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☆ Salma Hayek Pinault and her billionaire husband keep their finances separate — just like many Gen Z and millennial couples
▼ + stars: | 2024-10-31 | by ( Ayomikun Adekaiyero | ) www.businessinsider.com time to read: +4 min

Salma Hayek Pinault told the Wall Street Journal that she and her husband keep their finances separate. Many young couples are also choosing to keep their finances separate rather than having joint accounts. AdvertisementSalma Hayek Pinault said she and her husband, François-Henri Pinault, the billionaire CEO of Kering, keep their finances separate. Hayek Pinault told The Wall Street Journal in an interview published Tuesday that she did not sign a prenup, unlike many high-net worth individuals do before they marry. That was compared to 24% of Gen Xers (aged 44 to 59) and 16% of baby boomers (aged 60 to 78).

Persons: Salma Hayek Pinault, Henri Pinault, —, François, Hayek Pinault, Gucci, Balenciaga, Alexander McQueen, Saint Laurent, Hayek, Salma Hayek, Vittorio Zunino Celotto, Gen Zers, Gen Xers, millennials, ERIC PIERMONT, Gillian Coote, Coote, It's, Jen Glantz Organizations: Wall Street Journal, Service, The Times, Wall Street, Bank of America, Baby Boomers, Getty, Coote Family, Guardian, Business Locations: London, AFP, New York City

☆ Things aren't looking great at Gucci, and Kering says its Asia Pacific slump is to blame
▼ + stars: | 2024-10-24 | by ( Aditi Bharade | ) www.businessinsider.com time to read: +4 min

Gucci had a challenging third quarter partly due to its Asia Pacific slump, per Kering's latest earnings call. AdvertisementGucci just had a bad quarter, and Kering is attributing the lackluster performance to a slump in its Asia Pacific market. According to a third-quarter revenue infographic by Kering, sales in the Asia Pacific region were down 38% compared to the previous year. According to Kering, Gucci saw a 7% increase in sales in Japan in the third quarter compared to the start of 2024. AdvertisementApart from Gucci, Kering's other brand, Yves Saint Laurent, also suffered a loss.

Persons: Gucci, It's, —, Henri Pinault, James Grzinic, LVMH, Kering, Amrita Banta, Yves Saint Laurent, Stefano Cantino, Cantino Organizations: Service, Gucci, RBC, Reuters, mojo, Jefferies, Research, Strategy, Business Insider Locations: Asia, China, Asia Pacific, Japan, Europe

☆ 5 titans of French luxury grew $50 billion richer in a week — and are now worth more than Costco
▼ + stars: | 2024-09-30 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +4 min

Five French luxury icons grew $50 billion richer last week on the back of China's stimulus plans. AdvertisementFive titans of French fashion and beauty added a full $50 billion to their fortunes last week, boosting their combined wealth to more than $420 billion. Julien Hekimian/Getty ImagesKering founder François Pinault's net worth rose by $2.3 billion to $25.6 billion last week, placing him 78th on the list. Arnault was worth $24 billion more at $231 billion in March, which made him the world's wealthiest person at the time. Bettencourt Meyers was $7.5 billion richer at $101 billion in June, while the Chanel siblings were each worth about $6.4 billion more at roughly $55 billion around the same time.

Persons: LVMH's Arnault, Chanel, —, stoked, Bernard Arnault, Louis Vuitton, Larry Ellison, Mark Zuckerberg, Françoise Bettencourt Meyers, L'Oréal's, Alice Walton, Francois Guillot, Alain, Gerard Wertheimer, Coco Chanel, Chanel's cofounders, Julien Hekimian, François, Balenciaga, Yves Saint Laurent, Kering, Francois, Henri Pinault, Salma Hayek, MICHAEL TRAN, Rodolphe Saadé, Arnault, haven't, Pinault, Bettencourt Meyers Organizations: Service, Tiffany, Bloomberg, Walmart, Getty, Gucci, CMA CGM, Procter & Gamble, Home, Costco Locations: China, Sephora, AFP

☆ The fall of Gucci was inevitable
▼ + stars: | 2024-05-03 | by ( Madeline Berg | ) www.businessinsider.com time to read: +13 min

"We got used to hearing about double-digit growth at Gucci," Fflur Roberts, the head of luxury goods at Euromonitor, told Business Insider. "I think of what a fashion editor is wearing — it's not Gucci," Lindsey Solomon, a fashion publicist, told BI. After taking the top spot on the Lyst Index of fashion's hottest brands in 2022, Gucci dropped to number 11 last quarter. "We still believe the Gucci brand's current growth rate, which is 10 times higher than that of the industry, represents a risk going forward," Morningstar's Sokolova wrote in a 2017 note. Gucci relied heavily on China for its growth, but stores — perhaps including this one in China's Hainan Province — have struggled recently.

