The fashion industry is rooted in constant, cyclical evolution. Nowhere is this truer than at major player Kering, where the times certainly keep a-changing.
This time a year ago the French luxury holding giant was concluding its controversial rebranding exercise; today the group just announced a major restructuring of its luxury division, not to mention some hirings and (potentially) firings at the top of its management chain.
Alexis Babeau, who had overseen Kering’s luxury operations since 2011, is leaving “to take his career in a new direction.”
Then, alongside a better-than-expected set of earnings, the group announced that the luxury division would be split into two core parts: ’Luxury – Couture & Leather Goods’ which will regroup all brands bar Gucci and ‘Watches & Jewellery’. Gucci will remain separate as a standalone business.
Heading up the first grouping will be Marco Bizzarri, CEO of Bottega Veneta – aka the star-performer in Kering’s brand portfolio.
Patrizio di Marco will continue to steer at Gucci, while taking the reins at the ‘hard luxe’ sub-sector is Albert Bensoussan, who lead LVMH’s watch & jewellery division between 2003 and 2010.
So what are we to make of this in-house round of musical chairs? With two empty spots still to be taken – a successor for Bizzarri at Bottega Veneta and a leader for Gucci in China – there’s a great deal in flux – and at stake. My five key takeaways are here: Read more