Case Study · Kering Portfolio Brand · 2013-Present

Saint Laurent under Francesca Bellettini (2013-2023) and Cédric Charbit (CEO effective January 2, 2025)

Saint Laurent is one of the most-studied luxury-brand growth stories within the Kering portfolio. Francesca Bellettini led the brand as CEO from 2013, presiding over significant revenue growth and strategic-positioning evolution alongside creative director Anthony Vaccarello (who joined in 2016). In 2023, Kering promoted Bellettini to Deputy CEO of Kering, responsible for brand development across the group's portfolio — meaning the CEOs of Bottega Veneta, Balenciaga, Alexander McQueen, Brioni, Boucheron, Pomellato, DoDo, and Qeelin all report to her. In November 2024, Kering announced that Cédric Charbit, then CEO of Balenciaga since 2016, would take over as CEO of Saint Laurent effective January 2, 2025. The transition allowed Bellettini to focus entirely on her Deputy CEO role across the portfolio. Saint Laurent's creative direction under Anthony Vaccarello has continued through both CEO eras.

TL;DR — the quick read

Story: Francesca Bellettini led Saint Laurent as CEO from 2013, presiding over significant revenue growth alongside creative director Anthony Vaccarello (who joined in 2016). In 2023, Kering promoted Bellettini to Deputy CEO of Kering, responsible for brand development across the group's portfolio — meaning the CEOs of Bottega Veneta, Balenciaga, Alexander McQueen, Brioni, Boucheron, Pomellato, DoDo, and Qeelin all report to her. In November 2024, Kering announced Cédric Charbit, then CEO of Balenciaga since 2016, would take over as CEO of Saint Laurent effective January 2, 2025.
Why it matters: The transition allowed Bellettini to focus entirely on her Deputy CEO role across the broader Kering portfolio. The lateral move from Balenciaga to Saint Laurent for Charbit — both inside Kering — is the kind of internal-talent movement that LVMH has used to similar effect with Pietro Beccari. Saint Laurent has been one of Kering's stronger performers and the test case for what brand-development looks like at the portfolio level.
Takeaway: Anthony Vaccarello has been creative director since 2016 — nine-year continuity through the Bellettini → Charbit CEO transition.
Takeaway: Saint Laurent's commercial trajectory under Bellettini was the structural argument for her elevation to Kering Deputy CEO.
Takeaway: Charbit's prior role at Balenciaga (2016-2024) included managing the brand through its 2022 'BDSM-kid' marketing crisis.

STAR framework

Saint Laurent's leadership succession

Situation

Bellettini ran Saint Laurent for a decade and was elevated to portfolio leadership in 2023

Francesca Bellettini became Saint Laurent CEO in 2013 and presided over a decade of growth. In 2023, Kering elevated her to Deputy CEO with responsibility for brand development across the broader portfolio.

Task

Replace Bellettini at Saint Laurent without losing momentum

Kering needed a CEO who could run Saint Laurent at scale while Bellettini focused on the broader portfolio. The natural candidate pool was Kering's existing brand-CEO bench.

Action

Move Cédric Charbit from Balenciaga (Nov 2024 announcement, Jan 2, 2025 effective)

Charbit had been Balenciaga CEO since 2016. The announcement in November 2024 took effect January 2, 2025. Anthony Vaccarello continued as Saint Laurent creative director through the transition.

Result

Bellettini focused on Kering portfolio; Charbit at Saint Laurent

Charbit became Saint Laurent CEO January 2, 2025. Bellettini continued as Kering Deputy CEO, with the CEOs of Bottega Veneta, Balenciaga, Alexander McQueen, Brioni, Boucheron, Pomellato, DoDo, and Qeelin all reporting to her.

