Gucci has appointed a new deputy chief executive as the Italian fashion house, part of luxury group Kering, tries to reverse a trend of declining sales.
Gucci said Stefano Cantino will join the company in early May and will be tasked with helping CEO Jean-Francois Pallus "define and implement the brand's strategy."
A longtime driver of Kering's growth, Gucci has stalled in recent months.
Sales are down 6% in 2023, and the company recently warned they were likely to drop nearly 20% in the first quarter of this year.
The Gucci brand, known for its leather bags, accounts for half of Kering's revenue.
That made the group, which also includes Yves Saint Laurent, Balenciaga and Bottega Veneta, take notice.
In February, Chief Executive Francois-Henri Pinault pledged to push ahead with a strategy to get Gucci back "on track" after Kering announced a 17% drop in net profit in 2023.
However, he warned that this "will not happen overnight" and signaled that he wants to bring in the best experts in sales, merchandising and sourcing. /BGNES