Kering’s François-Henri Pinault Reportedly Preparing Succession After Two Decades at the Helm

François-Henri Pinault is beginning to shape his operational exit from Kering. The French businessman, who since 2005 has held the dual position of chairman and CEO of the luxury group, is considering the possibility of dissociating the two functions, according to the French media Challenges. The businessman's objective would be to maintain his functions as non-executive chairman and hand over the operational management of the group, at a decisive moment for its repositioning in the face of the luxury crisis.

The succession process is already underway. The task of finding a new CEO has fallen to the headhunter specialist Jouve. Two internal candidates are well positioned in the race for the position. First, Francesca Bellettini, executive vice president in charge of brand development and one of the most powerful figures in the group after her leadership at Saint Laurent, and Jean-Marc Duplaix, current CFO and also number two in the French group.

Although the group has not confirmed the information, after being consulted by AFP, Pinault's possible departure from day-to-day business comes after a complicated period for the French luxury conglomerate, which controls brands such as Gucci and Balenciaga.

In the first quarter of 2025, Kering accused a 14% drop in sales to 3.88 billion euros. The year 2024 closed with a 12% contraction in turnover and a 62% plunge in net profit.

François-Henri Pinault would step down as CEO, which he has held since 2005, to remain only as Chairman.

The main cause has been the deterioration of Gucci, the star brand that for years led the group's turnover, in the midst of a relaunch process after the departure of Alessandro Michele. The group, which also controls brands such as Saint Laurent and Bottega Veneta, is going through a period of internal readjustment and strategic redefinition, with recent movements in the creative and executive leadership of its firms.

François-Henri Pinault took over the leadership of the then PPR (Pinault-Printemps-Redoute) in 2005, taking the baton from his father, the entrepreneur François Pinault. In 2013, the group was renamed Kering, focusing its activity exclusively on the luxury business. In parallel, the Pinault family has strengthened its business and cultural diversification through Artémis, a family holding that includes investments in fashion, such as Giambattista Valli or Courrèges, art, media and sports, including the Stade Rennais club and recently the U.S. agency CAA.

The possible operational takeover of Pinault would mark a turning point in the trajectory of one of the great European luxury groups. While LVMH and Hermès continue to grow at double digits, Kering faces the challenge of regaining its appeal without losing the creative control that has been key to its rise.