Persons: Alessandro Michele's, loafers, Gigi Hadid, Sienna Miller, Steve Madden, ASOS, Sally Singer, Michele, Fflur Roberts, Alessandro Michele, Harry Styles, Billie Eilish, Jared Leto, Kevin Mazur, Bauer, Griffin, Jeff Kravitz, Gucci, Sabato De Sarno, Lindsey Solomon, De Sarno, François, Henri Pinault, China —, Jelena Sokolova, Solomon, Daniele Venturelli, Michele —, Sokolova, It's, Thomas Chauvet, Morningstar's Sokolova, Michele's Gucci, wasn't, Jeremy Moeller, Chauvet, Roberts, Chanel, Gucci's, Gucci hadn't, Hermès, Birkin, Louis Vuitton's Neverfull, Pinault, Louis, Euromonitor's Roberts Organizations: Creative, Gucci, The Recording Academy, Axelle, Morningstar, BI, Citi, Disney, Getty, Revenue, China News Service, Bain, Louis Vuitton Locations: Euromonitor, China, The Asia, Pacific, China's Hainan Province, Asia

☆ Kering shares sink 9% after profit warning on declining Gucci sales
▼ + stars: | 2024-04-24 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +1 min

The new Gucci store on Bond Street on 27th September 2023 in London, United Kingdom. Shares of French luxury group Kering sank more than 9% at open on Wednesday, after the company warned that it expects a sharp downturn in first-half profits as a result of waning demand for its Gucci brand. Kering chairman and CEO François-Henri Pinault on Tuesday said the warning comes after the company's performance "worsened considerably" in the first quarter. Group sales fell to 4.5 billion euros in the first quarter, down 10% on a comparable basis. The Paris-based company flagged the anticipated downturn in a rare profit warning last month, noting that the shortfall would be led by declining Gucci sales, particularly in Asia.

Persons: Gucci, François, Henri Pinault, Pinault Organizations: Gucci, Bond Locations: London, United Kingdom, China, Paris, Asia

☆ TikTok’s ‘Mob wives’ aesthetic is fueling a resurgence of fur
▼ + stars: | 2024-02-01 | by ( Yola Mzizi | ) edition.cnn.com time to read: +7 min

This year may bring even more demand due to the explosion of the “mob wives” aesthetic on TikTok. In 2021, Israel became the first country in the world to enact a ban on new fur sales, while Italy and Norway announced they would stop fur farming. ‘Mob wives’ influenceOn TikTok, trends can rise and fall within a matter of weeks, if not days, and “mob wife” is no exception. In the coming months, Spiber said they will partner with a number of brands to develop custom fur products. Leopard print is another key tenet of the 'mob wife' style.

Persons: CNN — Edwards, Edwards, Lowell Furs ’, —, Paul Matsumoto, Natalie Bloomingdale, Raymond Hall, ”, Matsumoto, it’s, Porter, Versace, Prada, Neiman Marcus, Michael Kors, Israel, François, Henri Pinault, Angela Raiola, Drea de Matteo, Adriana La Cerva, Victoria Gotti, John " Junior, Gotti, Ray Tamarra, Mary Altaffer, Mandy Lee, Lee, Emmanuel Dunand, Kayla Marci, “ We’ve, Spiber, Victor Virgile, Callie Clayton, PJ Smith, Smith Organizations: The, Fashion, CNN, Lowell, HBO’s, Everett, Dolce, Gabbana's, Humane Society of, Business Locations: California, Beverly Hills, Edwards, Dua Lipa, New York, Bloomingdale, Canada, Italy, Norway, Paris, AFP, Zara, Milan, Spiber, United States

☆ Linda Evangelista has no desire to date
▼ + stars: | 2023-11-27 | by ( Lisa Respers France | ) edition.cnn.com time to read: +2 min

CNN —Linda Evangelista still turns heads as one of the world’s first supermodels, but she says she’s “not interested” in dating. In an interview with the Sunday Times, the 58-year-old was asked about it and explained why she has no desire to be involved with anyone right now. In her latest interview, Evangelista said therapy has helped her even as the lumps on her body are softening. I’m not completely rid of it, but I work hard at getting rid of the guilt and the shame. Remember when you used to laugh all the time?” Evangelista recalled her son asking her.

