Discussion: The State of Kering

[yslforever]

Brought up ad nauseam but it doesn’t help that Anthony isn’t really product oriented. The clothes just don’t feel designed it’s more of the vibe and the ‘vibe is not giving’ anymore.

His YSL worked before because it was an extension of Slimane, but after his breakthrough show they just ran away with it, Francesca Bellettini profiles about how YSL would be a megabrand and all, and the cracks began showing. It’s all a vapid parade of vibe. The bags used to save them but even with those bags there’s no design intent. It’s all cheaply branded. YSL used to have fabulous bags under Stefano and I know they tried since like last year but it’s not sticking. It’s so incongruent the whole thing.

They should try fix YSL too. It could be good. Maybe a separate designer for mens and womens after all it’s one of those brands whose vocabulary is vast and not just a single jacket or dress. They could be legitimate in menswear too and they were.

The menswear - I mean if you can find it and try it in stores, which is rare - is actually better than the impressions from the show. The Fall 25 is tailored and fits absolutly perfectly and is much nicer irl than on photographs, it's really nicely done.
But I agree they do need separate menswear and womenswear designers for YSL (Lucas Ossendrijver please we beg you).
Also the same for Gucci, brands cannot simply reach and maintain a certain size with one unique vision: Dior had two CDs (Anderson is the exception and I don't see how he can sustain scores of collections a year), Hermès, Vuitton too.
At Vuitton's, bags shoppers have the choice of in-house designs, or Pharrell's designs, or Nicholas designs; they cover different tastes and sensibilities while style being very specific to LV.

They just cannot bet a Gucci recovery and reach 8 billions or 10 billions on ONE CD's aesthetic only.
I already said that was one of their main mistake with Ancora, not Ancora himself, but the fact he was alone. With two CDs, if one if miscast, you can always ask more from the other one.
I hope their new 36 millions a year CEO can understand that.

 

[Phuel]

^^^ Have you been able to access the men's rooster-feather coat? That truly looks divine.

His ideal of YSL is… solid enough— as painfully limited as it and he may be. I can see his little brain carefully picking out 3 main looks for a collection from one of Yves’ archival collection; then another 3 looks from that same collection for for his next collection, then another 3 looks… With his men’s, it must be a lot tougher for him to even conjure 3 looks, since Yves was never known for his menswear, and Anthony’s found the confidence to not rely on Hedi and Tom anymore. That he’s ripping off wholesale late-80s Pitti Uomo showroom fodder— with the occasional gorgeous gem: That rooster-feather coat. And as customey as it all is, no doubt the material and construction is at a premium. I understand the appeal. But this great disconnect and divide of his measly ideal vs the commercial offering at retail is so jarring. Once the trash gold diggers and midwest mums are bored with the logo’d merch— and they always will be and apparently the brand's earnings are showing, Anthony’s days are numbered.

Looking at Anthony’s efforts, from designs to campaign, it can be very nice. But it’s not that hard to come up with, if Kering’s generous allowance freely supports him. We’ve seen it all before, and produced far superior. And in a way, he’s almost admirable for living out the TFSer’s dream of wrangling all the content found, discovered and learned here; from designs, to shows, to campaigns and curating it all into a cohesive whole, and making a commercial success of it for an iconic brand. It’s hard to hate on this little mid, frankly.

 

[yslforever]

^^^ Have you been able to access the men's rooster-feather coat? That truly looks divine.

His ideal of YSL is… solid enough— as painfully limited as it and he may be. I can see his little brain carefully picking out 3 main looks for a collection from one of Yves’ archival collection; then another 3 looks from that same collection for for his next collection, then another 3 looks… With his men’s, it must be a lot tougher for him to even conjure 3 looks, since Yves was never known for his menswear, and Anthony’s found the confidence to not rely on Hedi and Tom anymore. That he’s ripping off wholesale late-80s Pitti Uomo showroom fodder— with the occasional gorgeous gem: That rooster-feather coat. And as customey as it all is, no doubt the material and construction is at a premium. I understand the appeal. But this great disconnect and divide of his measly ideal vs the commercial offering at retail is so jarring. Once the trash gold diggers and midwest mums are bored with the logo’d merch— and they always will be and apparently the brand's earnings are showing, Anthony’s days are numbered.

Looking at Anthony’s efforts, from designs to campaign, it can be very nice. But it’s not that hard to come up with, if Kering’s generous allowance freely supports him. We’ve seen it all before, and produced far superior. And in a way, he’s almost admirable for living out the TFSer’s dream of wrangling all the content found, discovered and learned here; from designs, to shows, to campaigns and curating it all into a cohesive whole, and making a commercial success of it for an iconic brand. It’s hard to hate on this little mid, frankly.

