A rapid turnaround at the Italian megabrand seems firmly off the menu, leaving parent Kering in a tricky position, writes columnist Luca Solca.

The French group will pay €1.7 billion for 30 percent of the Italian couture house as the first step in a broader partnership with owner Mayhoola. What will the deal mean for Kering, Valentino, Mayhoola and the wider fashion landscape?

Following this week’s announcement that longtime Gucci chief Marco Bizzarri will exit the company in September, Imran Amed shares his top picks for one of the top jobs in the global luxury industry.

Marco Bizzarri led the Italian luxury giant through a historic expansion before the business struggled to bounce back from the pandemic. Parent company Kering announced the move as part of a broader executive shakeup after which Saint Laurent CEO Francesca Bellettini will oversee all the group’s brands.

Sabato De Sarno, a close associate of star designer Pierpaolo Piccioli, will succeed Alessandro Michele at the creative helm of Italy’s biggest brand.

The market is still digesting Gucci’s move to part ways with Alessandro Michele. A slowdown at Kering’s flagship brand was complicating the company’s wider ambitions, but change comes with risk as well as potential reward.

From 2015 to 2019, the designer’s trendsetting maximalist vision powered the modern luxury sector’s most successful turnaround ever. But more recently Kering’s flagship brand has struggled to keep up momentum.

With Kering’s flagship brand struggling to keep up momentum, analysts and investors rallied around a report saying creative director Alessandro Michele is set to leave the company.