Comments, questions or feedback? Due to the extraordinary growth of the company under her leadership, she has been named by the Financial Times as one of the 25 most influential women of 2022. We are the only French couture house to be relevant in both menswear and womenswear. Reach out to me, at: laura.cohn@gmail.com or @laurascohn. Virtual reality and sports seem like polar opposites. In 1999, she joined the Business Planning and Development division of the Prada group, and later became Operations Manager for Helmut Lang. Already, as soon as Vaccarello arrived, they had made the decision to always wait one year to mark down the current collection. And though former Creative Director Hedi Slimane was very much a driving force for this transition, it was CEO Francesca Bellettini who ensured the success of such a risky strategy, while also overseeing a radical overhaul of the company from within. PARIS Francesca Bellettini doesnt style her hair. If you judge everything he has been doing since he has arrived and the inclusivity he has expressed from the first campaigns, I hope people are able to recognise that. Sometimes if you look at one part, you lose the full picture, she says. 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Rosenkranz and Siegal moved on to the audience Q&A section of the talk, where they noted that Fashion@Brown had received pages and pages and pages of submitted questions. The looks Anthony does for the shows are incredibly complete jewellery, shoes, etc. She studied economics and business administration at Bocconi University in Milan, spending five months at the University of Chicago as an exchange student in her senior year, which forced her to quickly improve the limited English she had learned at school. Her poise, her elegance, her drive, all with an overwhelming optimism. In 2019 she was awarded the FrenchKnight of the Legion of Honour, the highest possible distinction for a civilian in the country. At present, 15 percent of Saint Laurents global customer base is in Europe, 20 percent is in China, 15 percent is in Japan, 20 percent is in the rest of Asia, and 17 percent is in the US, with the remainder spread throughout the rest of the world. Francesca Bellettini is 50, she's been the President and Chief Executive Officer of Yves Saint Laurent and Member of the Executive Committee of Kering SA since 2015. She has been the chief executive officer of Yves Saint Laurent since 2013. Bellettini also believes that no job is a waste of time, even if we have to deal with bosses that we do not like. However, Bellettini also expressed that delving into the fashion industry was not an easy decision; it would cut her salary in half compared to her work as an investment banker. 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And you have to act as if youre already there., https://www.nytimes.com/2018/02/27/style/francesca-bellettini-yves-saint-laurent-paris.html. From 1999 until 2002, Ms. Bellettini worked in the Prada Group, Italy, first in the Planning and New Business Development Division of Prada and, in 2002, as Operations Manager of Helmut Lang. Bellettini joined YSL during a crucial time in its development. The actor and comedian also discusses her new childrens book and writing a diary in the sauna, Tracy Flick Is Back: Older, Wiser, Still in High School, Chef Thomas Keller on Finding Professional Success After 40, Hailey Biebers Lymphatic Massage Provider Has a 2,300-Person Waitlist, Tiffany Haddish Reveals Her Secret Calendar Productivity Hack, The Tax Play That Saves Some Couples Big Bucks, How Gas From Texas Becomes Cooking Fuel in France, Amazon Pausing Construction of Washington, D.C.-Area Second Headquarters, Rep. Alexandria Ocasio-Cortez Under Scrutiny for Met Gala Participation. The rebranding brought with it a more refined, heightened sense of elegance and luxury, reaffirming Saint Laurent as one of the worlds preeminent luxury fashion brands.. Good morning, WMPW readers! Under CEO Francesca Bellettini and designer Anthony Vaccarello, Saint Laurent has more than doubled sales in 5 years and is on track to surpass $3 billion in 2022. During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages. Part of establishing Saint Laurents new image has been a focus on permanent collections. Impressively, the executive has maintained the house's upward trajectorydespitethe departure of its star creative director could be sentient says Microsofts chatbot feels like watching the Shark Tank investor Kevin OLeary says a new generation of employee has never worked in an officeand its totally I cant afford to sell because I dont want to lose that rate: 3% mortgage rates will loom large over the U.S. CA Notice at Collection and Privacy Notice, Do Not Sell/Share My Personal Information. The company broke even two years ago and recently received its firstinvestment from the Indian Angel Network. One featured a model in a fur jacket and fishnet tights reclining with her legs spread wide open; the other, a model in a leotard and roller-skate stilettos bending over a stool. Apple said Mr. Deneve would be. The ad