Persons: Linda Evangelista, she’s “, ”, “, ” Evangelista, Evangelista, Augie, François, Henri Pinault Organizations: CNN, Sunday Times Locations: CoolSculpting

☆ Ari Emanuel’s Endeavor is considering the sale of some of its assets
▼ + stars: | 2023-10-25 | by ( Samantha Delouya | ) edition.cnn.com time to read: +2 min

New York CNN —Endeavor Group Holdings, led by the high-power agent to the stars, Ari Emanuel, said that it is considering a sale of some of its assets. Earlier this year, Endeavor, which owns mixed martial arts company UFC, merged with World Wrestling Entertainment to create TKO Holdings. Shares of TKO Holdings, which is a separate publicly traded company apart from Endeavor, climbed nearly 2% in after-hours trading Wednesday. Correction: A previous version of this story incorrectly identified the assets Endeavor is considering selling as well as IMG's function. Endeavor is considering strategic options for its companies but did not identify any particular asset for sale.

Persons: Ari Emanuel, ” “, ”, Ariel Emanuel, Endeavor’s, Dwayne “, ” Johnson, Matt Damon, Emanuel, Francois, Henri Pinault Organizations: New, New York CNN — Endeavor Group Holdings, Wednesday, Endeavor, Company, IMG, Holdings, UFC, World Wrestling Entertainment, CAA Locations: New York

☆ Silver Lake working to take entertainment giant Endeavor private
▼ + stars: | 2023-10-25 | by ( Dawn Chmielewski | ) www.reuters.com time to read: +2 min

Trading information and logo for Endeavor Group Holdings, Inc. is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., May 10, 2023. REUTERS/Brendan McDermid/File photo Acquire Licensing RightsOct 25 (Reuters) - Private equity firm Silver Lake said on Wednesday it was working on a proposal to take talent and media company Endeavor Group Holdings (EDR.N) private, after Endeavor announced it had begun a review to explore alternatives that better value the company. "Silver Lake is currently working toward making a proposal to take Endeavor private," it said. Endeavor Group, which has diversified holdings in talent-management, live sports and festivals, is valued at around $8.4 billion. The private equity firm acquired a minority stake in the William Morris Endeavor talent agency in 2012, and Silver Lake Co-CEO Egon Durban and managing partner Stephen Evans serve on Endeavor's board of directors.

Persons: Brendan McDermid, Silver Lake, Francois, Henri Pinault, Ari Emanuel, Emanuel, William Morris, Egon Durban, Stephen Evans, Jaspreet Singh, Dawn Chmielewski, Devika Syamnath, Shailesh Kuber, Rod Nickel, Tom Hogue, David Gregorio Our Organizations: Endeavor Group Holdings, Inc, New York Stock Exchange, REUTERS, Silver, Endeavor, Creative Artists Agency, Endeavor Group, Boston Red Sox, Fenway Sports Group, PGA, Reuters, William, William Morris Endeavor, Thomson Locations: New York City, U.S, Bengaluru, Dawn, Los Angeles

☆ Gucci’s new designer Sabato de Sarno makes himself known
▼ + stars: | 2023-09-22 | by ( Scarlett Conlon | ) edition.cnn.com time to read: +4 min

Yet, if Gucci’s new designer Sabato de Sarno was rattled before he took his bow for the Italian luxury house at Milan fashion week on Friday, he didn’t show it. Where Michele was an overt maximalist with retro references, de Sarno mined the Gucci archive and codes in a more stripped-back way. Oxblood red dominated the collection, inspired by The Savoy hotel in London where Guccio Gucci worked in the late 1800s. The bling was, in fact, a reference to the Marina jewelry collection that appeared in Gucci campaigns in the late 1960s. The rest of the embellished crystal designs were inspired by embroideries de Sarno found on 1960s clutch bags in the Gucci archive.

