All rights reserved. After an internal study of YSL, Ms. Bellettini concluded that the company either had to invest substantially and spark growth or begin dismantling operations and shrink to half its size. One of the few female CEOs leading a fashion brand, Francesca Bellettini started her career as an investment banker before switching industries. 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. Saint Laurent CEO Francesca Bellettini's big ambitions Saint Laurent is the new rising star at Kering. She sure is a powerhouse woman running a billion-dollar brand. Valerio Mezzanotti for The New York Times. Nowadays, I see that the consumer approaches Saint Laurent from every product category depending on what they want, said Bellettini to BoF. She doesnt use mascara or foundation. She turned to her father for guidance. 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. OXFORDSHIRE, United Kingdom These days, Saint Laurent chief executive Francesca Bellettini spends more time fielding questions about her former colleague, current Celine creative director Hedi Slimane, than she would perhaps like. 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. CEO and president of Yves Saint Laurent, Francesca Bellettini . At the forefront of this strategy is balance. Her obsession is paying off. 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. Mr. Vaccarello and Ms. Bellettini have since become soul mates. Life & Arts Saint Laurent CEO Francesca Bellettini on the making of a $1bn brand At the FT's Business of Luxury conference in San Francisco this week, the head of the French house with 26 per. There are 12 older and 7 younger executives at Kering SA. This massage technique is attracting fans across Hollywood, including Ariana Grande, Kourtney Kardashian and Sean Diddy Combs. This was a further step, she says. Bellettini said that rather than trying to craft a personality far from your true self in order to win the interview, authenticity is key. (if applicable) for The Wall Street Journal. We focused even more on what we could control, staying focused on the things we could do better, she explains. 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. 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.. Showing Editorial results for francesca bellettini. Good morning, WMPW readers! One question asked Bellettini what she most enjoyed about her job. President and Chief Executive Officer, Yves Saint Laurent. Thats when Mr. Pinault noticed her. It isn't easy. It wasnt her first time in the line of fire, in any case. He asked me did I want to be C.E.O. The chief executive officer of Saint Laurent last year steered the brand's revenues past the barrier of one billion euros, or $1.11 billion at . Some white space to reach its new target. The decision was to invest. Francesca Bellettini (FB): Saint Laurent's retail performances in China absolutely surpassed the pre-COVID-19 situation, boosted by Chinese consumers buying locally. Showing Editorial results for francesca le. But when BoF founder and editor-in-chief Imran Amed asked Bellettini what she . Francesca Bellettini was considered an odd choice for the heritage house but shes led it into the billion-euro club. Im obsessed with two things: local customers and comp growth, says Bellettini. This mistake turned into an important lesson, contributing to Bellettinis success in balancing the creative and business parts of the fashion brands she worked with based on mutual trust and respect. We dont do it to sell an extra bag. This is to ensure the offer is reflecting the current vision of the brand. Have a good Tuesday! You can unsubscribe at any time. Secondly, as a brand, YSL has set a clear strategy dedicated to never making compromises and executing meticulously. But in one areapublic relationswomen appear to dominate. Flexibility has been another. 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. Inside out The rue de Bellechasse headquarters was the idea of Francesca Bellettini, president and CEO of Yves Saint Laurent. And they certainly didnt know her. Bellettini took it to that level within a three-year period. Bellettini is the kind of person who is goal driven and focusing on pushing forward towards that goal, said McInnes. offers FT membership to read for free. Bellettini says her brand derives its revenue from a range of. Quick to smile at everyone, even in a smile-stingy city like Paris, she is also famously calm and loath to second-guess herself or her team. Thats critical: Saint Laurent doesnt give into trends, not even to court the sought-after Gen Z customer. Premium access for businesses and educational institutions. A dust-up occurred in 2015 during Mr. Slimanes tenure, when an ad featuring the young Dutch model Kiki Willems was censured and called irresponsible by Britains advertising watchdog agency because she looked excruciatingly thin. Plan A was to study Business Administration at Bocconi University and follow her dream of running a company. 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. Bellettini encouraged everyone to always be curious. Well keep working on it because for me, the journey in sustainability is never finished. ", The priority is to make sure the leather I use is sourced correctly. If youd like to retain your premium access and save 20%, you can opt to pay annually at the end of the trial. For a full comparison of Standard and Premium Digital, click here. We understand what each other wants, she said. Its no longer about brand loyalty so much as in being at the forefront of peoples minds, said Gail McInnes, fashion industry expert and CEO of Stylist Box. 