campaign had almost run its course, and Saint Laurent did not respond to the criticism. But she does believe in learning from mistakes. This is made possible through a leadership style that is confident, but trusting. That means you risk having more leftovers. Frances advertising watchdog asked Saint Laurent to modify two ads. Francesca Bellettini began her career in London as an investment banker, working at Goldman Sachs International, Deutsche Morgan Grenfell and Compass Partners International. Customer Service. It was this confidence that led her to choose Mr. Vaccarello, 38, to replace Mr. Slimane, the designer who turned around the struggling Saint Laurent while changing the name of its ready-to-wear line, its store dcor, ad campaigns and every product. The news sent shockwaves through the industry, with many interpreting the change as a sign of disrespect to the companys founder and namesake. In 1977, following the meeting with her husband Bertelli who is still her right-hand today, Miuccia quickly revolutionized the concept of Haute Couture, introducing the concept of sportiness in a world that previously looked at it as a parallel universe. You have to know where you want to go, she said. And she had done it all while navigating the departure of Saint Laurents star designer, Hedi Slimane, and the transition to a relatively low-key unknown, Anthony Vaccarello, a change of creative leadership that had the industry predicting disaster for the brand. The reality, however, has proven to be very different. Indeed, such a drastic identity change is usually a big no for established brands, but the audacious move came as part of a shake-up intended to give the brand some much-needed clarity. But when BoF founder and editor-in-chief Imran Amed asked Bellettini what she . When I had to replace Paul Deneve as C.E.O. Copyright 2023 Surperformance. It wasnt her first time in the line of fire, in any case. The fundamentals are even stronger, Bellettini says of the luxury houses current business, speaking in an exclusive Vogue Business interview at her marble-clad office in Paris. Francesca Anderson, the rich wife of an older millionaire, can't cope with the death of her lover, who is the father of her only son, James. offers FT membership to read for free. Customer Service. Francesca Bellettini, the chief executive of Yves Saint Laurent, in Paris.CreditMarco Cella for The New York Times. The brand has had an inflection, according to Morgan Stanley analyst Edouard Aubin, with less black and white and more color, thus catering to a broader audience, he wrote in a note. She doesnt wear hose even in the dead of winter. There are 12 older and 7 younger executives at Kering SA. With the house on track to end 2021 with sales over 2 billion, CEO Francesca Bellettini believes the brand can rise even further. In the past we would use it to do flooring of the warehouses. Well, it turned out they didnt know much. During tumultuous economic periods, purse strings are naturally tightened and non-essential purchases are forgone, including luxuries. Getty. Leather goods represents the lions share of Saint Laurents sales (71 per cent of the business in 2020), which puts it in the league of brands with the highest percentage. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. Still, she acknowledged, It is sometimes true you dont consider the circumstances in which things happen.. Right now, Bellettini is actively trying to learn French with the goal of becoming an Okay French speaker by the end of 2021. How the biggest companies plan mass lay-offs, The benefits of revealing neurodiversity in the workplace, Tim Peake: I do not see us having a problem getting to Mars, Michelle Yeoh: Finally we are being seen, Our ski trip made me question my life choices, Apocalypse then: lessons from history in tackling climate shocks. We communicate in a context thats not related to marketing, such as conferences and internal communication. She says that being a Kering brand is a benefit in terms of sustainability compliances. Francesca Bellettini, Yves St Laurent SA: Profile and Biography - Bloomberg Markets Subscribe Live Now Bloomberg TV+ Power Players:Chris Robshaw Bloomberg Radio Bloomberg Daybreak Asia. I could spend all day in here, Vaccarello says. Saint Laurent is never too skewed vis--vis anything vis--vis a product category, vis--vis a channel because we really believe in balance. After Prada, she jumped to Helmut Lang, to Gucci and then to Bottega Veneta, where she was communication and merchandising director, living comfortably in Lugano, near Milan. Some mourned the YSL moniker, while others embraced the freshness of the new name and new look. Will Others Follow? Francesca was Worldwide Merchandising and Communications director at Bottega Veneta, and Strategic Planning & Associate Worldwide Merchandising Director at Gucci. Bellettini became the Strategic Planning Director and Associate Worldwide Merchandising Director of Gucci in 2003, the Worldwide Merchandising and Communications Director of Bottega Veneta in 2010, and the President and Chief Executive Officer