sales. Gucci needs immediate results, and Bellettini is the strongest bet to get the ship back on course.
In 2024, Gucci recorded a 21% drop in sales, and the first half of 2025 has been even tougher, with a 25% slump. This decline not only reflects the fatigue of the creative and commercial approach of recent years, but also the growing competitive pressure from rivals such as Dior, Prada and Loewe, which have been better able to capitalise on global consumer appetite for fresh and coherent offerings.
During 2024, Gucci recorded a 21% drop in sales, and the first half of 2025 has been even tougher, with a 25% slump. This decline reflects not only the fatigue of the creative and commercial approach of recent years, but also the growing competitive pressure from rivals such as Dior, Prada and Loewe, which have been better able to capitalise on global consumer appetite for fresh and coherent offerings.
This scenario turns Gucci into a battlefield. The urgency to reposition it is such that De Meo has temporarily frozen the purchase of the rest of Valentino, redirecting all the group’s energy towards the recovery of its most powerful brand.
If there is anyone in the industry with the credentials for a task of this calibre, it is Francesca Bellettini. For more than a decade, she led the meteoric rise of Saint Laurent, multiplying its revenues sixfold and transforming the maison into a synonym for modernity, sexy minimalism and aesthetic consistency. Her reputation as a strategic CEO with a vision for the luxury business is what is now expected to be transferred to Gucci.
The mission is not an easy one: to stabilise finances, redefine positioning and, above all, restore the cultural relevance that made Gucci a symbol of global desire during the Alessandro Michele era.
Demna as creative director
The context becomes even more interesting because the handover coincides with a key moment: on 23 September in Milan, Demna — newly appointed creative director of the house — will present his first proposal for Gucci. The former Balenciaga designer arrives with the challenge of reconfiguring the brand’s language in a scenario where aesthetic saturation and loss of narrative have become evident. Here, Bellettini’s role takes on extra value. Not only was she directly involved in hiring Demna, but she will now be able to align her creative vision with a coherent business strategy.
Risk and opportunity
Kering’s move is as risky as it is necessary. Gucci’s decline is not just a problem of numbers, but a blow to the group’s perceived cultural power. By placing Bellettini at the centre of the operation, Kering seeks to project confidence to investors, analysts and consumers: Gucci will not lose its place at the top without a fight.
But the pressure is intense. With Demna preparing a debut that could polarise the industry and Bellettini tightening the screws on a machine that has been creaking for years, Gucci’s immediate future hinges on a delicate balance between financial urgency and cultural reconstruction.
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