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 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. The biggest move to bring clarity back was changing the brand name. 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. Previously, she worked in Compass Partners International, UK from 1998 to 1999, in Deutsche Morgan Grenfell, UK from 1996 to 1998 and in Goldman Sachs . Bellettinis leadership has fueled the Houses expansion and enabled Saint Laurents identity to emerge, pushing boundaries forward, yet remaining true to the Houses core values. By Laure Guilbault November 15, 2021 Courtesy of Saint Laurent 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. Sexy concepts Bellettini put a significant value on company culture. We are the only French couture house to be relevant in both menswear and womenswear. It is Bellettinis commitment to balance in this regard, as much as the brands DNA, that has pushed Saint Laurent to excel in both collections, achieving double-digit growth in a sluggish market. Nevertheless, Bellettinis success was not easy to achieve. 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In the summer of 2013, Slimane announced his bold decision to rename a fashion house that had been a fixture of the luxury scene for over half a century. 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. Balance is also evident in Saint Laurents approach to its clientele and distribution. In an exclusive interview with Vogue Business, CEO Francesca Bellettini shares her plans to continue growth while sticking to the brand's DNA. 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. 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. That, to me, has been what makes her such a wonderful CEO, especially in a creative field like fashion, said McInnes. 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. Bellettini recommended her viewers to always be observant of a companys culture before applying for a job. 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. That mindset is reflected in what Saint Laurent does as much as what it chooses not to do. The ad campaign had almost run its course, and Saint Laurent did not respond to the criticism. Ready-to-wear, however, is growing faster at the moment, Bellettini notes, but she adds that the breakdown per category is not meaningful. Powered and implemented by Interactive Data Managed Solutions. From 2008 to 2013, she worked at Bottega Veneta, eventually as worldwide merchandising and communications director. Londons Investment Appeal Is Unraveling as Arm Heads to the US, UN report: Modern weapons being smuggled to Haiti from US, British Parents Turn to Home Equity to Help Young Buy Property, Sorry, Fed, Most US Mortgage Rates Were Locked in During Pandemic Lows, Fed Says MoreRate Hikes Are Needed to Curb Inflation. 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It got everyone talking about Saint Laurent again, and also increased brand awareness with a younger audience those future loyal customers the key to brand longevity., As well as it eventually turned out for the brand, at the time few could have predicted the success Saint Laurent would enjoy as a result of the overhaul. It was an anecdote from the early times of her career when she attended a meeting. In 2019 she was awarded the French Knight of the Legion of Honour, the highest possible distinction for a civilian in the country. As she explained on Monday at the Financial Times Business of Luxury Summit in San Francisco in conversation with the paper's Fashion Editor Jo Ellison, Bellettini believes strongly in giving a. After graduating from high school, Bellettini had two plans. First of all fashion, in Bellettinis words, can transform you into a dreamer. 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. or Saint Laurent wanted to be a billion-dollar company. By Roza Kovak. Non-Executive Director at Ferrari - View - Ferrari org chart. PARIS Francesca Bellettini doesnt style her hair. Painted black lacquer with gleaming white markers, its more appropriate for an upscale bondage club than a place to stash the companys off-duty town cars. When I had to replace Paul Deneve as C.E.O. Customer Service. You have to know where you want to go, she said. Certainly, Bellettini deserves to be recognised as one of the most influential leaders in fashion today. 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. 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The luxury house is known for its formalwear and sharp tailoring. Getty. We support credit card, debit card and PayPal payments. Speaking of Gen Z, she says the key is to be authentic. The company broke even two years ago and recently received its firstinvestment from the Indian Angel Network. She allots 90 minutes every Monday morning for a lesson with a French tutor and sometimes stays up to midnight studying grammar. Although the virtual platform did not allow us to see the audience members, you could tell by Rosenkranz and Siegals faces that they were thoroughly moved by Bellettinis words. Her major renovation of the companys organisation not only consolidated the brands new image, but also allowed Saint Laurent to reach a whole new audience. Hear the latest economic, business and market news, as well as global, national, and local news. (For example, we would never do gaming simply because its something Generation Z is into. Kering's third-quarter earnings presentation mentions a continued appeal to younger generations. 