Francesca Bellettini: the CEO forging Gucci's future

In an industry defined by dynamic shifts and heritage, the appointment of Francesca Bellettini as president and chief executive officer of Italian luxury maison Gucci in September 2025 marks a pivotal moment. With Gucci, the flagship brand of the French luxury group Kering, still facing declining sales and profits, Bellettini has been entrusted with the urgent task of revitalizing one of the world’s most recognized names in fashion.

From finance to fashion

Born in Italy, Bellettini’s journey to the pinnacle of the fashion industry began far from the ateliers of Milan or Paris. “I didn’t know I wanted to work in fashion,” she said in a conversation with students from Brown University on the video platform Youtube. “I wanted to do many different things, but what I knew is I wanted to run a company.”

She pursued a robust academic foundation, graduating from Bocconi University in Milan with a degree in business economics. The prestigious school required an entrance exam, so Belettini also hatched an ambitious plan B, a habit she describes as typical of herself.

“I never have a plan B which is a water down of plan A. Plan B is another exciting plan,” the current Gucci CEO said about the career she envisioned during her childhood. Her backup-plan at the time was studying mechanical engineering in Bologna and later to work on the racing tracks of Ferrari. (As a matter of fate, she would join the board of the iconic Italian car maker years later as a non-executive director.)

Plan A, however, succeeded and Belletini commenced her early professional life in London, where she honed her analytical skills as an investment banker. Her tenure included significant roles at reputable financial institutions such as Goldman Sachs International, Deutsche Morgan Grenell, and Compass Partners International. The roles allowed her to gain insights into various industries until she found herself increasingly attracted to fashion.

It was in 1999 that Bellettini pivoted from the world of high finance to the intricacies of fashion. She joined the business planning and development division of the Italian luxury brand Prada group, marking her initial foray into the industry. It wasn’t an easy decision when she was offered this position by Prada’s CEO Patrizio Bertelli, as her salary would be cut in half. Her father, however, advised her to follow her intuition.

“Francesca, you’re only 29 years old. Follow your heart,” he said, “It’s too early to make choices based on money.” Later, she broadened her operational experience as operations manager for Helmut Lang, a brand which the Prada Group acquired to build a luxury conglomerate.

A proven path of transformation

Bellettini's relationship with Kering began in 2003 when she joined the then PPR Luxury Group as strategic planning director and associate worldwide merchandising director for Gucci. Her acumen and strategic capabilities were quickly recognized, leading to a series of progressively influential roles within the group. In 2008, she transitioned to Italian luxury goods house Bottega Veneta, where she was appointed worldwide merchandising and communications director in 2010.

A defining chapter in her career unfolded in 2013 when she was named president and chief executive officer of French luxury house Saint Laurent. During her decade-long leadership at Saint Laurent, Bellettini engineered a remarkable transformation, propelling the brand into what is often referred to as the exclusive 'billion-euro club' of luxury houses. Under her guidance, Saint Laurent saw its annual revenues surge from over 557 million euros to exceed the initial goal of 3 billion euros within ten years.

This period cemented her reputation as a leader capable of translating bold creative vision into significant commercial milestones. Her leadership style, described as confident and trusting, empowered her teams and fostered an environment of both creative freedom and disciplined execution.

“The biggest mistake you can make in your career is not to make a decision because you’re afraid of making mistakes,” Belettini advised in her conversation with students in 2021. “I had to work on this because I am a perfectionist and I was very scared at the beginning to make mistakes.” This mindset can create problems because it slows people down or fosters the wrong belief that doing things on your own you control them better. She argues that mistakes should be seen as a result of the fact that decisions have to be made. In the same vein, she encourages her teams to see mistakes as an opportunity to learn by analyzing why they happened.

Her success at Saint Laurent ultimately led to her elevation in September 2023, when she was appointed Kering deputy chief executive officer, tasked with brand development across the group's diverse portfolio. In this role, all brand chief executive officers reported to her, granting her broad oversight and strategic influence.

Reigniting Gucci

Bellettini's return to Gucci as chief executive officer in September is a central component of a broader strategic reorganization under Kering’s new CEO, Luca de Meo, aimed at fostering a leaner and more agile organizational structure. His decision to eliminate deputy chief executive officer roles underscores a commitment to swifter decision-making and clearer accountability. She replaced Stefano Cantino, who held the position for a brief period, highlighting the urgency for change within the Italian brand.

Bellettini’s leadership philosophy emphasizes cultivating creativity and authenticity. She advocates for clear strategic direction, meticulous prioritization, and fostering an agile organizational culture that supports desired behaviors.

“The secret of success is to have a very clear strategy and a very meticulous execution,” said Bellettini of her success at Saint Laurent. This means no compromises in fashion, the positioning and the DNA. “The role of the CEO is also to know what you need to focus on the most.”

She has a demonstrated ability to harmonize bold creative visions with stringent business strategies, a critical skill as she partners with Gucci’s creative director, Demna Gvasalia. Bellettini perceives her role as empowering creative directors, granting them the freedom to innovate while ensuring commercial viability. As a CEO, she considers it important for her to build an authentic and respectful relationship with creative directors, which also means to distance yourself from your own taste and judgment.

“If you want to work in fashion, your taste, what you like and don’t like is too superficial of a comment,” Bellettini said. An incident early in her career helped her to grow awareness about the immense pressure that designers within the fashion industry face with their work. She also stresses to her business associates to appreciate the creative work that starts with a blank page and evolves into products that make people dream.

The weight of expectation

As Francesca Bellettini embarks on this pivotal chapter at Gucci, the weight of industry expectations is considerable. Her mandate is clear: to realign the brand’s rich heritage with contemporary relevance, fuse creative vision with commercial acumen, and streamline governance with rigorous execution.

Gvasalia has already presented his vision, channeling the flamboyant house code into a cast of characters consumers could relate to. With Gucci's sales continuing to decline quarter after quarter, falling 19 percent last year alone, it remains to be seen how Bellettini's proven ability to combine creative vision with commercial acumen will redefine Gucci's development in a crisis-ridden, highly competitive luxury market.

This story has been written with the assistance of AI.