London CNN —The president and CEO of Gucci will step down later this year as part of a leadership overhaul at its French parent company Kering aimed at capturing more of the booming global market in luxury goods. Marco Bizzarri, who has been at the helm since 2015, will leave on September 23, Kering said in a statement Tuesday. Jean-François Palus, who currently serves as Kering’s managing director, will take over on a transitional basis. “We are building a more robust organization to fully capture the growth of the global luxury market,” Pinault said. Meanwhile, Kering’s shares have risen nearly 11% over the same period, which is much closer to the average stock price increase of 8.4% for all companies in the benchmark Stoxx Europe 600 index.

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Persons: Gucci, Kering, Marco Bizzarri, Jean, François, Yves Saint Laurent, ” François, Henri Pinault, ” Gucci, ” Pinault, —, Christian Dior Organizations: London CNN, Hermès International, Christian