End of an era for Kering Group? François-Henri Pinault considers stepping down as CEO

Kering, one of the world's largest luxury empires, is on the verge of a sea change. François-Henri Pinault, chairman and CEO of the group since 2005, is considering stepping down as CEO.

Kering , owner of brands such as Gucci , Balenciaga and Saint Laurent , is stepping up its turnaround efforts in the face of deepening financial difficulties. François-Henri Pinault , chairman and CEO of the Kering group, is reportedly seriously considering stepping down from day-to-day management of the company.

These changes are part of the broader challenges facing the entire luxury goods sector. After years of uninterrupted growth, the industry is experiencing a slowdown due to weakening demand in China, changing consumer sentiment in Europe and America, and global economic uncertainty.

François-Henri Pinault, CEO of Kering, considers resignation / Shutterstock

When François-Henri Pinault took over as CEO in 2005, few would have guessed that in just a dozen years he would transform the former retail group PPR into a fashion powerhouse rivaling LVMH . Under his leadership, brands such as Saint Laurent , Balenciaga , Bottega Veneta and Alexander McQueen joined Kering. The biggest jewel in the crown, however, remained Gucci , a brand that for years generated more than 40% of the group’s total revenue.

But this concentration turned out to be a double-edged sword. When Gucci sales began to decline, the entire group felt the effects. Attempts to diversify by investing in other fashion houses and new market segments resulted in... an increase in debt – now as much as 10.5 billion euros .

In the first quarter of 2025, Kering saw its revenues fall by 14% to €3.88 billion . The negative trend has accelerated the recovery efforts. Shareholder pressure has also increased, demanding new strategic impulses. Talks of a leadership change – even if only partial – are therefore becoming increasingly real.

The choice of Pinault's potential successor will not be accidental. Kering has entrusted the recruitment process to the renowned company Jouve . The list of favorites includes Francesca Bellettini , current vice president responsible for brand development, and Jean-Marc Duplaix , chief operating officer and long-time collaborator of Pinault.

Pinault’s planned departure as CEO does not mean he will completely withdraw from leading the group. Retaining his role as chairman of the supervisory board will allow him to continue to influence long-term strategy. As such, any change could be seen as a deliberate move – a balance between the need for a fresh perspective and continuity of vision.