By the Numbers

Saint Laurent's CEO transition

Bellettini Saint Laurent CEO

10-year tenure

Source: WWD

Vaccarello creative director

Continued through transition

Source: Industry coverage

Bellettini → Deputy CEO Kering

Brand development across portfolio

Source: Kering

Jan 0, 2025

Charbit Saint Laurent CEO start

Announced November 2024

Source: WWD, BoF

Charbit Balenciaga CEO

8-year tenure before moving to Saint Laurent

Source: BoF

Kering brands under Bellettini

BV, Balenciaga, McQueen, Brioni, Boucheron, Pomellato, DoDo, Qeelin

Source: WWD

Quick facts

BrandSaint Laurent (formerly Yves Saint Laurent; Kering portfolio brand)

ParentKering S.A. (EPA: KER)

CEO (effective January 2, 2025)Cédric Charbit

Charbit's prior roleCEO, Balenciaga (2016-late 2024/early 2025)

Previous Saint Laurent CEOFrancesca Bellettini (2013-2024)

Bellettini's current Kering roleDeputy CEO of Kering, responsible for brand development; promoted 2023

Brands reporting to Bellettini at KeringBottega Veneta, Balenciaga, Alexander McQueen, Brioni, Boucheron, Pomellato, DoDo, Qeelin

Creative DirectorAnthony Vaccarello (since 2016; continued through both CEO transitions)

Original foundersYves Saint Laurent and Pierre Bergé (founded the YSL house in 1961)

Kering portfolio entryYves Saint Laurent has been part of Kering's portfolio since the conglomerate's formation

Honest note

Specific Saint Laurent revenue figures and segment growth percentages cited in earlier drafts have been removed pending re-verification against Kering's consolidated financial statements and investor-relations releases. Kering does disclose brand-level revenue for Saint Laurent in its segment reporting (in the Houses segment), and detailed quarterly figures are available at kering.com/en/finance. Specific commercial performance during Bellettini's CEO tenure (2013-2023), including revenue scaling and operating-margin trajectory, was widely reported by industry press and contributed to her elevation to Deputy CEO of Kering in 2023 — but specific figures should be verified from primary Kering disclosures before being quoted.

The Bellettini era at Saint Laurent (2013-2023): brand and revenue trajectory

Francesca Bellettini joined Saint Laurent as CEO in 2013. During her decade in the role, the brand executed a substantial strategic-positioning evolution under creative direction first by Hedi Slimane (2012-2016, who renamed the brand from Yves Saint Laurent to simply Saint Laurent and reset the visual identity around modernist menswear-rooted tailoring) and then Anthony Vaccarello (from 2016). Revenue growth across Bellettini's tenure was substantial enough to make Saint Laurent one of Kering's most important brands and the consistent track record was the structural rationale for her 2023 elevation to Deputy CEO of Kering with portfolio-wide responsibility.

The 2023 promotion to Kering Deputy CEO

In 2023, Kering CEO François-Henri Pinault elevated Francesca Bellettini to Deputy CEO of Kering, responsible for brand development across the portfolio. The structural meaning: all Kering brand CEOs except Gucci's now report to Bellettini. The roster includes Bottega Veneta, Balenciaga, Alexander McQueen, Brioni, Boucheron, Pomellato, DoDo, and Qeelin. Kering had been navigating a difficult stretch — particularly at Gucci, where Sabato De Sarno was attempting a creative-director reset that ultimately did not succeed (De Sarno departed Gucci on February 6, 2025). Bellettini's elevation was structurally about applying the playbook that worked at Saint Laurent across the rest of the portfolio. She continued as CEO of Saint Laurent simultaneously during the transition period.

The November 2024 succession announcement: Cédric Charbit

On November 18, 2024, Kering announced that Cédric Charbit, then CEO of Balenciaga, would take over as CEO of Saint Laurent effective January 2, 2025. Charbit had been Balenciaga CEO since 2016 and was credited with that brand's commercial growth (and through it, with managing through the 2022 'BDSM-kid' marketing-campaign crisis). The transition allowed Bellettini to focus entirely on her Deputy CEO role across the broader Kering portfolio. Anthony Vaccarello continued as Saint Laurent's creative director through both the Bellettini-Charbit CEO transition and the Bellettini move to Kering Deputy CEO.