Persons: Milan, Sabato de Sarno, Alessandro Michele’s, De Sarno, Julia Roberts, Ryan Gosling, Jessica Chastain, Kendall Jenner, Julia Garner, Francois, Henri Pinault, Swan, Gucci Ancora ”, ‘, de Sarno, Prada, Gabbana, Valentino, Michele, Jackie, —, Guccio Gucci, Daniele Venturelli, “ Rosso Ancora, ”, Sabato De Sarno, Gucci, Kering, Daria Werbowy, Tom Ford Gucci, embroideries de Sarno Organizations: Milan CNN, Brera, Gucci, Dolce Locations: Milan, ‘, Savoy, London, Naples

"Gucci is the opportunity to fall in love with fashion, ancora," De Sarno said in a post on Instagram in the run-up to the show, using the Italian word for "again." Debut collections can generate mixed reactions, and even positive press reviews are not always a proxy for their future commercial success. Kering shares closed 1.5% higher after the show. At their current price, Kering shares are trading at the equivalent of around 14 times expected earnings over the next 12 months, according to LSEG data. Reporting by Mimosa Spencer and Elisa Anzolin, editing by Silvia AloisiOur Standards: The Thomson Reuters Trust Principles.

Persons: Sabato De Sarno, Kering, De Sabato, Kenneth Richard, Federico Giglio, Giglio.com, Gucci, De Sarno, De, Antoine Belge, Francois, Henri Pinault, Julia Roberts, Ryan Gosling, Louis, Dior, Alessandro Michele, Marco Bizzarri, Jean, Hermes, Mimosa Spencer, Elisa Anzolin, Silvia Aloisi Organizations: luxe, Reuters, Exane BNP, fashion's, Louis Vuitton, Moncler, Thomson Locations: Milan, Italy, New York, Chengdu, Bangkok, London, Brera

☆ The Magician of Milan
▼ + stars: | 2023-09-20 | by ( Vanessa Friedman | More About Vanessa Friedman | ) www.nytimes.com time to read: +2 min

House Building“I said I wanted to go against the stream of the monovision,” Mr. Blazy said, talking about his initial pitch to Mr. Pinault. He was in his office in the Bottega Veneta headquarters in Milan, wearing a white Patagonia T-shirt and faded jeans. It also explains a lot about how Mr. Blazy approaches not his job, but the world. “I did not open a computer for the last six months,” Mr. Blazy said. Mr. Blazy collects first drafts.

Persons: Blazy, ”, Henri Pinault, Mr, Pinault, Lee, Isa Genzken, “, ” Mr, Hussein Chalayan, Chalayan, Blazy’s Organizations: Kering, Bottega Locations: Bottega, Milan, Patagonia, Chamonix, ”, British

☆ Sarah Burton Exits Alexander McQueen
▼ + stars: | 2023-09-11 | by ( Elizabeth Paton | More About Elizabeth Paton | ) www.nytimes.com time to read: +3 min

Ms. Burton, then its head of women’s wear, had been working with Mr. McQueen since 1996, when she started at his label as an intern after graduating from Central Saint Martins, the design school in London. Within a year of her succeeding Mr. McQueen as the brand’s creative director, Ms. Burton created the Princess of Wales’s ivory lace wedding gown, which became more famous than any dress designed by Mr. McQueen. Ms. Burton, who rose to lead a fashion house in an industry still largely dominated by men, helped Alexander McQueen evolve from a label beloved by fashion superfans into a modern luxury powerhouse. Kering, which bought a 51 percent stake in Alexander McQueen in 2001, is also reconfiguring its organization and its assets. The conglomerate has appointed Maureen Chiquet, a former chief executive at Chanel, to its board of directors and has named Francesca Bellettini, the chief executive of Saint Laurent, as the deputy chief executive of Kering’s portfolio of brands.

