Luxury goods conglomerate Kering has announced a significant leadership change at its flagship brand Gucci, with the appointment of a new CEO effective January 1, 2025. The incoming executive, who currently serves as deputy CEO, brings extensive experience from the luxury sector, having previously held key positions at prominent fashion houses. This strategic move comes at a challenging time for the luxury industry, which is grappling with a global slowdown in demand.
Market Responds Favorably to Announcement
The news of Gucci's leadership transition was well-received by investors, as evidenced by a positive movement in Kering's stock price on the Paris Stock Exchange. Shares rose 1.74% to €239.90 following the announcement, reflecting market confidence in the new direction under the incoming CEO's guidance. Despite this uptick, the stock remains under pressure, having experienced a significant decline over the past year. Analysts maintain a cautious outlook, with one Canadian bank retaining a "Sector Perform" rating and setting a price target of €280 for Kering shares.
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