The CEO on the departure of Gucci, Marco Bizzarri in Los Angeles, November 6, 2021 (AFP / Archives / Michael TRAN)
The luxury group Kering announced on Tuesday the departure of the CEO of Gucci since 2015, Marco Bizzarri, scheduled for September 23, and his replacement “for a transitional period” by Jean-François Palus, Deputy CEO of Kering and close to the CEO of the Francois-Henri Pinault group.
Gucci, Kering’s flagship brand, is struggling against other big names in the sector.
“Gucci is obviously our priority because it is our greatest asset” but “the brand has not achieved the best performance lately”, admitted François-Henri Pinault during the presentation in February of the 2022 annual results, saying to himself ” determined” to put it “back on track”.
“For several decades, Jean-François has been, on a daily basis, my right arm and my teammate; he will now devote all his energy to fortifying our main asset, and I am immensely grateful to him,” said Mr. Pinault quoted in a statement released by the group on Tuesday.
Jean-François Palus “has the mission, as the House regains influence and dynamism, to strengthen the teams and operations of Gucci, and to prepare its management teams and its organization for the future”, according to Kering.
Jean-François Palus, Deputy CEO of Kering, in Paris on April 27, 2023 (AFP/Archives/Bertrand GUAY)
He will present his resignation from his mandate as director of Kering and will settle in Milan, it is specified.
Marco Bizzarri is considered by the group as a “central figure in the management team of Kering for 18 years”.
“I would like to thank Marco for his remarkable contribution to the success of Gucci and Kering, and I wish him well in his future endeavours. I am convinced that the changes we are announcing today will put Kering on the path to success and long-term profitable growth”, adds François-Henri Pinault.
Other governance changes were announced on Tuesday: Francesca Bellettini, building on her success as CEO of Yves Saint Laurent since 2013, becomes Deputy Managing Director of Kering, in charge of House Development. The CEOs of all the brands will report to her, and she will be responsible for “steering all of the group’s houses in the next stages of their development”.
Jean-Marc Duplaix, Chief Financial Officer of Kering since 2012, has been appointed Deputy CEO of the group in charge of operations and finance.
“We are building a more solid organization to fully capture the growth of the global luxury market”, explains François-Henri Pinault.
In 2022, Kering achieved a turnover of 20.4 billion euros and a net profit of 3.6 billion euros, up 15% and 14% respectively, despite a more difficult end of the year especially for Gucci.
© 2023 AFP
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