Persons: Burton, McQueen, Ms, . McQueen, Prince Harry’s, Meghan Markle, Queen Elizabeth II, Alexander McQueen, “, Sarah, ” François, Henri Pinault, Burton’s, Gabriela Hearst’s, Jeremy Scott’s, Alessandro Michele’s, Maureen Chiquet, Francesca Bellettini, Saint, Pinault Organizations: Central Saint Martins, Gucci, New York, Creative Artists Agency Locations: London, Chloé, Moschino, China, Saint Laurent, Hollywood, Valentino

☆ Pinault’s Hollywood foray is untimely distraction
▼ + stars: | 2023-09-08 | by ( Pierre Briancon | ) www.reuters.com time to read: +4 min

REUTERS/Charles Platiau Acquire Licensing RightsLONDON, Sept 8 (Reuters Breakingviews) - The story of European business trying to mingle with Hollywood has often led to unhappy endings. The Pinault family, which controls $61 billion luxury group Kering (PRTP.PA), thinks it can buck the trend. Pinault may have overpaid for CAA, especially in the middle of a major strike of Hollywood writers and actors. The transaction, through holding company Artemis, adds Hollywood's premiere talent agency to Pinault’s family empire which spans fashion, wine and contemporary art. CAA was valued at $1.1 billion when TPG acquired a majority stake in 2014, four years after having originally invested in the talent agency.

Persons: Francois, Henri Pinault, Kering, Charles Platiau, Tom Hanks, Steven Spielberg, François, Ari Emanuel’s, Artemis ’, Gucci, Alessandro Michele, Pinault, Jean, Kering’s, Valentino, Brad Pitt, Salma Hayek, Lisa Jucca, Streisand Neto Organizations: REUTERS, Reuters, Hollywood, Universal Studios, Creative Artists Agency, CAA, Gucci, TPG, Endeavor, Thomson Locations: Paris, France, bask

Putting a price on celebrityIn buying a majority stake in the powerhouse Hollywood talent agency Creative Artists Agency, François-Henri Pinault showed that high-ticket M.&A. is a game that more than one French luxury billionaire can play. Acquiring CAA — which represents stars including Tom Hanks, Margot Robbie and Pinault’s wife, Salma Hayek Pinault — underscores Pinault’s ambitions, and reinforces the growing importance of celebrity in the luxury sector. Like his archrival, Bernard Arnault of LVMH, Pinault used a series of acquisitions to assemble the luxury empire now known as Kering, starting with Gucci and later adding Saint Laurent, Bottega Veneta, Alexander McQueen and more. The agency will be run separately from Kering; Bryan Lourd, the superagent who represents Scarlett Johansson and Brad Pitt, will become C.E.O.

Persons: Henri Pinault, Tom Hanks, Margot Robbie, Pinault’s, Salma Hayek Pinault, Bernard Arnault, Pinault, Saint, Bottega, Alexander McQueen, —, Bryan Lourd, Scarlett Johansson, Brad Pitt Organizations: Hollywood, Creative Artists Agency, CAA, Gucci, Puma Locations: Bottega Veneta, Kering

[1/2] Cars are shown lined up at the valet parking area outside the Creative Artists Agency building in Los Angeles, California, September 24, 2012. REUTERS/Jonathan Alcorn Acquire Licensing RightsPARIS, Sept 7 (Reuters) - French luxury goods billionaire Francois-Henri Pinault has reached an agreement for a majority stake in Creative Artists Agency (CAA), adding Hollywood's premiere talent agency to his family empire which spans fashion, wine and contemporary art, parties involved said on Tuesday. The presence of stars like Beyonce, Zendaya and Rihanna have become key to drawing the spotlight to fashion shows, and Kering's larger rival LVMH(LVMH.PA) recruited Pharrell Williams to head menswear designs for Louis Vuitton. TPG first invested in CAA in 2010 and, in 2014, increased its stake to 53% in a deal valuing the agency at $1.1 billion. Global investment firm Temasek will remain a minority investor in the agency while CMC Capital will remain a "strategic partner", according to a statement.

Persons: Jonathan Alcorn, Francois, Henri Pinault, Pinault, Gucci, Beyonce, Zendaya, Rihanna, Pharrell Williams, Louis Vuitton, Pinault's, Salma Hayek, Valentino, perfumer, Bryan Lourd, Kevin Huvane, Richard Lovett, Lourd, Sudip Kar, Mimosa Spencer, Dawn Chmielewski, Jonathan Oatis, Tomasz Janowski, Timothy Gardner Organizations: Creative Artists Agency, REUTERS, Rights, CAA, Artemis, TPG, Global, CMC Capital, Thomson Locations: Los Angeles , California, Los Angeles, Hollywood, Temasek, Paris

