Gucci has named its fourth chief executive in two years as the Italian luxury brand's troubled French parent Kering reshuffles top management under newly installed chief executive Luca de Meo.

Francesca Bellettini, one of Kering's two deputy chiefs since 2023, will become president and chief executive at the group's biggest brand, Kering said on Wednesday, while current Gucci CEO Stefano Cantino will leave the company after less than a year in the role.

Jean-Marc Duplaix, the other former Kering deputy, will become the group's chief operating officer while the title he and Bellettini previously shared will be eliminated.

The changes cap a period of upheaval at the €32bn luxury group as a turnaround at Gucci flounders, group sales fall sharply and investors grow nervous over rising debt at both Kering and the holding companies above it following a series of high-priced deals.

De Meo, who started on Monday and has promised swift action to return Kering to growth, arrived from carmaker Renault with a mandate to reignite the group's performance after a 50 per cent plunge in Kering's share price over the past two years.

His appointment marks a new chapter for Kering, with the group splitting the chair and chief roles after two decades in which both were held by François-Henri Pinault, scion of the family that controls the group.

"At this pivotal moment, I intend to build a leaner and clearer organisation . . . Gucci, as the flagship of our group, deserves the sharpest focus, and Francesca [will] bring the leadership and flawless execution needed to restore the brand to its rightful place," De Meo said.

Bellettini was previously chief of the group's second-biggest brand, Saint Laurent, where she is credited with overseeing a period of rapid growth and tightening operations. However, sales have fallen in recent quarters as luxury demand slows globally and shoppers flinch at steep price increases pushed through during the boom years.

Industry insiders in Milan say the reshuffle shows strategic continuity rather than a change of direction for Gucci. Bellettini was a key voice in big recent decisions at the brand, including the appointment of former Balenciaga designer Demna Gvasalia as creative director.

Bellettini had been touted as the person to oversee a turnaround at Gucci when its longtime boss Marco Bizzarri left in 2023. However, Pinault lieutenant Jean-François Palus was instead brought in as a stop-gap before the appointment this January of Cantino, former communications director at LVMH's Louis Vuitton.

"This is, frankly, what they should have done two years ago," said one executive in the industry.

Amid a worsening situation at Gucci, Kering issued three profit warnings last year -- a rare event in the high-margin luxury business. Gucci sales fell by a quarter organically in the first half of the year while operating income halved.

The brand accounts for about two-thirds of group sales and a third of operating profits, so getting it back on track is Kering's top priority. "Bellettini is a safe bet," said another industry insider.

Others believe deeper change is needed. "They need a complete change of management" at Kering, said one investor.

Bellettini started her career as an investment banker at Goldman Sachs, before working for Prada, Helmut Lang and Bottega Veneta in a variety of business roles.

Rumours about her appointment to lead Gucci began swirling after De Meo was named Kering's next chief over the summer.

"Cantino wasn't delivering, De Meo has a big job on his hands . . . and Bellettini needed a place to shine," said a third industry executive in Milan. "Bellettini and Demna are the label's, [and] possibly Kering's, last hope".

Gucci names latest chief in shake-up under new Kering boss Luca de Meo