Kering’s De Meo Shuffles Top Gucci Ranks in Early Step as CEO

(Bloomberg) – Luca de Meo confused the senior ranks on Kering Sa’s Gucci label while trying to revive the new general manager of the new general manager.

The Paris -based company said on Wednesday that Francesca Bellettiini will be the CEO of Kering’s largest brand Gucci. Both executives are now eliminated.

After led to a return at Renault SA, De Meo, who joined on September 15, promised harsh and fast decisions that were worse than competitors during a decline in luxury goods in Kering. Sales in Gucci fell by 25% in the first half of the year and a significant measure of profit fell more than 50%.

De Meo said he wanted to build a weaker and clearer organization in the statement.

Leadership Shuffle means Stefano Cantino’s Gucci CEO will come out of Kering less than a year.

Bellettini and Duplaix were appointed as Kering CEO assistant by former CEO Francois-Henri Pinault two years ago. While Bellettini was responsible for brand development, Duplaix led finance and operations. Some analysts and observers criticized the structure by adding management layers on each brand head.

Pinault, son of the founder of Kering, resigned as CEO this month, but hired the role of president. His family is the largest shareholder of Kering with 42% and 59% of his voting rights.

In Gucci, Bellettiini will have to work hand in hand with art director Demna Gvasalia. The designer, which was first named after him, was transferred from Balenciaga in July. His nomination in Gucci was benghed by the markets when he was announced in March.

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