Former Louis Vuitton and Prada executive drafted in to revive Gucci

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Former Louis Vuitton and Prada executive drafted in to revive Gucci - Channel News Asia

Quick Summary:

Luxury veteran Stefano Cantino must execute biggest and most complex turnaround in a sector hitting harder times.

Within Kering, executives watched closely as their rival Louis Vuitton appointed the late visionary streetwear designer Virgil Abloh, then musician and producer Pharrell Williams to design menswear, providing big boosts to the brands and widening its audience during Cantino’s time there.

Kering this year issued several profit warnings, a rarity among big luxury groups, because of cratering sales at the brand, and has alerted investors that it expects group operating income in the second half of this year to be 30 per cent lower than the same period in 2023.