Why Saint Laurent's CEO transition matters strategically

The Charbit appointment is structurally significant for two reasons. First, Kering chose to move a proven brand CEO laterally between portfolio brands rather than recruit externally — a pattern consistent with how LVMH operates (Beccari moving from Fendi to Dior to Louis Vuitton). Second, Charbit's Balenciaga track record gave Kering confidence he could handle a brand at scale; Saint Laurent is structurally one of the larger Kering brands by revenue and a key driver of group performance. Bellettini's move to Deputy CEO with broad portfolio responsibility was a clear signal from Pinault that operational discipline across the portfolio — not just at Saint Laurent — was the priority. With Gucci's De Sarno experiment ending in February 2025 and Kering's broader portfolio performance under pressure, the management architecture changes through 2023-2025 represent a substantial response to challenging market conditions.

Frequently asked questions

Who runs Saint Laurent as of 2025?

Cédric Charbit became CEO effective January 2, 2025, having been announced for the role in November 2024. Anthony Vaccarello remains Creative Director. Charbit reports to Francesca Bellettini in her role as Kering Deputy CEO.

What did Francesca Bellettini do?

She was CEO of Saint Laurent from 2013 to 2024, presiding over a substantial growth period. In 2023, Kering promoted her to Deputy CEO of Kering with responsibility for brand development across the portfolio. The CEOs of Bottega Veneta, Balenciaga, Alexander McQueen, Brioni, Boucheron, Pomellato, DoDo, and Qeelin all report to her. The Charbit succession at Saint Laurent in early 2025 allowed her to focus entirely on the portfolio-wide Deputy CEO role.

Who is Cédric Charbit?

Charbit had been CEO of Balenciaga, another Kering portfolio brand, since 2016. He led that brand through significant commercial growth, including its expansion into ultra-premium hoodie and sneaker positioning, and through the 2022 'BDSM-kid' marketing-campaign crisis. His track record made him Kering's choice for Saint Laurent in the 2025 succession.

Why didn't Kering hire externally for the Saint Laurent CEO role?

Kering's pattern has been to move proven brand CEOs laterally between portfolio brands rather than recruit externally. The pattern is similar to how LVMH operates (Pietro Beccari moving from Fendi to Dior to Louis Vuitton). The reasoning: deep internal knowledge of how the conglomerate operates, established relationships with the parent company, and demonstrated ability to manage at the relevant scale. Charbit's Balenciaga track record positioned him as the natural internal successor.

Is Anthony Vaccarello still Saint Laurent's creative director?

Yes, as of the early 2025 CEO transition. Vaccarello has been Saint Laurent's creative director since 2016 — a nine-year tenure that has spanned the entire Bellettini-then-Charbit CEO transition. Continuity of creative direction has been one of the structural strengths of Saint Laurent's growth under Kering.

Sources & references

Saint Laurent Appoints Balenciaga's Cédric Charbit as its New CEO (WWD, November 2024) — WWD's coverage of the November 2024 transition announcement.
Kering Names New CEOs at Saint Laurent and Balenciaga (Business of Fashion) — BoF coverage with portfolio-wide context.
Kering shuffles leadership appointing new Balenciaga and Saint Laurent CEOs (TheIndustry.fashion) — Trade press coverage with Bellettini's expanded Deputy CEO scope details.
Kering's Reshuffle Continues with Strategic Leadership Changes (CEOWORLD) — CEO World coverage with strategic context.
Kering names Cedric Charbit CEO of Saint Laurent (Reuters via Investing.com) — Reuters coverage of the announcement.
Balenciaga CEO Set to Lead Yves Saint Laurent (Business of Fashion) — BoF announcement coverage.