Kering SA is shaking up its top ranks, appointing new chief executive officers for two of its luxury brands, Yves Saint Laurent and Balenciaga.
The French fashion group said Monday that Cedric Charbit, the CEO of Balenciaga, will lead Yves Saint Laurent from January. The move will allow Francesca Bellettini to focus entirely on brand developments in her role as Kering deputy CEO, the company said, confirming an earlier Bloomberg News report.
Charbit will be replaced at Balenciaga by Gianfranco Gianangeli, who’s currently chief commercial officer of Yves Saint Laurent. The executive joined Kering last year and was previously CEO of Maison Margiela, the brand owned by OTB Group.
Kering has made several executive changes lately, notably picking Stefano Cantino to run Gucci from January.
The Paris-listed group warned last month that its annual profit will fall to its lowest level since 2016 on weak demand for its products, notably at Gucci, the biggest profit contributor at Kering. Gucci’s struggles come amid a global downturn in demand for high-end goods that’s being felt across the industry.
Gucci was Kering’s biggest label in terms of sales last year, followed by Yves Saint Laurent, Balenciaga and then Bottega Veneta.