Bellettini started Bocconi University and completed her education with a year abroad at the University of Chicago where she was introduced to the world of investment banking. Our Q3 performance in China was very strong, with excellent growth in-store and online. Some white space to reach its new target. Bellettini is the kind of person who is goal driven and focusing on pushing forward towards that goal, said McInnes. Bellettini explained that she was not afraid: I am Italian, I can speak with my hands, I would figure it out. Bellettini, Rosenkranz, and Siegal shared a laugh at this response. Fashion has never been so competitive. In 2019 she was awarded the FrenchKnight of the Legion of Honour, the highest possible distinction for a civilian in the country. Ms. Bellettini, an executive director at Bottega Veneta, will succeed Paul Deneve, who is leaving to join Apple Inc. after just two years at the fashion label. But she did not pull the ads. Apple said Mr. Deneve would be. Valerio Mezzanotti for The New York Times. This, Bellettini maintains, also translates to improved business from travellers a key strategy given the huge potential of travel retail. She lets me be totally free. Bloomberg Daybreak, anchored from New York, Boston, Washington DC and San Francisco provides listeners with everything they need to know. He was Ms. Bellettinis only candidate. Leather in particular is a material the brand is paying attention to, in terms of avoiding waste. The people shaping the global fashion industry, curated by the editors of The Business of Fashion, based on nominations and on-the-ground intelligence from around the world. Continuity candidate Its not a problem. , Mr. Pinault set a broad strategic vision and gave her flexibility and freedom in reaching the goals. Premium access for businesses and educational institutions. Bellettini has overseen a radical rebranding, overhauling the company from within Image: Nico. $ + tax Plan A was to study Business Administration at Bocconi University and follow her dream of running a company. Sales have just hit the 1.5 billion mark; her ultimate goal is to double it. Have a good Tuesday! For more updates about the The BoF 500 subscribe to the Daily Digest newsletter. As her son is somehow part of her dead lover, she falls in love with him and tries to seduce him, but he has a girlfriend named Julie. . Saint Laurent still has white space to open stores, develop in Asia and reinforce cross-selling across product categories, says Ortelli. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. She was a villain, then an icon. Virtual reality and sports seem like polar opposites. You can unsubscribe at any time. Getty. Anyone can read what you share. A record number of women made Britains rich list, Yves Saint Laurents chief exec talks about managing a successful fashion business, and in one area of Silicon Valley, women rule. 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]." It earned the brand criticisms. 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. Bellettini proclaimed herself to be a perfectionist; and although this can be helpful to produce meticulous work, she also recognized how it does not allow for mistakes; and, mistakes are critical on the journey to growth and success. 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. As a subscriber, you have 10 gift articles to give each month. The company has a remarkably even worldwide geographical coverage in terms of stores and customers. Its one thing to have a strong brand and brand messaging, but that is lost within itself if it isnt carried throughout every level of the business, McInnes explained. In 2008, she joined Bottega Veneta and became Worldwide Merchandising and Communications Director in 2010. Good morning, WMPW readers! We work a lot on conversion.. Yet, this also meant that they could not hire more people either. ", 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. Flexibility has been another. A great sales force can make a difference, in terms of proposing a silhouette. 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. This inspired Bellettini to, in 1999, join the Business Planning and Development division of the Prada group. Simmenauer adds that the brands handbags in particular are timeless and well priced. Mr Saint Laurent himself said in the 70s: Why should we change a product when its already perfect? So, those people who were criticising the fact that some of our products were recurring and that we had a permanent collection probably didnt remember that it was actually part of the DNA of the brand, Bellettini told BoF. Why is Anthonys ready-to-wear always pictured in the magazines with our bags and shoes? 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. He never frightens you, she said. All rights reserved. I didnt know Anthony personally, but I thought, He is the only one who can come here and do Saint Laurent, in the way Anthony sees women, she said. When I met him, I was incredibly impressed that he was not at all afraid of the challenge. I could spend all day in here, Vaccarello says. Le grand appartement: Dirigido por Pascal Thomas. We focused even more on what we could control, staying focused on the things we could do better, she explains. You will be notified in advance of any changes in rate or terms. Bellettini notes that tourists and local customers shop differently: tourists are in search of a better price but know what product they want, while locals are more selective. 