In a deal that shows the ever-growing convergence of fashion and fame, François-Henri Pinault, the French billionaire and chief executive of the luxury goods company Kering, said on Thursday that his family office had bought a majority stake in one of Hollywood’s biggest talent agencies, Creative Artists Agency. Mr. Pinault’s family office, Artémis, already has investments that include the auction house Christie’s and a stake in Puma, and like them, CAA will be managed separately from Kering, which owns such brands as Gucci, Saint Laurent and Balenciaga. The announcement comes as talent — actors, singers, filmmakers — has become a uniquely powerful tool in selling products. There is now a growing race among fashion brands to lock in relationships with the next big name. “There’s no separation between fashion and entertainment any more,” said Robert Burke, the eponymous founder of a luxury consultancy, calling the deal a “natural, if unprecedented, evolution.”

Persons: Henri Pinault, Pinault’s, Saint Laurent, Balenciaga, —, “, ”, Robert Burke Organizations: Creative Artists Agency, Mr, Puma, CAA, Gucci Locations: Kering

VACCARELLO’S DEBUT FOR Saint Laurent wasn’t as rapturously received as Yves Saint Laurent’s for Dior. “Anthony has been scrutinized and told his dresses were too vulgar or too sexy,” he says. At the beginning of his tenure at Saint Laurent, it sometimes seemed like Vaccarello was art directing someone else’s movie. Illuminated by the soft glow of chandeliers — a reference to the ballroom at Paris’s InterContinental hotel, the frequent site of Saint Laurent’s presentations — the women summoned the femmes fatales of Helmut Newton photographs. “Now that I’m a free man, I feel inclined to say that I think that what Anthony has done with Saint Laurent has been positively brilliant.

Persons: Saint Laurent wasn’t, rapturously, Yves Saint Laurent’s, Saint, Flinn, “ Anthony, Vaccarello, Saint Laurent, Luchino Visconti, Rainer Werner Fassbinder, can’t, he’s, Helmut Newton, Henri Pinault, ”, Tom Ford, Anthony Organizations: Saint Laurent, Dior, Montaigne, —, Eiffel, InterContinental Locations: Saint, Malibu , Calif

☆ Kering dons Valentino scent to ease Gucci malaise
▼ + stars: | 2023-07-28 | by ( Lisa Jucca | ) www.reuters.com time to read: +3 min

Adding the maker of pricey Rockstud bags could help it reduce its dependency on tottering star brand Gucci. Kering’s stake purchase values the whole brand at 5.7 billion euros, or 16 times its EBITDA of 350 million euros last year. Kering will pay 1.7 billion euros for the stake in cash. Valentino had revenue of 1.4 billion euros and a recurring EBITDA of 350 million euros in 2022. Kering’s star brand Gucci rose just 1% on an organic basis.

Persons: Henri Pinault, Valentino, Gucci, Valentino Garavani, LVMH, Sabato De Sarno, Alessandro Michele, Marco Bizzarri, Kering, George Hay, Streisand Neto, Oliver Taslic Organizations: MILAN, Reuters, Thomson

Kering, the French luxury goods company that owns brands like Balenciaga, Alexander McQueen and Yves Saint Laurent, surprised the fashion industry this week when it announced a sweeping reorganization of its top ranks, including the departure of Marco Bizzarri, the longtime chief executive of Gucci, Kering’s premier brand. Activists have turned on the luxury industry in recent years. Dan Loeb’s Third Point as well as Artisan Partners called for change at Richemont, the owner of jewelry brands like Cartier and Van Cleef & Arpels. But the most active recently is Bluebell, a four-year-old, $250 million firm that has also taken aim at Richemont, and the fashion brand Hugo Boss. Bluebell failed to persuade fellow Richemont shareholders to add Francesco Trapani, the former chief executive of Bulgari, as a director, but the conglomerate agreed to give public investors more influence.

Persons: Alexander McQueen, Yves Saint Laurent, Marco Bizzarri, Gucci, François, Henri Pinault, Kering, Dan Loeb’s, Van Cleef, Hugo Boss, Bluebell, Francesco Trapani Organizations: Kering’s, Bluebell Capital Partners, Partners, Cartier, BlackRock, GlaxoSmithKline Locations: London

☆ Gucci CEO Marco Bizzarri to step down as parent company chases global luxury boom
▼ + stars: | 2023-07-19 | by ( Anna Cooban | ) edition.cnn.com time to read: +2 min

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.