of Yves Saint Laurent in 2013. Offers may be subject to change without notice. Bellettini is a remarkable woman. Why Barnes & Noble Is Copying Local Bookstores It Once Threatened, What Floridas Dying Oranges Tell Us About How Commodity Markets Work, Watch: Heavy Snowfall Shuts Down Parts of California, Watch: Alex Murdaugh Found Guilty in Murders of His Wife and Son. Enter your email to receive editorial updates, special offers and breaking news alerts from Vogue Business. She took it to that level within a three-year period.. All rights reserved. (In the third quarter, sales were up 28.1 per cent, while Kering sales were up 12.2 per cent) In 2020, when the pandemic hit, sales were down 13.8 percent while Kering sales were down 16.4 percent. She sure is a powerhouse woman running a billion-dollar brand. The creative director responded to Bellettini with, So you did not like the rest? Bellettini drew attention to how important it is to respect designers and understand the pressure they have on their shoulders. This documentary-style series follows investigative journalists as they uncover the truth. When it became clear Mr. Slimane was leaving, Mr. Vaccarello was approached for a possible job with a big fashion brand but not told which one. From left, Ms. Bellettini; Anthony Vaccarello, creative director for Saint Laurent, and Franois-Henri Pinault, chairman and chief executive of Kering. It hasn't come without a cost. (Personal luxury goods sales dropped 22 per cent at the time, according to a Bain Altagamma study.) Nowadays, I see that the consumer approaches Saint Laurent from every product category depending on what they want, said Bellettini to BoF. Even before Mr. Slimane decided not to renew his contract after slightly less than four years at the house, Ms. Bellettini had noticed an interesting trend in fashion magazines and shops like Colette in Paris and Bergdorfs in New York: Mr. Vaccarellos ready-to-wear was being matched up with Saint Laurents accessories. The event ended with this final question: what is the greatest piece of advice you can share to the audience? As a luxury brand, you secure the best part of the leather. In early 2016, Slimane shocked the fashion world by announcing his decision to leave Saint Laurent, in spite of the success and influence he enjoyed in his role. In an exclusive interview with, Ganni, Patagonia and Reformation join pilot to decarbonise fashion, US retailers prepare for new normal in 2023 after rocky year, Chanel names Whitney Peak as new face of Coco Mademoiselle, Victoria Beckham and Francesca Bellettini talk creativity and sustainability in Paris, The Long View by Vogue Business: Bracing for a summer without Americans, Enter your email to receive editorial updates, special offers and breaking news alerts from, Gucci stumbles as Asia-Pacific growth slows. , who was succeeded by Anthony Vacarello in April 2016. Thats critical: Saint Laurent doesnt give into trends, not even to court the sought-after Gen Z customer. Definitely the sensitivity of people and their ability to speak out is much bigger than before, she said. Together they weathered a storm of public opprobrium last March, when Frances advertising watchdog asked Saint Laurent to modify two ads created by Mr. Vaccarello after receiving dozens of complaints that they degraded women. Bellettini has increased control over distribution, rationalised the number of wholesale doors and put in place a controlled and even more selective product distribution by signing contracts of selected distribution in Europe, converting in concessions some doors with wholesale partners. When asked about how the COVID-19 pandemic has impacted YSL, Bellettini mentioned on a personal level she feels her team is working around the clock, yet are lacking the energy of social interaction due to various restrictions including a 6PM curfew. At a time when other Kering brands including Alexander McQueen and Gucci dabble in resale, Saint Laurent stays away from it; at a time when gaming takes fashion by storm, Saint Laurent doesnt jump on the bandwagon. We talk a lot about strategy, where we want to go. ", Kering CFO Jean-Marc Duplaix said during the earnings call that Saint Laurent had much room to grow further to a higher degree of penetration in certain markets: Globally speaking, the growth is very well balanced as it has always been the case at Saint Laurent between like-for-like growth and space expansion. China is still an important region. Simply log into Settings & Account and select "Cancel" on the right-hand side. Premium access for businesses and educational institutions. Anyone can read what you share. Bellettini holds a degree from Bocconi University in Milan and began her career as an investment banker in London, working for Goldman Sachs, Compass Partners and others. After graduating from high school, Bellettini had two plans. Saint Laurent CEO Francesca Bellettini's big ambitions Saint Laurent is the new rising star at Kering. This was a further step, she says. Renaming a world-famous brand is never advisable. The fired Google engineer who thought