Gucci taps former Louis Vuitton exec to boost turnaround plans

Kering-owned Gucci has appointed Stefano Cantino, who was previously Louis Vuitton’s Marketing Chief, to the newly created role of deputy CEO, effective 2 May.

In a ploy to bolster its turnaround efforts, Cantino will attempt to revamp the brand with the help of CEO Jean-François Palus and Creative Director Sabato de Sarno.

Cantino has been at Louis Vuitton since August 2018. Before his stint at LV, he spent almost 13 years at Prada Group, with the last four years as Group Marketing, Communication and Business Development Director. At LV, he oversaw the brand’s communications, including Pharrell Williams' debut.

In a memo to staff, Gucci said the nomination is part of its plan aimed at "rebuilding brand consideration, boosting desirability, enhancing quality and exclusivity of our products and experiences for our clients, with an orientation for long-term growth."

Stefano Cantino

This is a crucial moment for the luxury house as it attempts to re-energise Gucci after sales declined. In February, Kering revealed that group's annual revenue was down by 4%. In the fourth quarter of 2023, revenue was down 6% as reported and down 4% on a comparable basis.

As for Gucci, its losses weren't as severe in the fourth quarter of 2023, with revenues down by 4% on a comparable basis. Overall, for 2023 revenues totalled £8.4 billion (€9.9 billion), down 6% as reported and down 2% on a comparable basis.

During Milan Fashion Week in February 2024, Gucci’s Creative Director, Sabato De Sarno, showed his third collection for the brand. His minimalist aesthetic is a big departure from previous creative director Alessandro Michele’s designs, which leaned more towards maximalism.

Under new leadership, the brand is angling for a more quiet luxury-imbued timeless essence. But, it'll take a larger marketing plan to lure back its customers.

Gucci hopes to win back the hearts of its fanbase with its latest Ancora collection. The group has pulled out all the stops, splashing London's underground – and public transport across the globe – with an endless display of Ancora advertisements, which take the form of burgundy red backsplashes stamped with Gucci's crisp white logo. The Ancora collection has been on offer in selected stores since mid-February and is set to gradually become more readily available over the coming months.