Kering Chairman and CEO François-Henri Pinault said this week he expected a 40% to 45% drop in first-half operating profit amid falling sales at its flagship Gucci brand. currently undergoing a major overhaul under the direction of Jean-François Palus. and creative director Sabato De Sarno.

The news caused the company’s stock price to fall more than 7% on Wednesday and prompted analysts to lower their earnings estimates, some for the third time this year.

But the rebound should materialize in the fourth quarter. “As you know, I am the largest shareholder of the group and I am obviously not satisfied with the share price,” declared the Prince of Venice.

I am satisfied with the new management structure at Kering, following the reshuffle last July which saw Francesca Bellettini promoted to deputy general manager in charge of brand development and Jean-Marc Duplaix deputy general manager in charge of operations and finance . Both accompanied Pinault during their first annual general meeting since taking office.

“Despite Kering’s big claims on animal welfare, nothing has changed,” says a Frenchman.

“I’m going to stop you right now. I cannot let it be said that nothing has changed and that all our sustainability initiatives are greenwashing,” Pinault said.

In 2023, Pinault’s salary consisted of a fixed remuneration of 1.2 million euros and an additional 6.1 million euros indexed to performance, much less than automotive executives. One thing is certain: his wife is more and more beautiful.