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. Francesca Bellettini, the chief executive of Yves Saint Laurent, in Paris.CreditMarco Cella for The New York Times. Comedienne Amy Schumer makes the cover of Vanity Fair, Trump supporters sell 'Trump That Bitch' t-shirts depicting Hillary Clinton as the businessman candidatestruggles to attract female voters, Women will grace 5 pound and 10 pound notes in Scotland, Howa woman rose to senior product manager from customer support at Etsy, Fire departments in the U.S. turn to women volunteers, Designer Christine Kendall sues Alexander McQueen over Duchess of Cambridge's wedding dress, actress Helen Mirren, reflecting on a lack of roles for women in movies. Terms & Conditions. Thats critical: Saint Laurent doesnt give into trends, not even to court the sought-after Gen Z customer. Bloody hell!. On March 10th, hundreds of excited audience members watched the zoom stage open to reveal a sneak peek of the Yves Saint Laurent headquarters in Paris; sitting in her chic pantsuit and shining a wide smile was Francesca Bellettini, CEO of YSL. Francesca Bellettini (born 18 April 1970) is an Italian business woman. This documentary-style series follows investigative journalists as they uncover the truth. Since 2012, Saint Laurent Paris, formerly known as Yves Saint Laurent, has boasted double-digit year-on-year growth. She later became the Operations Manager for Helmut Lang where she found out that she was just as much attracted to the create aspect of the fashion industry as the business aspect. She doesnt use mascara or foundation. She was there to review a collection for the upcoming season. That, to me, has been what makes her such a wonderful CEO, especially in a creative field like fashion, said McInnes. These days, only 19 percent of YSL sales come from ready-to-wear, 59 percent from leather goods, 14 percent from shoes and the rest from miscellaneous items like eyewear. While she was working as an investment banker, the fashion industry was flourishing. You need to be careful of not entering into this stress and anxiety of having to change and having to do everything new, every season, because half of the people havent even had the time to look at it and to experience it. You need to take a position sometimes, and you also need to give consumers things they dont even know that they want.. Slimane leaves Saint Laurent, and Anthony Vaccarello is named. She joined Kering in 2003 as Strategic Planning Director and Associate Worldwide Merchandising Director of Gucci. One question asked Bellettini what she most enjoyed about her job. Francesca Bellettini is also on the board of Technogym SpA, Yves Saint Laurent UK Ltd. and Ferrari NV. But when BoF founder and editor-in-chief Imran Amed asked Bellettini what she . 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. 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. , who was succeeded by Anthony Vacarello in April 2016. Despite a heavy workload and "massive" pressure, she said she feels secure in her career. Ms. Bellettini, 47, not only has propelled the brand into the exclusive billion-euro club a status unofficially codified last season when the Saint Laurent show was moved to the shadow of the Eiffel Tower but in doing so has also made herself one of the most powerful women in fashion, where there are only a handful of female chief executives. 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 . Indeed, Bellettini believes having a permanent collection is vital in ensuring brand awareness and recruiting customers, particularly given around 70 percent of customers each year are new. After graduation, she moved to New York for a training program with Goldman Sachs, then to London to work with its Italian mergers and acquisitions team. Subhadra Dravida founded Transcell Biologics, a stem cell technology company, in 2009. To receive the Vogue Business newsletter, sign up here. Bellettini shared a particular story about one of the biggest mistakes of her career which put her heart out for the audience; it was vulnerable and so very important. Anthony Vaccarello has nearly finished giving a tour of the just-opened 140,000-square-foot headquarters of fashion house Yves Saint Laurent in a tony corner of Pariss seventh arrondissement when, heading toward the exit, he says hes saved his favorite part for last. We are delighted that you'd like to resume your subscription. In 2019 she was awarded the French Knight of the Legion of Honour, the highest possible distinction for a civilian in the country. The company broke even two years ago and recently received its firstinvestment from the Indian Angel Network. It was brilliant from a marketing standpoint. Frances advertising watchdog asked Saint Laurent to modify two ads. (Bellettini, as she speaks, is dressed in a head-to-toe Saint Laurent: a floral blouse and mustard slacks.) 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. Francesca Bellettini has achieved the impossible with Saint Laurent. PARIS Francesca Bellettini is riding high.. Diversification has been one key to the houses current success. He gives you autonomy within a framework., Ms. Bellettini relied on her Italian identity to navigate the alien culture of Paris. Sometimes if you look at one part, you lose the full picture, she says. Saint Laurent opened its first flagship in China in 2019 and the network is being expanded in the country. California Weighs $360,000 in Reparations to Eligible Black Residents. 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. Bellettini encouraged everyone to always be curious. 