The leadership at Saint Laurent and Balenciaga is undergoing significant changes, marking a pivotal moment in the luxury fashion industry.
- Cédric Charbit is set to return to Saint Laurent as CEO after eight years at Balenciaga.
- Charbit previously served at Saint Laurent as executive vice-president of product and marketing.
- Gianfranco Gianangeli will take over as CEO of Balenciaga, coming from Maison Margiela.
- Kering has reported a financial decline amid these leadership shifts.
In a major reshuffle, Cédric Charbit is poised to return as CEO of Saint Laurent, a position he had held in another capacity as executive vice-president of product and marketing from 2011 to 2016. His return comes after an eight-year tenure as CEO of Balenciaga, a fellow luxury label under the Kering umbrella. Charbit’s extensive 25-year career in the fashion industry includes notable positions at Emilio Pucci and Printemps, French department stores that have shaped his strategic outlook in high-end retail.
Succeeding Charbit at Balenciaga is Gianfranco Gianangeli, who has been serving as CEO of Maison Margiela from 2020 until now. Gianangeli brings a wealth of experience from his leadership roles in various luxury fashion houses, making him a fitting choice to guide Balenciaga into its new chapter. Both leaders are to report directly to Kering’s deputy CEO, Francesca Bellettini, whose confidence in their abilities suggests a strong endorsement of their potential to drive future growth.
Francesca Bellettini remarked on the leadership change, expressing her optimism about the future: ‘Having had the privilege of knowing and working closely with both Cédric and Gianfranco for many years, I have no doubts they are the best choices to take the helm of Saint Laurent and Balenciaga. I am certain they will excel in their new roles, guiding their respective houses toward even greater success.’ Her words underscore the strategic intent behind these appointments and the expectations placed on these leaders to navigate their brands through competitive markets.
This leadership transition occurs against the backdrop of Kering’s financial downturn, with the company’s half-year revenue dropping by 11% year-over-year to €9 billion and operating income falling 42% to €1.6 billion. The downturn highlights broader challenges facing the luxury goods sector, including changing consumer behaviours and economic pressures. Kering’s decision to reset its leadership at two of its flagship brands indicates a responsive strategy aimed at revitalising its market position.
These strategic leadership changes are indicative of Kering’s proactive approach to steering its luxury brands through evolving industry dynamics.
