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French Luxury Goods Company Kering Names Stefano Cantino as Gucci CEO

The logo of fashion house Gucci is seen outside a store in Cannes, France, May 16, 2024. (Reuters)
The logo of fashion house Gucci is seen outside a store in Cannes, France, May 16, 2024. (Reuters)
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French Luxury Goods Company Kering Names Stefano Cantino as Gucci CEO

The logo of fashion house Gucci is seen outside a store in Cannes, France, May 16, 2024. (Reuters)
The logo of fashion house Gucci is seen outside a store in Cannes, France, May 16, 2024. (Reuters)

French luxury goods company Kering named Stefano Cantino as CEO of Gucci, the Italian fashion house it has been seeking to revive, adding he would succeed Jean-Francois Palus in January.

"I am confident that, building on what has been set up over the past 15 months, Stefano and the Gucci team will succeed in the mission to take Gucci back to the leadership the brand deserves," Kering Deputy CEO Francesca Bellettini said.

Cantino, who joined Gucci in May 2024 as deputy CEO, will have a seat on Kering’s Executive Committee.

Kering has been revamping the century-old Italian fashion house that accounts for half of group sales and two thirds of profit.

But the efforts have been complicated by a downturn in the global luxury market, while China's rebound - traditionally Gucci's most coveted market - was held back by a property crisis and high youth unemployment just when Western markets retreated after a post-pandemic spending splurge.

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Dr Martens Slips into the Red; Says Festive Season Off to a Good Start

FILE PHOTO: People enter in a Dr. Martens store in Manchester, Britain, May 26, 2023. REUTERS/Jason Cairnduff/File Photo
FILE PHOTO: People enter in a Dr. Martens store in Manchester, Britain, May 26, 2023. REUTERS/Jason Cairnduff/File Photo
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Dr Martens Slips into the Red; Says Festive Season Off to a Good Start

FILE PHOTO: People enter in a Dr. Martens store in Manchester, Britain, May 26, 2023. REUTERS/Jason Cairnduff/File Photo
FILE PHOTO: People enter in a Dr. Martens store in Manchester, Britain, May 26, 2023. REUTERS/Jason Cairnduff/File Photo

Dr Martens said on Thursday that the autumn-winter festive season had got off to an encouraging start after the struggling bootmaker swung to a first-half pretax loss on weak demand in the United States, its biggest market.
Its shares, which have lost about a quarter of their value so far this year, rose 16% in early trade, Reuters reported.
The British company, whose chunky lace-up boots popularly known as "Docs" or "DMs" were originally made for workers before becoming a fashion statement in the 1960s, has been contending with a weak North American market and is betting on the festive season to shore up its sales and profit.
Dr Martens expects to make cost savings of about 25 million pounds ($31.64 million) in its fiscal year to end-March, 2026 with around two-thirds of that coming from job cuts.
The company reported a pretax loss of 28.7 million pounds for the six months ended Sept. 29, compared with a profit of 25.8 million pounds a year earlier. Revenue dropped 18% to 325 million pounds.
To halt the decline in profit at a time when consumers are shying away from pricy items such as the brand's $170 classic boots, Dr Martens has sought to cut costs while also increasing spending on US marketing.
"Our new marketing campaigns are showing encouraging early signs, with strong sales of new product, giving us confidence that we will return USA (direct-to-consumer) to positive growth in the second half," outgoing CEO Kenny Wilson said in a statement.
Wilson, who announced in April that he would step down, will be replaced by Chief Brand Officer Ije Nwokorie on Jan. 6, the company confirmed on Thursday.
It maintained its fiscal 2025 outlook of a single-digit percentage year-on-year revenue drop, with a worst-case scenario of pretax profit at around one-third of the previous year's.