Kering SA is shaking up its top ranks by appointing new chief executive officers for its two luxury brands, Yves Saint Laurent and Balenciaga.
Balenciaga CEO Cédric Charbot will lead Yves Saint Laurent from January, the French fashion group said on Monday. The company confirmed a previous report by Bloomberg News, saying that the move will allow Francesca Bellattini to focus fully on brand development in her role as Kering’s deputy CEO.
Charbet will be replaced at Balenciaga by Gianfranco Gianhelli, who is currently Yves Saint Laurent’s chief commercial officer. The executive joined Kering last year and was previously CEO of OTB Group-owned brand Maison Margiela.
Kering has recently made several executive changes, most notably picking Stefano Cantino to run Gucci since January.
The Paris-listed group warned last month that its annual profit would fall from 2016 on weak demand for its products, particularly at Kering’s top-grossing Gucci. Gucci’s struggles come amid a global slowdown in demand for high-end goods that is being felt across the industry.
Gucci was Kering’s biggest label by sales last year, followed by Yves Saint Laurent, Balenciaga and then Bottega Veneta.
