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When I had to replace Paul Deneve as C.E.O. Francesca Bellettini, the chief executive of Yves Saint Laurent, in Paris. Do whatever you like. She took the job. That mindset is reflected in what Saint Laurent does as much as what it chooses not to do. 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]." 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. Her father, whom she adored, was an accountant at a lumber company; her mother, a school administrator. She joined the famous Parisian house, replacing Paul Deneuve, at a crucial time in its development. 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. 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. You can unsubscribe at any time. The company broke even two years ago and recently received its firstinvestment from the Indian Angel Network. It earned the brand criticisms. In 2013, she became President and Chief Executive Officer of Yves Saint Laurent. Offers may be subject to change without notice. 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. Notable for Saint Laurent under Bellettini is its leather business. Their go-to expert? It helps that were open, that we tend to smile, that we have this funny accent, she said, smiling. Bellettini joined YSL during a crucial time in its development. But when BoF founder and editor-in-chief Imran Amed asked Bellettini what she . The reality, however, has proven to be very different. Sign up to our newsletter for a truly global perspective on the fashion industry. Also, focus: In Paris, Ms. Bellettini lives in an apartment close to the 17th-century htel particulier on the Left Bank that serves as the companys creative core. The Saint Laurent head office is based on Rue de Bellechasse in Paris. This documentary-style series follows investigative journalists as they uncover the truth. Luckily, everyone in Bellettinis team did speak English with her. 2013 - Present, 2008 - 2013, Buying & Merchandising Director, Selfridges, Creative Director, Tom Ford & Chairman, CFDA, Former Chairman & Chief Executive, Yoox Net-a-Porter Group. Follow Bloomberg reporters as they uncover some of the biggest financial crimes of the modern era. 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. It was pissing me off a little bit, she said. Francesca Bellettini joined Kering in 2013. The 39-year-old fashion designer has always been a low-key personality, loath to toot his own horn, even though he has enjoyed double-digit sales growth at Saint Laurent since he was named creative director in April 2016. (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. 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. Belletini also serves on the executive committee of France's Fdration de la Haute Couture et de la Mode and in July 2019 was elected president of theChambre Syndicale de la Mode Fminine, the country's governing body for womenswear. 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). Have a good Tuesday! This is why we invested a lot in training. We talk a lot about strategy, where we want to go. Customer Service. In 1999, he offered her a job as part of Pradas then-new business development division. While she was working as an investment banker, the fashion industry was flourishing. Part of establishing Saint Laurents new image has been a focus on permanent collections. 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. Email us at feedback@voguebusiness.com. Standard Digital includes access to a wealth of global news, analysis and expert opinion. 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. In the luxury group's2018 full-year results, Saint Laurent reached sales1.74 billion, a 16.1 percent increase in reported growth. Will Others Follow? This inspired Bellettini to, in 1999, join the Business Planning and Development division of the Prada group. Francesca Bellettini began her career in London as an investment banker, working at Goldman Sachs International, Deutsche Morgan Grenfell and Compass Partners International. 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. The biggest move to bring clarity back was changing the brand name. 25 April 2016. Bellettini is a remarkable woman. 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. Miller, who was born in Guyana, says,"I believe that level of abuse means I am doing something right for investors.". Valerio Mezzanotti for The New York Times. Francesca Bellettini is appointed president and chief executive. Con Romy Schneider, Donald Houston, Dennis Waterman, Patricia Brake. 2023 The Business of Fashion. But there is only one problem, it is half the salary. He told me, In my life I never earned the money you are going to make at Prada. Saint Laurent wanted to be a billion-dollar company. Bellettini believes having a permanent collection is vital in ensuring brand awareness and recruiting customers. You may cancel your subscription at anytime by calling 2016 Saint Laurent achieves 26 per cent year-on-year growth. Continuity candidate Inside out organisation She joined Kering in 2003 as Strategic Planning Director and Associate Worldwide Merchandising Director of Gucci. Such was Slimanes influence that many industry analysts predicted his departure would lead to a reversal of Saint Laurents recent growth. Already, as soon as Vaccarello arrived, they had made the decision to always wait one year to mark down the current collection. Copyright 2023 Surperformance. Virtual reality and sports seem like polar opposites. Daniel Lee's surprise exit from Bottega Veneta, The Long View by Vogue Business: The fashion CEOs take on resale, LVMH fashion sales climb despite concerns in China, Saint Laurent is the new rising star at Kering. At a time when fashion is all about body positivity, Saint Laurent put thin models on the catwalk of its recent show. 