Kering

The era-defining Balenciaga designer will take the reins of Italy’s biggest luxury brand in a surprise shakeup of parent company Kering’s creative ranks. The French group is under pressure to turn around performance after profits tumbled 46 percent last year.

Kering’s flagship brand is expected to announce a new creative director ‘promptly.’ The sooner the better, writes Imran Amed.

The family that controls Kering recently bought a majority share in Aqua Expeditions, a boutique luxury cruise line. The push comes as arch rival LVMH, as well as Ritz-Carlton, Four Seasons and Aman, invest in ‘floating hotels.’

Executives at Hermès and Kering said last week they could leverage their brands' cachet to absorb any additional duties.

Luxury editor Robert Williams joins executive editor Brian Baskin and senior correspondent Sheena Butler-Young to discuss Gucci’s dramatic sales decline, leadership churn, and the broader challenges facing the luxury group Kering, as the conglomerate seeks a path to recovery.

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The French group said it would close 50 stores to adapt to a slower market after fourth-quarter sales at flagship Gucci plunged 24 percent.

After recently doubling their sales in less than five years, LVMH’s Dior and Kering’s Gucci are both facing serious headwinds, but their predicaments are as different as they are similar, writes Luca Solca.

The creative director is leaving after two years at the brand, whose pivot to more universal styling and an emphasis on iconic wardrobe pieces has struggled to gain traction in a tough market for luxury.

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