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PARIS, Jan 30 (Reuters) – Kering’s appointment of Sabato De Sarno to reinvigorate its prized Gucci label barely moved the French luxury group’s shares in early Monday trading.
The group had been under pressure to quickly appoint someone to the top creative job at Gucci following the abrupt departure in November of Alessandro Michele.
De Sarno, a senior fashion designer from Valentino, will be tasked with reviving the fortunes of a brand that accounted for two-thirds of Kering’s profits in 2021.
The label has been losing momentum in recent years after stellar growth in 2015-19.
Kering’s shares opened 0.1% lower.
(Reporting by Mimosa Spencer; Editing by Emelia Sithole-Matarise)
((Mimosa.Spencer@thomsonreuters.com;))
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