No no that feather coat - they said it was already all "pre-ordered" - , but all the tailoring and I even tried those tight-high boots and they indeed felt absolutely ridiculous over trousers, maybe they can work over jeans or even without any pants, in the context of a Berlin club, idk.

 

[FashionPower]

No no that feather coat - they said it was already all "pre-ordered" - , but all the tailoring and I even tried those tight-high boots and they indeed felt absolutely ridiculous over trousers, maybe they can work over jeans or even without any pants, in the context of a Berlin club, idk.

The distribution for those ridiculous leather cuissards is going be:
- Gifted to influencers / brand ambassadors, Anthony's circle (see Marc Jacobs IG post)
- Few pairs bought by gay fashion mafia weirdo (you know, those people you see dressed like clowns at Balenciaga shows, both couture and RTW)
- Maybe some ultra wealth bored woman will buy them too and use them as heel-less thigh high boots?

But yeah, those are perfect to be worn for 5 minutes for dressing, posing and posting an image on IG and then return them to the shop LOL

 

[yslforever]

not sure it goes on this thread but for those interested, the most recent documentary on Gucci, by Arte TV so they might be geographic restrictions :

 

[IndigoHomme]

Gucci In "State of Unrest" As 1000 Employees Threaten to Strike

Adding yet another brand to a growing wave of labor scandals rocking the luxury sector.

hypebeast.com

 

[PDFSD]

Gucci In "State of Unrest" As 1000 Employees Threaten to Strike

Adding yet another brand to a growing wave of labor scandals rocking the luxury sector.

hypebeast.com

“We do not want to, and will not, fall into the trap of a downward trade that removes protections from one side and transfers them to another,”

this top management stealing & mismanagement of funds from company and trying to recoup from lower employees ....history repeats

l this just to recoup 600.000 euro while the new ceo will get 20 million welcompackage + plus more lol

its so embarrassing how badly managed they are

 

[PDFSD]

A Letter to Kering’s New CEO​

Incoming chief executive Luca De Meo needs to urgently tackle two problems, debt levels and management structure, writes Luca Solca.

Kering’s incoming chief executive Luca De Meo needs to urgently tackle debt levels and management structure, writes Luca Solca. (Kering)

By Luca Solca
07 August 2025
BoF PROFESSIONAL


It’s worth commending Luca De Meo’s courage in trying his hand at the helm of a company facing serious issues in a sector that’s new to him. De Meo has had an outstanding career in automotive, with major achievements at Fiat Chrysler, Volkswagen and Renault. The announcement of his departure from Renault for Kering produced a combined €3.6 billion share price move, when the decline at Renault and the increase at Kering are added together. That said, the road ahead won’t be easy.

At Kering, there are two immediate priorities that De Meo needs to tackle:

1. Debt levels must be curbed

Kering embarked on a major M&A and capex spree just as business performance was sinking: Valentino, Creed, real estate, Maui Jim. In total, a good part of €14 billion was spent on these acquisitions, even as growth at both flagship Gucci and some of its other key brands started to slow to the tune of double-digit revenue declines. Continuing to sell back real estate (at a loss) seems a bitter but necessary medicine. Could the group also strike a larger deal with Mayhoola, trading Kering equity for the rest of Valentino? That may well be worth exploring.


2. The management organisation must be fixed

a) I see less and less logic in the dual co-CEOs structure. With company outsider De Meo replacing François-Henri Pinault as CEO, there would likely be too many cooks in the kitchen if a hands-on chairman, a CEO and two co-CEOs were to coexist. Not to mention the brand CEOs.

b) It is important to eliminate the ‘moral hazard’ the brand development position creates. Who will call the shots on Gucci and the other brands? The brand CEOs? The co-CEO responsible for brand development? The group CEO? The chairman? It seems appropriate for brand CEOs to be in charge of their business and fully responsible for it. This eliminates a potential disconnect.

c) It is vital to ensure the right leaders drive the brands, and that their teams are up to the task. Gucci’s performance raises serious questions about its leadership, especially if we look at the high churn in the brand’s core team. Relaunching a brand is a matter of vision (where the brand has to go to find success); team (who is needed to get there); and execution (how well one does what is needed).

d) Miracle expectations on designers need to be put into perspective. Designers are important. But they operate in the context of a vision from the CEO, and in coordination with all other company functions. There appears to be a lack of urgency amongst management “as Demna will fix the problem.” Or even worse, an implicit delegation to the designer of elements management must provide.