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Sales have just hit the 1.5 billion mark; her ultimate goal is to double it. He gives you autonomy within a framework., Ms. Bellettini relied on her Italian identity to navigate the alien culture of Paris. For more updates about the The BoF 500 subscribe to the Daily Digest newsletter. But is it bad? If you do nothing, you will be auto-enrolled in our premium digital monthly subscription plan and retain complete access for $69 per month. From left, Ms. Bellettini; Anthony Vaccarello, creative director for Saint Laurent, and Franois-Henri Pinault, chairman and chief executive of Kering. Its effective, also because the name is powerful.. To receive the Vogue Business newsletter, sign up here. 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. When you are at 2 billion, to think of potential at 3 billion is too easy, she says. Opinion: No Country for Alzheimers Patients, Opinion: Common Sense Points to a Lab Leak, Opinion: A Nikki Haley and Vivek Ramaswamy Victory, Opinion: Overruling the District of Columbia on Crime. of Saint Laurent, she was the first name on my list, Mr. Pinault said. Bellettini joined YSL during a crucial time in its development. He was Ms. Bellettinis only candidate. Bellettini decided that experience in finance would bolster her chances of pursuing her dream of running a company -- and so, she dove into a very new universe of Goldmach Sachs International. 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. 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. personalising content and ads, providing social media features and to What did they know? She doesnt wear hose even in the dead of winter. Francesca Bellettini began her career in London as an investment banker, working at Goldman Sachs International, Deutsche Morgan Grenfell and Compass Partners International. First its for the people of the industry and then its for the people that look at the industry. Bellettini also shared how she still does not speak French. Diversification has been one key to the houses current success. Le grand appartement: Dirigido por Pascal Thomas. If I can be honest, I dont think that today that campaign would even be shot.. Such was Slimanes influence that many industry analysts predicted his departure would lead to a reversal of Saint Laurents recent growth. 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. The scientific advance could aid people with recent hearing loss. Creative director Hedi Slimane left to take the reins of Celine and she recruited Vaccarello to succeed him. 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. Miller, who was born in Guyana, says,"I believe that level of abuse means I am doing something right for investors.". 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. Our duty is to know what's going on in the supply chain and control it in the best possible way. But she does believe in learning from mistakes. Fashion has never been so competitive. Rebecca Faria, a 29-year-old Brazilian. It was pissing me off a little bit, she said. We knew that this was a super-healthy girl who had been working with us forever and we didnt see anything bad, Ms. Bellettini said. It was her fathers kind wisdom to follow her dreams at the young age of 29 that drove her to push away her fears and pursue a more uncertain path. Join Facebook to connect with Francesca Bellettini and others you may know. Got some news on an exceptional woman? ", 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. All rights reserved. Yet, what was most eye-opening was when Bellettini explained that, in fact, we must focus on choosing a job that suits us the most; we must focus on finding work that ignites a spark. 2023 Fortune Media IP Limited. She is determined never to panic or bow to public pressure out of fear. 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. Though she declined to disclose a more ambitious goal herself, industry sources say it wants to become a 5 billion brand in time. In 2019 she was awarded the FrenchKnight of the Legion of Honour, the highest possible distinction for a civilian in the country. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice| Do Not Sell/Share My Personal Information| Ad Choices The event ended with this final question: what is the greatest piece of advice you can share to the audience? Francesca Bellettini, chief exec of fast-growing Yves Saint Laurent, says a crucial part of managing a business is balance. Luckily, everyone in Bellettinis team did speak English with her. 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. She is resolved to stay true to the brands DNA while pushing to capture new customers and enter new markets. 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. Still, she acknowledged, It is sometimes true you dont consider the circumstances in which things happen.. During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages. The oldest executive at Kering SA is Baudouin Prot, 69, who is the Director. Speakers like Victoria Beckham, Saint Laurent chief executive Francesca Bellettini, Balenciaga CEO Cdric Charbit and model Bella Hadid engaged with a variety of issues: technological disruption, developing sustainable practices and .