its A.I. Sustainability, another pressing topic for fashion brands to consider alongside growth, is a priority, Bellettini says. At a time when fashion is all about body positivity, Saint Laurent put thin models on the catwalk of its recent show. Francesca Bellettini, the chief executive of Yves Saint Laurent, in Paris. We see with the store reopening worldwide, we have a lot of younger customers coming, people in their 20s, buying gifts, etc., she says. Saint Laurent opened its first flagship in China in 2019 and the network is being expanded in the country. Nonetheless, the brand attracts luxurys coveted younger consumers. Indeed, Bellettinis commitment to a balanced approach has made Saint Laurent the star of parent company Kerings vast portfolio of luxury brands. Because in each and every one of them, we offer a balanced collection, from entry level to higher price points, and from different occasions and views. Under Bellettinis leadership and Vaccarellos creative guidance, Saint Laurent has continued its unprecedented rise. Cathy Chai left her steady job in financeat a UN agencyin Beijing for a finance gig at Medecins San Frontieres (Doctors Without Borders) in war-torn South Sudan. We use Sign up to our newsletter for a truly global perspective on the fashion industry. Terms & Conditions. This massage technique is attracting fans across Hollywood, including Ariana Grande, Kourtney Kardashian and Sean Diddy Combs. Our Q3 performance in China was very strong, with excellent growth in-store and online. Bellettini has achieved this global reach through a keen focus on developing local markets. Continuity candidate Saint Laurent wanted to be a billion-dollar company. This is why we are less vocal. or It earned the brand criticisms. Bellettini holds a degree from Bocconi University in Milan and began her career as an investment banker in London, working for Goldman Sachs, Compass Partners and others. A seasonless strategy favouring evolution over revolution has hammered home the brand's message to consumers. Tall and slim, Ms. Bellettini is always clad head-to-toe in Saint Laurent, which she wears with the throwaway ease of any old thing. In 1999, she joined the Business Planning and Development division of the Prada group, and later became Operations Manager for Helmut Lang. Non-Executive Director at Ferrari - View - Ferrari org chart. In 2019 she was awarded the French Knight of the Legion of Honour, the highest possible distinction for a civilian in the country. Our duty is to know what's going on in the supply chain and control it in the best possible way. Francesca Bellettini is an Italian businessperson who has been the head of 8 different companies and is Chairman at Yves Saint Laurent of Monaco, Chairman for Yves Saint Laurent Parfums SAS, Chairman & President of Yves Saint Laurent SAS, Chairman at Yves Saint Laurent Logistica SRL, Chairman at SL Luxury Retail SRL, Chairman at Yves Saint Laurent Spain SA, Chairman at Yves Saint Laurent Boutique France SAS and Co-Managing Director at Yves Saint Laurent Germany GmbH. Im obsessed with two things: local customers and comp growth, says Bellettini. In fact, the Parisian fashion house is doing so well it has become the fastest growing major brand in the competitive luxury fashion space. Plan A was to study Business Administration at Bocconi University and follow her dream of running a company. Working with her is enriching, Mr. Vaccarello said. While attending a recent industry function, she said a man told her she was a"disgrace" and that her campaign"would bring down the entire City [London's financial district]." We communicate the brand, and Anthony does it in a way thats very relevant, she says. Two Days Mattered Most. In a second, I said, Yes! Then I said, You know I dont speak French, right? and he said, I know that. 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Share Your Design Ideas, New JerseysMurphy Defends $10 Billion Rainy Day Fund as States Economy Slows, What Led to Europes Deadliest Train Crash in a Decade, This Week in Crypto: Ukraine War, Marathon Digital, FTX. PARIS, France Kering, parent company of Parisian fashion brand Yves Saint Laurent, has announced that Francesca Bellettini will take the reins as the brand's new chief executive, effective September 1st. You may change or cancel your subscription or trial at any time online. What was missing from Saint Laurent in 2012 was not the business or the foundation, but the fashion authority and the clarity of the brand. Smaller categories such as silk, jewellery and eyewear are also booming, contributing to growth. Kerings largest brand missed analyst estimates, citing the gradual arrival of the new Aria collection and the decline of traffic in the stores in Asia-Pacific due to Covid restrictions this summer. Hedi Slimane One Year with Print $8.95 Per month Billed annually at $107.40 Cancel anytime Indeed, the CEO of French fashion house Yves Saint Laurent, Francesca Bellettini, came to realize the storied firm. It became modern and sleek, with an homage to the brands history, while elevating it from the image Yves Saint Laurent called to mind at the time it made everyone have an opinion. Valerio Mezzanotti for The New York Times. Whilst at the Italian leather goods and ready-to-wear brand, also owned by Kering, Bellettini oversaw merchandising, visual display and communications and was instrumental in the brands repositioning and popularity in emerging markets. Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. But I dont have to do something to please someone or some client.. Another question asked whether it was difficult for Bellettini to take a job in Paris, for a Parisian brand, when not speaking French herself. Similarly, all e-tailers moved from a wholesale model to e-concessions (except for the websites of some US department stores, where Saint Laurent is still sold wholesale). Thanks to the law of 1948 and to her grandmother, the nominal tenant who is always absent, Francesca Cigalone and all her tribe (thoughtless husband, orphan sister, self-centered film maker and his mistress of the day, eccentric granny, friends, friends of the friends . For more updates about the The BoF 500 subscribe to the Daily Digest newsletter. In 2013, she became President and Chief Executive Officer of Yves Saint Laurent. The brands sales surged 45 per cent in the first three quarters of 2021, while parent groups Kering sales were up 36.6 per cent. (if applicable) for The Wall Street Journal. Not everybody understood, because we are not very talkative; the more you explain, the less sexy a concept becomes. The change to Saint Laurent also reflected a decisive shift towards modernity, helping the brand reach young people who do not share the same connection to the original name as older generations. However, under Francesca Bellettini's guidance, the rebadged Saint Laurent has been remarkably successful. In his place, Bellettini appointed Anthony Vaccarello, a young designer who had previously been successful at Versus Versace. Yet, this also meant that they could not hire more people either. He was required to sign a confidentiality agreement. He met with Ms. Bellettini secretly, and after several interviews, including one with Franois-Henri Pinault, Kerings chairman and chief executive, was offered the job. Over the last few years, this has hit high-end brands hard. Having crossed the $1 billion in sales threshold in 2017, the brand isa star performer in parent companyKerings luxury portfolio. Sales have just hit the 1.5 billion mark; her ultimate goal is to double it. In the third quarter of 2021, Saint Laurent generated 22 per cent of its sales in Asia Pacific, versus 41 per cent for Gucci and 35 per cent for Bottega Veneta. I knew that she had the qualities needed for the job: first, a strong personality and the ability to dedicate herself entirely to her mission without any hesitation; second, the capability to quickly understand what makes this maison so special and to endorse it and indeed, she adapted very quickly to Saint Laurent in a key moment of its history., Mr. Pinault called me to Paris one Friday afternoon, Ms. Bellettini recalled. Bellettinis laser focus and operational skills helped Saint Laurent thrive during the pandemic period that could have even should have left it vulnerable, as the world shifted to staying home and wearing sweats. Luckily, everyone in Bellettinis team did speak English with her. There, on the driveway at the edge of the sidewalk, the cobblestones under our feet rumble as we slowly start to descend: It turns out to be a platform elevator that takes us down, Bond-villain style, to a small parking lot. Parent company Kerings 2016 results, for example, revealed the brands comparable revenue surged by an astonishing 33.9 percent across all product categories and geographic regions. Moreover, Bellettini called for everyone to be ambitious but never impatient; experiences take time to be made. Francesca Bellettini is also on the board of Technogym SpA, Yves Saint Laurent UK Ltd. and Ferrari NV. Simmenauer adds that the brands handbags in particular are timeless and well priced. You may cancel your subscription at anytime by calling Russia's war on Ukraine latest: Putin casts war as battle for nation's survival, India FM Jaishankar says Soros dangerous, debate needed on democracy, Buffett's Berkshire profit falls on investments, currencies, Bill Gates buys Heineken stake, despite saying he's 'not a big beer drinker', Elon Musk recruits team to develop OpenAI rival - The Information, Hedge fund manager Chris Hohn demands Airbus drop Atos deal - letter, Elon Musk's challenge: Stay ahead of the competition, ISS urges Apple shareholders to vote for CEO Tim Cook, other execs' pay packages, Elon Musk accuses media of racism after newspapers drop 'Dilbert' cartoon, French media billionaire Niel fails with bid for TNT television frequence - Arcom. So maybe it makes sense that in this new mothership, the result of three years of work, he prefers a hidden space over all else. Francesca Bellettini is appointed president and chief executive. While she was working as an investment banker, the fashion industry was flourishing.