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

☆ Gucci CEO Bizzarri to leave company in September
▼ + stars: | 2023-07-18 | by ( ) www.reuters.com time to read: +1 min

July 18 (Reuters) - Kering (PRTP.PA) managing director Jean-Francois Palus has been appointed to lead star label Gucci after a management reshuffle at the top ranks of the French luxury goods company. Marco Bizzarri, Gucci's president and chief executive since 2015, will leave the company on Sept. 23, the French owner of Italian brand Kering said on Tuesday. As part of the changes, Francesca Bellettini, who has run fast-growing fashion label Yves Saint Laurent since 2013, has been named Kering's deputy CEO in charge of brand development while group finance chief Jean-Marc Duplaix has been named as Kering deputy CEO in charge of operations and finance. “We are building a more robust organisation to fully capture the growth of the global luxury market," Kering Chairman and CEO Francois-Henri Pinault said in a statement Tuesday. Reporting by Piotr Lipinski and Mimosa Spencer Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

Persons: Jean, Francois Palus, Gucci, Marco Bizzarri, Kering, Francesca Bellettini, Yves Saint Laurent, Marc Duplaix, Francois, Henri Pinault, Piotr Lipinski, Mimosa, David Goodman Organizations: Thomson

For years, Marco Bizzarri was one of the most well-known and respected executives in the global luxury business. Bald and boldly suited, he was the architect behind the meteoric success of Gucci, the largest fashion brand in the stable owned by the French group Kering, which also includes Balenciaga, Bottega Veneta and Saint Laurent. The news was buried in the third paragraph of a memo Kering released that outlined a major organizational shake-up as François-Henri Pinault, the chairman and chief executive, tries to write a new chapter for the fortunes of Gucci and the conglomerate. In the same announcement, Kering said Francesca Bellettini, the chief executive of Yves Saint Laurent, would become the conglomerate’s deputy chief executive for brand development, a promotion that will require all Kering brand chief executives to report to her and make her one of the most powerful women in the luxury industry. Jean-Marc Duplaix, Kering’s chief financial officer, will also become a deputy chief executive, overseeing operations and finance.

Persons: Marco Bizzarri, Gucci, Saint Laurent, Alessandro Michele, Bizzarri’s, Kering, Henri Pinault, Francesca Bellettini, Yves Saint Laurent, Jean, Marc Duplaix Organizations: Saint, Gucci Locations: Bottega Veneta

[1/2] Cars are shown lined up at the valet parking area outside the Creative Artists Agency building in Los Angeles, California, September 24, 2012. REUTERS/Jonathan AlcornJuly 14 (Reuters) - Creative Artists Agency (CAA) is in advanced talks to sell a majority stake to French billionaire Francois-Henri Pinault in a deal that could value the Hollywood talent agency at over $7 billion, according to a person familiar with the matter. CAA did not immediately respond to a request for comment, and spokespeople for Pinault and for TPG declined to comment. In 2021, CAA announced a deal to buy major Hollywood rival ICM Partners. Bloomberg first reported the talks between Pinault and CAA.

Persons: Jonathan Alcorn, Francois, Henri Pinault, Pinault, Kering, Salma Hayek, Tom Hanks, Zendaya, Steven Spielberg, Ariana Grande, Beyonce, Gursimran Kaur, Jyoti Narayan, Rishabh, Muralikumar Anantharaman, John Stonestreet Organizations: Creative Artists Agency, REUTERS, Hollywood, Gucci, TPG, CAA, ICM Partners, Bloomberg, Thomson Locations: Los Angeles , California, Los Angeles, Pinault, Bengaluru

☆ Meet François-Henri Pinault, the billionaire who's married to Salma Hayek and runs the luxury-goods empire that owns Gucci and Balenciaga
▼ + stars: | 2023-03-25 | by ( Avery Hartmans | ) www.businessinsider.com time to read: 1 min

"It was funny and dramatic and surreal," Pinault told The New York Times' T Magazine when describing taking over the company. "I knew it was coming, but I never expected it to happen so fast. I was still only 40 years old, and my father was 66 and in great shape, full of plans for PPR. But he had seen too many omnipotent fathers and what they did. Source: T Magazine

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