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. Her husband, a businessman who has been in her life for 20 years, lives in Milan. Bellettini appointed Anthony Vaccarello as creative director in 2016. YSL continues to grow that number. That, to me, has been what makes her such a wonderful CEO, especially in a creative field like fashion, said McInnes. Lauren Sherman. Francesca Bellettini was considered an odd choice for the heritage house but shes led it into the billion-euro club. 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. Join Facebook to connect with Francesca Bellettini and others you may know. The decision was to invest. Around 60 per cent of Saint Laurent's clients were locals in 2020, according to Morgan Stanleys estimates. (Bellettini, as she speaks, is dressed in a head-to-toe Saint Laurent: a floral blouse and mustard slacks.) 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 . You need to take a position sometimes, and you also need to give consumers things they dont even know that they want.. 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. Her poise, her elegance, her drive, all with an overwhelming optimism. The event ended with this final question: what is the greatest piece of advice you can share to the audience? Certainly, Bellettini deserves to be recognised as one of the most influential leaders in fashion today. In 2019 she was awarded the French Knight of the Legion of Honour, the highest possible distinction for a civilian in the country. A brand without clarity, at the end of the day, becomes just a commodity, said Bellettini at the Financial Times Business of Luxury conference in 2016. This has been a big strength during the pandemic, when tourism stopped. For more updates about the The BoF 500 subscribe to the Daily Digest newsletter. Kering's third-quarter earnings presentation mentions a continued appeal to younger generations. Why? Having crossed the $1 billion in sales threshold in 2017, the brand isa star performer in parent companyKerings luxury portfolio. Mr. Vaccarello and Ms. Bellettini have since become soul mates. Now Dravida, also the firm's chief executive, is conducting research trials to treat a number of debilitatingconditions, including rheumatoid arthritis, muscular dystrophy, and stroke. She is resolved to stay true to the brands DNA while pushing to capture new customers and enter new markets. She established a company culture that fosters creativity, authenticity and agility, driving the consistent dynamism of the House and ensuring an outstanding and sustained growth trajectory, built on solid foundations. Creative director Hedi Slimane left to take the reins of Celine and she recruited Vaccarello to succeed him. 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 Silicon Valley always seems to be abuzz about the limited number of womenin the tech industry. "I most often work in places that are torn by war, natural disasters or epidemic, but I'm incredibly at peace amid the chaos," she said. Bellettini noted how, guided by YSLs commitment to its team, they managed to not fire anyone during the COVID-19 pandemic. She worked at Prada and Helmut Lang prior to. Check if your You will be notified in advance of any changes in rate or terms. 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. Leather in particular is a material the brand is paying attention to, in terms of avoiding waste. Francesca Bellettini, the chief executive of Yves Saint Laurent, in Paris.CreditMarco Cella for The New York Times. Francesca Bellettini has achieved the impossible with Saint Laurent. Sexy concepts of Yves Saint Laurent. 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. This is made possible through a leadership style that is confident, but trusting. One question asked Bellettini what she most enjoyed about her job. She was there to review a collection for the upcoming season. Right now, Bellettini is actively trying to learn French with the goal of becoming an Okay French speaker by the end of 2021. 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. 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. You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many users needs. He asked me did I want to be C.E.O. 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. He is a good cook; she is not, so he sometimes invites her over for pasta. 