Gucci has announced a leadership change with the appointment of Stefano Cantino as CEO, effective January 2025.
- Cantino steps into the role following his tenure as deputy CEO, succeeding Jean-François Palus.
- Palus took the helm during a difficult period marked by declining profits and sales for Gucci.
- Kering’s overall financial performance has been faltering, with Gucci’s sales significantly impacted.
- François-Henri Pinault has expressed gratitude to Palus for his contributions to Gucci’s stability.
Gucci has announced the appointment of Stefano Cantino as its new CEO, set to take effect on 1 January 2025. Cantino, who is currently serving as deputy CEO, joined Gucci in May 2024 after holding prominent communication roles at Louis Vuitton and Prada.
Jean-François Palus, the current CEO, will step down after a 17-month tenure marked by challenging financial conditions. Under his leadership, Gucci faced a backdrop of tumbling revenues and profits following an initial growth rebound in 2021.
Kering, Gucci’s parent company, reported a 17% drop in net profit at the end of 2023, decreasing from €3.6 billion to €2.98 billion. This financial decline continued in 2024, with Gucci’s sales dropping by 18% in the first half of the year, further exacerbating the pressure on Kering, which saw an overall sales decline across its brands.
Stefano Cantino’s leadership is anticipated to steer Gucci through these financial obstacles, leveraging his experience to invigorate the brand. François-Henri Pinault, Kering’s chairman and CEO, has recognised Jean-François Palus’s efforts during this ‘particularly challenging period,’ noting his courageous decisions and sound foundation-building for Gucci’s future prosperity.
‘I wholeheartedly thank Jean-François for his achievements at the helm of Gucci since summer 2023.’ Pinault remarked, highlighting their close collaboration over three decades, which he described as ‘truly invaluable.’
The new leadership under Stefano Cantino brings a promising outlook for Gucci’s future amidst ongoing financial struggles.
