Kering Names Cedric Charbit as CEO of Saint Laurent

PARIS (Reuters) – French luxury group Kering (EPA:PRTP) announced on Monday that it has appointed Cedric Charbit as the new CEO of the fashion house Saint Laurent, selecting a leader from within the company for its second largest fashion label.

Charbit succeeds Francesca Bellettini, who has served as the group deputy CEO since last year and has overseen brand development, including jewelry labels. Charbit, who has been the chief executive of the smaller fashion label Balenciaga—also owned by Kering—will be replaced by Gianfranco Gianangeli.

The executives are set to take their positions on January 2, reporting to Bellettini, as confirmed in a company statement. Kering Chairman and CEO François-Henri Pinault remarked, "These evolutions further reinforce our organization," highlighting that Bellettini can now focus on her deputy CEO responsibilities.

Recently, Kering has been undergoing significant changes, restructuring its upper management to revive sales growth at its flagship label Gucci. Gucci has struggled to keep pace with rivals during the pandemic and is currently facing challenges trying to regain market strength amid an industry slump.

Last month, Kering appointed Stefano Cantino as CEO of Gucci after an interim management period led by Jean-Francois Palus, Pinault's long-time associate.

Charbit has served as Balenciaga's CEO for eight years and has prior experience at Saint Laurent. Gianangeli, who was previously CEO of Maison Margiela, has been the chief commercial officer for Saint Laurent since last year.