Gucci, the iconic Italian fashion house under the Kering umbrella, has named Gianluca de Ficchy as its incoming chief financial officer, drawing on his extensive experience from the automotive sector to navigate a turbulent period in luxury retail. De Ficchy, who steps into the role on 1 December, will report to president and chief executive Francesca Bellettini, as the company seeks to fortify its executive team amid ongoing efforts to revive flagging fortunes.
The appointment underscores a strategic infusion of external expertise into Gucci’s operations, particularly as parent company Kering grapples with a broader slowdown in the global luxury market. De Ficchy joins from Renault, where he most recently led the Mobilize division, overseeing initiatives in vehicle financing, shared mobility solutions, and infrastructure for electric vehicles—a portfolio that honed his skills in managing complex financial ecosystems and sustainable growth strategies. His tenure at the French carmaker, which began in 2001 with roles in financial planning and control, also included stints as chief executive of RCI Bank and Services, Renault’s captive finance arm, and later positions at Nissan within the Renault-Nissan-Mitsubishi Alliance.
This move arrives at a pivotal moment for Kering, whose new chief executive, Luca de Meo—the former Renault boss credited with revitalising the automaker—assumed leadership in September with a clear remit to arrest the group’s decline. Gucci, which accounts for over half of Kering’s operating profits, has been the epicentre of these challenges, with sales tumbling 25 per cent on a comparable basis in the first half of 2025 to €3 billion, as reported by Kering’s official financial statements. The brand’s directly operated retail network saw a 24 per cent drop, exacerbated by weak demand in key markets like Asia-Pacific and Japan, where tourist-driven gains have waned amid currency fluctuations and economic uncertainty.
Kering’s overall revenue for the same period fell 16 per cent to €7.6 billion, reflecting a “challenging luxury market environment and weak consumer confidence,” particularly in Asia, according to The Fashion Law. Net income attributable to the group dipped to €474 million, a stark contrast to prior years, as the conglomerate contends with “luxury fatigue” among younger buyers shifting towards understated, niche aesthetics over logo-centric products. Despite these headwinds, the global luxury goods sector is projected to expand from $464.1 billion in 2025 to $588.8 billion by 2030, growing at a compound annual rate of 4.88 per cent, as outlined by Mordor Intelligence, offering potential tailwinds if Gucci can recapture its mojo.
De Ficchy’s predecessor, Alberto Valente, departed in September after nearly two decades with the brand, during which he oversaw financial, data, and operations functions—a period that spanned Gucci’s meteoric rise but also its recent stumbles. Valente’s exit, detailed on his professional networking profile, leaves a void that the new appointee is well-positioned to fill, given his track record in cost optimisation and international expansion.
Kering’s leadership refresh extends beyond Gucci. The group has also recruited Philippine de Schonen, another Renault veteran who headed mergers and acquisitions alongside investor relations, to spearhead its central investor relations efforts. This cross-industry talent poach from de Meo’s former domain signals a deliberate pivot towards agile, data-driven decision-making, mirroring automotive sector innovations in supply chain efficiency and digital integration.
For Gucci, the stakes could not be higher. The brand’s first-quarter 2025 sales plunged 25 per cent, contributing to Kering’s 14 per cent group-wide revenue decline to €3.9 billion, with analysts forecasting subdued profitability through the year. Creative shifts, including the appointment of a new artistic director earlier in 2025, aim to reinvigorate product appeal, but financial discipline will be crucial. De Ficchy’s expertise in financing and mobility could prove instrumental in streamlining Gucci’s €9.5 billion net debt position at Kering and rationalising its store network, with plans to shutter up to 80 outlets by year-end.
As the luxury sector navigates geopolitical tensions—such as potential US tariffs on European exports—and softening aspirational spending, de Meo’s Renault-inspired playbook emphasises pricing power, exclusivity, and balanced growth across houses like Bottega Veneta and Yves Saint Laurent, which showed relative resilience with sales dips of just 7 per cent in the third quarter. Investors have responded positively, with Kering shares surging 85 per cent since de Meo’s arrival, outpacing the STOXX Europe Luxury index by a wide margin, as noted by Reuters. Yet, for Gucci to reclaim its throne, de Ficchy’s financial acumen must translate seamlessly from engine rooms to atelier floors, ensuring the house not only survives but thrives in an era demanding sustainable opulence.