 

[fashman]

“We do not want to, and will not, fall into the trap of a downward trade that removes protections from one side and transfers them to another,”

this top management stealing & mismanagement of funds from company and trying to recoup from lower employees ....history repeats

l this just to recoup 600.000 euro while the new ceo will get 20 million welcompackage + plus more lol

its so embarrassing how badly managed they are

Lol, this is a situation of “tighten the belts of the workers so the execs can loosen theirs.”
They’re scrambling over €600,000, but the new CEO’s €20 million welcome package nko? very untouchable.
The finest luxury management

 

[justpassingthrough]

Kering staff called back to the office four days a week

French luxury conglomerate Kering, which owns Gucci, Yves Saint Laurent and Balenciaga, will order UK staff back to the office four days per week from January 2026, Drapers has learned.

www.drapersonline.com

Anyone have an account to bypass paywall? Tia!

 

[PDFSD]

Kering staff called back to the office four days a week

French luxury conglomerate Kering, which owns Gucci, Yves Saint Laurent and Balenciaga, will order UK staff back to the office four days per week from January 2026, Drapers has learned.

www.drapersonline.com

Anyone have an account to bypass paywall? Tia!

UK staff at Kering, which also owns Bottega Veneta, Alexander McQueen and Brioni, currently go into the office three days a week.

seems not much more to it than from 3 days mandatory currently to4 days per week mandatory from January 2026

 

[justpassingthrough]

Francesca Bellettini Expected to Take Helm of Gucci: Sources

Kering is zeroing in on a contract to make Francesca Bellettini, one of its most accomplished executives, the next CEO at Gucci, sources told WWD.

wwd.com

Bellettini to take CEO position at Gucci

 

[PDFSD]

Francesca Bellettini Expected to Take Helm of Gucci: Sources

Kering is zeroing in on a contract to make Francesca Bellettini, one of its most accomplished executives, the next CEO at Gucci, sources told WWD.

wwd.com

Bellettini to take CEO position at Gucci

Francesca Bellettini Expected to Take Helm of Gucci: Sources​

The veteran luxury executive, currently Kering's deputy CEO in charge of brand development, would succeed Stefano Cantino, who has been in the role since Jan. 1.

By
Luisa Zargani, Miles Socha
Plus Icon
September 14, 2025, 8:53am

Francesca Bellettini Marco Cella/Courtesy of Kering

Kering is zeroing in on a contract to make Francesca Bellettini, one of its most high-profile and accomplished executives, the next chief executive officer at Gucci, WWD has learned.

According to multiple industry sources, Bellettini will succeed Stefano Cantino and Cantino will exit the Italian fashion house after only about nine months in the role, during which there has been significant change.

It is understood an announcement could come as early as this week.

Officials at Gucci and Kering did not immediately respond to multiple requests for comment over the weekend.

Well she hired Demna for Gucci so she can make it work or get out together with Demna when it flops ...Demna is allowed to do his brand in LA any ways (via contract) so he might start while he is at Gucci get some millions more and continue with his life in the hills.
she hired her friend Cantino to only replace him also got some millions extra as a thank you no hard feelings

what a mess not a good start Luca.lol

 

[GivenchyAddict]

Bye Cantino! 🤭

I love Kering drama. Reminds me of Dynasty.

 

[yslforever]

Bye Cantino! 🤭

I love Kering drama. Reminds me of Dynasty.

yes, FHP was ousted by his siblings and it was deliciously nasty !! They are just starting to talk about their coup ...

 

[PDFSD]

yes, FHP was ousted by his siblings and it was deliciously nasty !! They are just starting to talk about their coup ...

but why is Bellettini still surviving she flop for the last 3 years almost on all decision she made in shadow & in the limelight.

can only be that Luca want to buy time to understand kering and let her clean up the gucci mess and if it fails he has perfect excuse to fire her next year.

 

[yslforever]

but why is Bellettini still surviving she flop for the last 3 years almost on all decision she made in shadow & in the limelight.

can only be that Luca want to buy time to understand kering and let her clean up the gucci mess and if it fails he has perfect excuse to fire her next year.

That’s what I assume.
Demna was her «choice » so now she is has to fully commit and is liable for him.

 

[PDFSD]

Susanna Nicoletti
https://open.substack.com/pub/susannanicoletti
2h • 2 hours ago • Visible to anyone on or off LinkedIn

Kering Gucci I wrote about Bellettini replacing Cantino 5 days ago.
The post screenshot in comments is just a reminder of its contents and how the move the group will impact the new era of the group.

I can do it without missing a beat because my job is not to sell scoops and gossips but it is to read weak signals. This is why I am hired for teaching and consulting by relevant universities and fashion and luxury conglomerates.
I have been the only one, as usual, to analyze Kering business and organizational issues from the Bizzarri and Michele time publicly and this community contributed a lot to the discussion.

