Marco Bizzarri, Gucci’s CEO since 2015, is set to exit Italy’s biggest fashion brand. Parent company Kering’s managing director Jean-François Palus will take the reins for a transitional period, the group said Tuesday.
Bizzarri led the brand through a period of exponential growth in revenue and profits alongside creative director Alessandro Michele, who exited the house last November. But the company took a harder hit during the pandemic than its mega-brand peers, then struggled to bounce back, in part due to its high dependence on travelling shoppers and aspirational luxury consumers who broadly bought into Michele’s exuberant vision.
Kering announced Bizzarri’s departure as part of a broader shakeup in its executive ranks. Saint Laurent CEO Francesca Bellettini is being promoted to Kering deputy CEO, with all brand CEOs reporting to her, in addition to maintaining her current role. Chief financial officer Jean-Marc Duplaix has also been promoted to deputy CEO for finance and operations.
Stay tuned to BoF for updates on this developing story.
