In the world of luxury fashion, few names echo with as much influence and promise as Francesca Bellettini. Recently appointed as Kering’s deputy CEO for brand development, her mission is not merely to steer one iconic brand but to rejuvenate a constellation of high-end labels, including the flagging Gucci. Bellettini’s track record at Saint Laurent, where she led a dramatic revenue increase from €550 million to €3.2 billion in a decade, places her at the forefront of this high-stakes business transformation.
Bellettini’s recent achievements at Saint Laurent set a high bar. Her execution style is marked by precision and a flair for creating brands that resonate deeply with modern consumers. However, she faces a complex landscape as the luxury market grapples with changing consumer habits and the aftereffects of a post-pandemic economy. The challenge includes not only revitalizing iconic brands but also recalibrating business strategies to align with evolving market dynamics.
Kering, under Bellettini’s stewardship, is navigating tumultuous waters. Following a downturn in sales—a staggering 20 percent drop for Gucci in the first half of the year—the group’s shares have fallen to their lowest levels since 2017. The pressure on Bellettini is compounded by the broader luxury market’s struggles, where consumer spending is becoming increasingly selective.
Yet, the task before her is not insurmountable. Leveraging her extensive experience, Bellettini emphasizes a strategy rooted in stability and gradual growth. She believes firmly in balancing timeless luxury with innovative brand strategies. Instead of chasing fleeting trends, Kering has committed to refining its focus on classic styles that withstand the test of time. This involves scaling back on radical rebranding initiatives that previously played to a younger audience’s whims, all while tightening the control over distribution to maintain exclusivity.
Bellettini’s approach is also notably collaborative, a sense of which she articulates through her experiences at Saint Laurent. There, she mingled creative pursuits with operational foresight, fostering an environment of trust and accountability. “Patience, but with a sense of urgency” serves as her mantra—a duality that acknowledges the need for immediate outcomes while fostering long-term vision.
In her dual role leading both Kering and Saint Laurent, Bellettini is redefining operational efficiencies across brands. By empowering teams to make decisions, she has managed to maintain oversight without stifling creativity. This method has enabled her to instill a culture of agility, allowing rapid adjustments in response to market shifts.
In France, where luxury goods are inherently tied to heritage and craftsmanship, Bellettini’s resolve to uphold Gucci’s rich traditions while innovating for new markets is critical. Gucci’s new creative director, Sabato de Sarno, is tasked with marrying the brand’s storied identity with a contemporary aesthetic. Bellettini asserts that the brand’s resurgence hinges on combining its heritage with a fresh directional approach.
As she undertakes these ambitious plans for Gucci and the broader Kering portfolio, Bellettini remains focused on cultivating a new generation of consumers. This entails crafting advertising campaigns and collections that speak to aspirational millennials and Gen Z consumers, who prioritize authenticity and a sense of personal connection with brands. The strategic use of social media serves as a pivotal battleground—where traditional luxury marketing meets digital engagement.
Moreover, her rise within the Kering ranks reflects a broader trend of increasing female representation in luxury leadership. This offers a transformative potential for the industry, exemplifying how diverse leadership can infuse new perspectives and creative solutions, especially during challenging transitions.
While Bellettini’s ambition and strategies hold promise, the luxury sector is notoriously fickle, and the road ahead remains filled with uncertainties. Nonetheless, her track record suggests that she has the insights, tenacity, and collaborative spirit required to overhaul the narrative around Kering and its brands.
The stakes are undeniably high; managing to stabilize Gucci and drive Kering forward will not only define Bellettini’s legacy but also impact the broader luxury market. As attention turns to the upcoming seasons, the industry will be watching closely—awaiting the execution of Bellettini’s vision for revival and resilience.