I am not a journalist as I work inside the industry and I do not pay anybody to have confidential informations because I do not need them and I am not paid to be the voice of the Lord in what I write because I have never been like this.

My subscribers support my media platform and you will never see me publishing selfies with anybody because I do not need to flaunt my connections which last since decades.

I publish the news in advance because I believe in this community and the power of a communal reflection on key topics in order to make the industry a better and healthier place.

As per MFFashion today De Meo will share a statement with the whole group.
Are you ready for the message a’ la Churchill of “blood, stain, sweat and tears” today?
It won’t happen because, you know all is well and it will be even better.
There will be hope and encouragement and big strategies introduced, but the reality is very different and everybody knows very well.
- The “everything changes, nothing changes”
- The reshuffle of managers
- The future of a group on the shoulders of De Meo and Demna
- The total reliance of the group on one brand and the weakness of all the others
- The very expensive yet little fruitful acquisition
All of this highlights a very deep crisis.

What is next?
Blood, stain, sweat and tears.

Downsizing will be heavy, very heavy. It won’t be De Meo decision, it’s the customer who is fed up of the tarantella and already took its decision.


Stay dry dear friends! It will be the winter of many luxury key players discontent.

 

[PDFSD]

15/09/2025
MFFashion milanofinanza.it
Gucci-Kering, de Meo speaks today at 1 p.m.

According to MFF, the new CEO of the group chaired by François-Henri Pinault will speak via video link to all the holding company's offices. There are strong rumors about the departure of the current CEO of GUCCI, Stefano Cantino, and the entire executive committee.
by Stefano Roncato (New York) and Tommaso Palazzi (Rome)

From Milan to New York, sources heard by MFF are unanimous. Luca de Meo, confirmed just last September 9 by over 98% of Kering's shareholders as the group's CEO, will speak officially tomorrow.
The meeting, scheduled for 1 p.m. Paris time, will be broadcast to all global offices and will be the new CEO's first direct address to the global network of the French holding company that controls Gucci, Saint Laurent, Bottega Veneta, Balenciaga, and other brands.

According to MFF, the eagerly awaited speech comes at a time of great internal turmoil, with persistent rumors of a major reorganization and the departure of Stefano Cantino, current CEO of GUCCI, and the entire executive committee.

Luca de Meo reportedly worked throughout the summer on relaunching the holding company, which lost around 50% of its market cap following the departure of Marco Bizzarri and Alessandro Michele, preparing a new course of action that aims to restore the group to its rightful position. “I feel I am in the right place at Kering, and we will restore the group to its rightful position,” he said during the general meeting that confirmed his appointment as CEO. “I will present the strategic plan in the spring of 2026 after discussing it with the team. I won't go into detail today, but I can assure you that everyone's efforts will be rewarded by the results.”


A manager with an industrial background, De Meo has 30 years of experience in the automotive sector. He started at Renault in 1992, then joined Toyota Europe, the Fiat group as director of the Lancia, Fiat, and Alfa Romeo divisions, CEO of Abarth, and marketing director of the group. In 2009, he moved to the Volkswagen Group as marketing director for the brand and the group, eventually becoming a member of the board of directors of Audi AG. From 2015, he led Seat and Cupra, and in 2020, he returned to Renault as CEO and managing director of the brand.

His lack of experience in the luxury sector has been highlighted by analysts but, according to Barclays, this is actually a strength. "He is considered the main architect of Renault's restructuring, thanks to a rigorous cost-cutting policy and strategic reorganization. Although he is an outsider to the luxury sector, his appointment was intentional, to bring a new vision, supported by the experts already present in the group." Despite this, investors are watching closely: Kering shares were down 2% at the opening this morning, a sign of doubts about a relaunch that will require more than just cost cuts. According to Barclays, Gucci's recovery may not materialize until 2026.


“After twenty years dedicated to transforming Kering into a leading global player in the luxury sector, the group is ready for a new phase in its development,” commented François-Henri Pinault. "When I began reflecting on the evolution of governance, I met Luca de Meo. His experience at the helm of a listed international group, his deep understanding of brands, and his strong and respectful sense of corporate culture convinced me that he is the leader I was looking for to bring a new vision and guide this chapter in our group's history. I entrust Luca with the leadership of Kering and our teams with complete confidence. I will, of course, be at his side to accompany him in this new phase, as chairman of the board.

 

[upNorth]

They've been hacked btw, not sure if you've seen the news.

Hackers steal client data from Kering's Gucci, Balenciaga and McQueen, BBC says

Hackers have stolen the private details of potentially millions of customers from luxury brands Gucci, Balenciaga and Alexander McQueen in an attack on the labels' French parent company Kering , the BBC reported on Monday.

www.reuters.com