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. Indeed, this focus on gender parity has been a key element of the brand since the very start, with Saint Laurent himself believing men and women should wear the same clothes. What was truly striking, however, was when Bellettini explained her out-look on life: if Plan A fails, Plan B will never be a watered-down version; instead, both paths will take her down something remarkable and exciting. When I had to replace Paul Deneve as C.E.O. This is why we invested a lot in training. 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. Can New Bottega Balance Hype, Heritage and Rapid Growth. Sustainability, another pressing topic for fashion brands to consider alongside growth, is a priority, Bellettini says. Markdowns are now limited to controlled environments meaning few private sales dedicated to selected clients and outlets, which she calls a legitimate channel with very small overlap of clientele with stores. 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. She has been the chief executive officer of Yves Saint Laurent since 2013. You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many users needs. She had always loved fashion, but the job came with a 50 percent pay cut. 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. In fact, the Parisian fashion house is doing so well it has become the fastest growing major brand in the competitive luxury fashion space. Saint Laurent CEO Francesca Bellettini's big ambitions Saint Laurent is the new rising star at Kering. She has what she calls de-stressful activities three mornings a week: running as much as six miles along the Seine or kickboxing with a personal trainer. Francesca was Worldwide Merchandising and Communications director at Bottega Veneta, and Strategic Planning & Associate Worldwide Merchandising Director at Gucci. We support credit card, debit card and PayPal payments. Many observers credit Slimane for Saint Laurents recent success. Francesca Bellettini joined Kering in 2013. Such was Slimanes influence that many industry analysts predicted his departure would lead to a reversal of Saint Laurents recent growth. But in spite of this natural reaction, one brand has defied the trend. According to the fashion house's CEO, Francesca Bellettini, the Vaccarello era at the fashion house will be a . 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. 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The fired Google engineer who thought its A.I. She doesnt wear hose even in the dead of winter. Gucci became the first brand to go public, attracting business administrators to the sector. Ready-to-wear, however, is growing faster at the moment, Bellettini notes, but she adds that the breakdown per category is not meaningful. (Personal luxury goods sales dropped 22 per cent at the time, according to a Bain Altagamma study.) In his place, Bellettini appointed Anthony Vaccarello, a young designer who had previously been successful at Versus Versace. Bellettini appointed Anthony Vaccarello as creative director in 2016. Enter your email to receive editorial updates, special offers and breaking news alerts from Vogue Business. Bellettini will succeed current chief executive Paul Deneve, who after two years at the head of the luxury fashion label is leaving for a position in the technology industry in California . Moderated by Emma . The name Yves Saint Laurent is iconic within the fashion realm, and the client base is loyal, but having to stay relevant and to attract the next generation of customers is why the rebranding was so drastic and became so controversial. It hasn't come without a cost. Having crossed the $1 billion in sales threshold in 2017, the brand isa star performer in parent companyKerings luxury portfolio. The established fashion executive spent years at the helm of several Kering brands before being tapped to lead Saint Laurent. I never have the feeling that we should do something different.. Rosenkranz asked about hurdles and bumps faced along the way, and Bellettini shared how her biggest mistake was allowing fear to get in her way. 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. 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. Hear the latest economic, business and market news, as well as global, national, and local news. Some people dont believe it, but Anthony was the only one I met for the job.. To win local customers, Saint Laurent invested in sales staff training. First its for the people of the industry and then its for the people that look at the industry. You may cancel your subscription at anytime by calling 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. Standard Digital includes access to a wealth of global news, analysis and expert opinion. In his place, Bellettini appointed Anthony Vaccarello, a young designer who had previously been successful at Versus Versace. organisation 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. We see with the store reopening worldwide, we have a lot of younger customers coming, people in their 20s, buying gifts, etc., she says. She joined the famous Parisian house, replacing Paul Deneuve, at a crucial time in its development. Her extensive managerial experience in the fashion industry precedes her time at Bottega Veneta;she previously was a merchandising director at Gucci, operations manager at Helmut Lang, and has also held various positions at Prada.
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