As a stream of A-list celebrities took their seats in the basement of Tate Modern last week for Gucci’s latest cruise collection, executives appeared relaxed.
Together, the Pinault family has a 42 per cent stake in Kering and controls 59 per cent of its voting rights. “The Pinault family was very removed from the daily management of the brands,” says one former director. “All the various Kering brands’ chief executives have an uncommon freedom of actions.” This is in stark contrast to LVMH, which the former director said is “continuously controlled by the Arnault family and their immediate trusted top executives”.
The shake-up went further last year when Gucci’s then-chief executive Marco Bizzarri announced his departure after eight years in the job. It appointed number-cruncher Jean-Francois Palus as a temporary replacement. He has since taken up the role permanently.
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