Gucci announces the appointment of Stefano Cantino as its CEO, effective January 2025.
- Stefano Cantino transitions from deputy CEO to the helm of Gucci amidst challenging times.
- Jean-François Palus, current CEO, will step down after 17 months in the role.
- Gucci has faced a financial downturn with sales dropping significantly in 2024.
- Cantino is expected to lead the brand back to stability and growth.
In a strategic move, Gucci has announced that Stefano Cantino will ascend to the role of CEO effective from January 2025. Currently serving as the deputy CEO, Cantino joined Gucci in May 2024, bringing with him a wealth of experience from his previous roles at luxury houses Louis Vuitton and Prada.
Jean-François Palus, the incumbent CEO, will be stepping down after a 17-month tenure. His leadership period has been marked by financial challenges, as the brand experienced a steep decline in revenues and profitability. During his tenure, Palus made several critical decisions aimed at stabilizing the brand economically while laying the groundwork for future growth.
The fiscal situation at Gucci has been notably difficult, evidenced by an 18% drop in sales in the first half of 2024. This downturn is part of a broader decline observed across Kering’s portfolio of luxury brands, which include notable names such as Saint Laurent and Balenciaga. Palus was brought in during a turbulent phase following an earlier resurgence in 2021, only to witness a reversal in financial fortunes.
Kering, the parent company of Gucci, reported a 17% fall in net profit for the year ending December 31, 2023, highlighting the broader challenges faced by its brands. François-Henri Pinault, Kering’s chairman and CEO, extended his gratitude to Palus for his leadership and collaboration, recognising his efforts during these challenging times.
As Cantino steps into the leadership role, expectations are high for a turnaround that will steer Gucci back to its revered status. His collaboration with François-Henri Pinault and his prior experience are anticipated to play pivotal roles in this endeavour.
Stefano Cantino’s new role as CEO is pivotal as Gucci navigates through its current financial challenges.
