Cédric Charbit, chief executive officer of Balenciaga since 2016, is to become the new CEO of Saint Laurent, effective Jan. 2.
Gianfranco Gianangeli, previously CEO at Maison Margiela and currently chief commercial officer at Saint Laurent, is to succeed Charbit at Balenciaga on the same date.
French group Kering, parent of both Paris-based houses, revealed the twin appointments in a statement on Monday after the close of trading on the Paris bourse.
It marks a return to Saint Laurent for Charbit, who was executive vice president of product and marketing there when he took the management helm of Balenciaga eight years ago, arriving one year after creative director Demna.
Charbit takes over the title at Saint Laurent from Francesca Bellettini, who held onto the role when last year she was promoted to Kering’s deputy CEO in charge of brand development.
All brand CEOs – Kering is parent to Bottega Veneta, Balenciaga, Alexander McQueen, Brioni, Boucheron, Pomellato, DoDo and Qeelin – report to Bellettini, who was tasked with steering these companies in their next stages of growth.
“Cédric was one of my key collaborators during my time at Saint Laurent, and I’ve always admired his leadership and unique skills,” Bellettini said, speaking exclusively to WWD. “At Balenciaga, he not only drove incredible growth but also managed to steer the brand through challenges and bring fresh momentum. I’m confident he is the perfect leader to shape the next chapter of Saint Laurent.”
Bellettini has helmed Saint Laurent since 2013, initially working with designer Hedi Slimane, who dropped the late founder’s first name, Yves, from the brand name as his first order of business. Bellettini appointed Anthony Vaccarello as creative director in 2016.
During her tenure leading the house, she grew the size of the business roughly sixfold, according to market sources.
For her part, Bellettini said she is “excited to focus entirely on my role as Kering’s deputy CEO for brand development… With the recent changes at Gucci and all other key appointments, we’ve got the right people in place to tackle today’s challenges and set the stage for the future.”
Charbit had initially joined YSL in 2012 as director of product strategy.
Once at the helm of Saint Laurent, he will be faced with reigniting sales momentum amid a slowdown in luxury sales, especially in China, and as inflation and high interest rates weigh on discretionary spending worldwide.
Comparable sales at Saint Laurent have been decelerating in 2024: down 6 percent in the first quarter, 9 percent in the second quarter, and 12 percent in the third quarter.
Kering said Charbit’s mission would be to “leverage his expertise and leadership to further develop the iconic Parisian house, building on its unique positioning, heritage, and identity.”
Before YSL, Charbit was deputy general manager at Emilio Pucci. Previously, the Frenchman held management roles in retail — as general merchandise manager for womenswear at Harrods in London and Printemps in Paris.
He is a graduate of ESC Toulouse business school and is prized for his strong fashion instincts and complicity with designers.
An exuberant, straight-shooting executive, Charbit had an eventful tenure at Balenciaga, leading the hype brand through a dynamic growth phase amid lusty demand for streetwear-tinged luxury items like sneakers, caps, logo sweatshirts and heavy-duty outerwear.
He also helped Balenciaga gingerly navigate its way back into the fashion spotlight after the brand was rocked by the advertising campaign crisis at the end of 2022 over images that critics claimed promoted the exploitation of children.
Gianangeli helmed Maison Margiela from 2020 to 2023, joining the OTB-controlled house from his family-owned, namesake knitwear manufacturer in Perugia, Italy, which he had revitalized, securing production contracts for several marquee European luxury brands.
He joined Saint Laurent in September 2023, and is one of clutch of fashion CEOs from smaller brands who have recently taken on lesser C-suite roles at luxury megabrands.
Before that, he was global retail director at Givenchy and associate international director at Prada. He began his career in 2006 at Bottega Veneta in various merchandising positions and as that brand’s regional vice president in Japan.
Sources describe Gianangeli as a well-rounded executive with an entrepreneurial streak, and strong merchandising flair.
“His task [at Balenciaga] will be to continue strengthening and expanding the house’s reach and renown,” Kering said.
Bellettini has known Gianangeli since 2008, when she joined Bottega Veneta as merchandising director.
“He was working in the merchandising team, and I immediately appreciated his talents,” she told WWD. “We worked together for several years at Bottega Veneta, and we remained always in touch through all those past years.
“I have always considered him as one of the most brilliant professionals of our industry,” she continued. “When he joined Saint Laurent last year, for me he was a great addition not only for the brand but for the group, and he is the perfect successor of Cedric at Balenciaga.”
“These evolutions further reinforce our organization,” François-Henri Pinault, chairman and CEO of Kering, said in the statement. “We have the right leadership team in place to address current industry challenges and set the pace for long-term growth.”
