Kering: shares hold steady despite Gucci creative director’s appointment

The appointment of Sabato De Sarno to reinvigorate the Gucci brand barely moved shares of French luxury group Kering in early trading Monday.

Gucci’s parent company has had a very complicated 2022 in the stock market, with a much steeper decline than those of LVMH and Hermès. Kering has indeed seen its share price plunge 32.7% accusing the fourth largest decline in the CAC 40, while LVMH and Hermes have well limited the damage (-6.5% and -5% respectively).

After Gucci’s disappointing performance – which overshadowed the excellent momentum of the group’s other brands – the group had been under pressure to quickly appoint someone as Gucci’s lead designer following the abrupt departure of Alessandro Michele last November.

De Sarno, a senior stylist at Valentino, will be tasked with reviving the fortunes of a brand that accounted for two-thirds of Kering’s profits in 2021.

The label has been on the decline in recent years after dramatic growth in 2015-19.

Featured photo : © Gucci

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