The fashion industry is characterized by dynamic shifts and tradition. Against this backdrop, the appointment of Francesca Bellettini as President and Chief Executive Officer (CEO) of Italian luxury house Gucci in September marks a pivotal moment. Gucci, the flagship brand of French luxury group Kering, continues to struggle with falling sales and profits, and Bellettini has been tasked with the urgent task of revitalizing one of fashion’s most recognizable names.
From the financial world to the fashion industry
Born in Italy, Bellettini began her journey to the top of the fashion industry far from the ateliers of Milan or Paris. “I didn’t know I wanted to work in the fashion industry,” she said in a conversation with Brown University students on the video platform YouTube. “I wanted to do a lot of different things, but I knew I wanted to run a business.”
She established a solid academic foundation and completed her studies in business administration at Bocconi University in Milan. The renowned university required an entrance exam. So Bellettini also came up with an ambitious Plan B, a habit she describes as typical of herself.
Her alternative plan at the time was to study mechanical engineering in Bologna and later work on the Ferrari racetracks. (As fate would have it, years later she joined the board of the iconic Italian automaker as a non-executive member.)
However, Plan A was successful and Bellettini began her professional career in London. There she sharpened her analytical skills as an investment banker. Her career has included key positions at renowned financial institutions such as Goldman Sachs International, Deutsche Morgan Grenell and Compass Partners International. These positions gave her insights into various industries until she found herself increasingly drawn to fashion.
In 1999, Bellettini moved from the world of finance to the complex and glamorous world of fashion. She joined the business planning and development department of the Italian luxury conglomerate Prada Group, which marked her first entry into the industry. It wasn’t an easy decision, the position offered by Prada’s CEO Patrizio Bertelli meant her salary was halved. However, her father advised her to follow her intuition.
“Francesca, you’re only 29 years old. Follow your heart,” he said. “It’s too early to make decisions based on money.” She later expanded her operational knowledge as Operations Manager for Helmut Lang. The brand was acquired by the Prada Group to create a luxury conglomerate.
A proven path to transformation
Bellettini’s career at Kering began in 2003. She joined the then PPR Luxury Group as director of strategic planning and deputy global merchandising director for Gucci. Her acumen and strategic skills were quickly recognized. This led to a series of increasingly influential positions within the group. In 2008 she moved to the Italian luxury goods house Bottega Veneta, where she was appointed global merchandising and communications director in 2010.
A crucial chapter in her career began in 2013 when she was appointed President and Chief Executive Officer of the French luxury house Saint Laurent. During her ten years at Saint Laurent, Bellettini underwent a remarkable transformation. It brought the brand into what is often referred to as the exclusive ‘billion-euro club’ of luxury houses. Under her leadership, Saint Laurent’s annual revenues increased from over 557 million euros to over 3 billion euros within ten years, exceeding the target she set when she took office.
This period cemented her reputation as a leader capable of translating bold creative visions into significant commercial milestones. Her leadership style, described as confident and trusting, strengthened her teams. He created an environment that encouraged both creative freedom and disciplined execution.
“The biggest mistake you can make in your career is not making a decision because you are afraid of making mistakes,” Bellettini advised the students at their 2021 interview. “I had to work on it because I am a perfectionist and was very afraid of making mistakes in the beginning.” But this way of thinking can cause problems. It slows people down or encourages the false belief that you have more control over things if you do everything on your own. She argues that mistakes should be seen as a consequence of the fact that decisions have to be made. Likewise, she encourages her teams to view mistakes as learning opportunities; But it is important to analyze why they happened.
Her success at Saint Laurent ultimately led to her promotion in September 2023. She was appointed deputy chief executive officer of Kering and entrusted with brand development across the group’s portfolio. In this role, all of the brands’ CEOs reported to her, giving her broad oversight and strategic influence.
Rekindle Gucci
Bellettini’s return to Gucci as chief executive officer in September is a key part of a broader strategic realignment under Kering’s new CEO, Luca de Meo. This aims to create a leaner and more agile organizational structure. Its decision to eliminate deputy CEO positions underscores a commitment to faster decision-making and clearer accountability. She replaced Stefano Cantino, who only held the position for a short time. This underlines the urgency of change within the Italian brand.
Bellettini’s leadership philosophy emphasizes fostering creativity and authenticity. She advocates for a clear strategic direction, careful prioritization and the promotion of an agile corporate culture that supports desired behaviors.
“The secret of success is a very clear strategy and very careful execution,” Bellettini said of her success at Saint Laurent. This means no compromises on fashion, positioning and DNA. “The role of the CEO is also to know what to focus on most.”
She has a proven ability to balance bold creative visions with rigorous business strategies. This is a crucial skill in her collaboration with Gucci’s creative director Demna Gvasalia. Bellettini sees her role as empowering creative directors. It gives them the freedom to innovate while ensuring commercial viability. As CEO, she believes it is important to build an authentic and respectful relationship with creative directors. This also means distancing yourself from your own taste and judgment.
“If you want to work in fashion, your own taste, what you like and what you don’t like, is too superficial a comment,” said Bellettini. An incident early in her career helped her develop an awareness of the immense pressure designers face when working in the fashion industry. She emphasizes to her employees that they value creative work that starts with a blank page and develops into products that make people dream.
The burden of expectations
As Francesca Bellettini begins this crucial chapter at Gucci, industry expectations are considerable. Their mission is clear: to reorient the brand’s rich heritage with contemporary relevance; combining creative vision with commercial acumen; and streamline corporate governance through rigorous implementation.
Gvasalia has already presented his vision, transforming the house’s extravagant style into a series of characters that consumers can identify with. Gucci’s sales continue to decline quarter after quarter; Last year alone they fell by 19 percent. It remains to be seen how Bellettini’s proven ability to combine creative vision with commercial acumen will redefine Gucci’s evolution in a troubled and highly competitive luxury market.
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