Marco Bizzarri, Gucci boss since 2015, will leave the company, with group managing director Jean-Francois Palus taking the reins of the brand in the interim, Kering said late Tuesday. The French luxury conglomerate also said it has named Yves Saint Laurent CEO Francesca Bellettini and finance chief Jean-Marc Duplaix as deputy CEOs as part of the management shakeup. Bellettini will continue as Yves Saint Laurent CEO. Kering's shares are only up 9.8% year-to-date, while those in Hermes are up more than 31% and those in LVMH Moet Hennessy Louis Vuitton, owner of LV and Dior, have risen 27%. Kering appointed a new creative director for Gucci, Sabato de Sarno, at the beginning of the year, in a bid to inject some vim into its collections.

Source: Wall Street Journal July 19, 2023 14:34 UTC