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Gucci's Chief Executive Officer, Marco Bizzarri, is set to resign later this year amid a significant leadership shake-up at its parent company, Kering Group. The move, part of an aggressive effort to outpace rival LVMH, is part of Kering's broader strategy to expand its global luxury market share.
The Paris, France-based corporation specializing in luxury goods and also owns Balenciaga, Yves Saint Laurent, and more revealed a new lineup of executives that will manage its subsidiaries. This move is being taken to start a new chapter and surpass its rival, LVMH.
According to CNN Business, Gucci’s president and CEO, Marco Bizzarri, is leaving after eight years of service. Kering said the goal of the latest leadership shake-up is for the company to seize more of the growing luxury goods market worldwide.
It was noted that Bizzari’s departure is sudden, and Kering Group announced it as quietly as possible this week. The outgoing chief has been leading Gucci since 2015, and Kering confirmed that he is making his official exit on Sept. 23.
Gucci’s parent company assigned Jean-François Palus to take over as his replacement. He is currently a managing director at Kering’s. François-Henri Pinault, Kering’s chairman and chief executive, said Palus was tasked to bolster the Florence, Italy-based high-end fashion house’s teams and operations to rebuild the brand’s supremacy in the fashion industry.
Associated Press News reported that while Gucci is one of the underperforming subsidiaries today, it was the brand that brought in the most profits in the history of Kering’s. However, it has hit a snag in recent years and has been under scrutiny after underperforming rivals.
Aside from Palus, Kering is also promoting Francesca Bellettini, the president and CEO of Yves Saint Laurent. Under the leadership reorganization, she will become deputy CEO for brand development and will manage all of the company’s fashion houses, including Balenciaga, Bottega Veneta, and Alexander McQueen. Jean-Marc Duplaix, Kering’s chief financial officer, will also be promoted to the CEO role, handling operations and finance.
“We are building a more robust organization to fully capture the growth of the global luxury market,” Pinauly said regarding the management overhaul.
