In a significant leadership change, Gucci has appointed Stefano Cantino, previously the deputy chief executive, as the new head of the esteemed Italian fashion brand. He takes over from Jean-François Palus, who had been serving as the interim CEO following the departure of Marco Bizzarri earlier this year.
Cantino has a remarkably rich background in the luxury fashion sector, having spent over twenty years at Prada, where he built a solid foundation of expertise in various facets including communications, merchandising, and strategic development. His work alongside executive chairman Patrizio Bertelli was instrumental during critical phases of the company’s global growth, public offering, and subsequent revitalization efforts. After his tenure at Prada, Cantino transitioned to Louis Vuitton in 2018, where he played a key role in shaping the brand’s image and communication strategies during a period of significant transformation for the LVMH flagship.
Taking the reins at Gucci, Cantino faces a considerable challenge. His predecessor, Palus, who had previously managed operations at Kering, Gucci’s parent company, temporarily guided the brand through a challenging transition. Under Palus’s leadership, Gucci underwent internal restructuring and cultural revamping, as well as welcoming the renowned designer Sabato De Sarno. However, his lack of extensive hands-on experience in managing a large fashion label raised concerns, particularly as Gucci contended with declining financial performance amidst a worldwide dip in luxury demand.
The numbers reflect Gucci’s struggles: the brand’s first half of the fiscal year saw revenue plummet by 20 percent, amounting to €4.1 billion (approximately $4.5 billion). This decline exemplifies the difficulties facing the brand as it attempts to reshape its identity during a complex market landscape. The shift away from the maximalist designs and eclectic streetwear inspired by former creative director Alessandro Michele has led to a period of adjustment in terms of sales, particularly in light of the newly introduced strategy focused on emphasizing Gucci’s heritage and core product offerings. Unfortunately, initial responses to De Sarno’s creative vision have been lukewarm at best, further complicating the brand’s turnaround efforts.
Cantino’s extensive experience at Louis Vuitton is noteworthy, especially during a time of remarkable transformation. Under the guidance of CEO Michael Burke, Vuitton expanded from a luxury powerhouse generating €10 billion in annual revenue into a multifaceted cultural entity, with sales eclipsing €20 billion in 2022. During this time, Cantino adeptly balanced diverse project initiatives, ranging from women’s fashion under Nicolas Ghesquière to men’s lines spearheaded by the late Virgil Abloh. He was also involved in high-profile collaborations, durable jewelry lines, smartwatches, and even ventures into culinary experiences and home design.
Francesca Bellettini, the deputy CEO of Kering, recently expressed confidence in Cantino’s ability to drive Gucci’s strategy. She emphasized the importance of blending the brand’s rich heritage with a strong fashion-forward approach. “The most successful moments for Gucci have always been those where a deep understanding of its DNA meets a compelling fashion sensibility,” Bellettini commented. As Cantino embarks on this new chapter, many eyes will be on Gucci to see how he revives the brand’s iconic status in the ever-evolving landscape of luxury fashion.