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.. Saint Laurent is never too skewed vis--vis anything vis--vis a product category, vis--vis a channel because we really believe in balance. For more information read our Terms & Conditions and Privacy Policy. We communicate the brand, and Anthony does it in a way thats very relevant, she says. Bellettini is the kind of person who is goal driven and focusing on pushing forward towards that goal, said McInnes. Secondly, as a brand, YSL has set a clear strategy dedicated to never making compromises and executing meticulously. Francesca Bellettini, chief exec of fast-growing Yves Saint Laurent, Gina Miller, co-founder of investment boutique SCM Private, has campaigned against sneaky chargesin the asset management market. 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. 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. This business model is something Bellettini argues helps the brand to get back to its core essence as a fashion house. Definitely the sensitivity of people and their ability to speak out is much bigger than before, she said. 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. Search instead in Creative? S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. This is why we are less vocal. 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. Saint Laurent still has white space to open stores, develop in Asia and reinforce cross-selling across product categories, says Ortelli. Any changes made can be done at any time and will become effective at the end of the trial period, allowing you to retain full access for 4 weeks, even if you downgrade or cancel. If youd like to retain your premium access and save 20%, you can opt to pay annually at the end of the trial. Bellettini has achieved this global reach through a keen focus on developing local markets. Good morning, WMPW readers! Bellettini, a former investment banker, had stints at Prada group and Helmut Lang. She wished for the brand to reach 1 billion dollars in sales -- and well, Bellettini crossed that goal by reaching 2 billion dollars in sales in 2017. Non-Executive Director at Ferrari - View - Ferrari org chart. Frances advertising watchdog asked Saint Laurent to modify two ads. She was a villain, then an icon. Alex Murdaugh Receives Life Sentence: What Happens Now? Some white space to reach its new target. They are reluctant to be targeted.. The rue de Bellechasse headquarters was the idea of Francesca Bellettini, president and CEO of Yves Saint Laurent. Bellettini put a significant value on company culture. ", 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. Its a cascade. 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. Alex Murdaughs Trial Lasted Six Weeks. Yet, this also meant that they could not hire more people either. 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. 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 . 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. The scientific advance could aid people with recent hearing loss. Bellettini has overseen a radical rebranding, overhauling the company from within Image: Nico. 787 Francesca Le Photos and Premium High Res Pictures - Getty Images All Entertainment News Archival Browse 787 francesca le stock photos and images available, or start a new search to explore more stock photos and images. All rights reserved. It wasnt her first time in the line of fire, in any case. By Roza Kovak. CEO and president of Yves Saint Laurent, Francesca Bellettini . We are the only French couture house to be relevant in both menswear and womenswear. You can still enjoy your subscription until the end of your current billing period. 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. 518 Likes, 6 Comments - Francesca Root-Dodson (@francescajoroot) on Instagram: "Thrilled to be part of this beautiful production of "The Sign in Sidney Brustein's Window" with my" 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 . Ms. Bellettini said that she received a stream of hate emails, including one calling her a whore. How Saint Laurent Became a $3 Billion Powerhouse. university Le grand appartement: Dirigido por Pascal Thomas. 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. The brands glamorous, sleek aesthetic puts the house in a better position than brands betting on short term fashion trends in a pandemic when consumers seek investment pieces, says Mario Ortelli, managing director of Ortelli & Co. In a world of luxury where theres a shift towards more street, more pop culture, more logos and a very instant reading of our time, Saint Laurent remains faithful to its aesthetic and consistent in its vocabulary, says Institut Franais de la Mode professor Benjamin Simmenauer. 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. Simmenauer adds that the brands handbags in particular are timeless and well priced. He was Ms. Bellettinis only candidate. Ending with a hopefulness to participate the next time Brown University Fashion Week takes place in person, Bellettini left us in awe. 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. 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. 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. Facebook gives people. From left, Ms. Bellettini; Anthony Vaccarello, creative director for Saint Laurent, and Franois-Henri Pinault, chairman and chief executive of Kering. You may change your billing preferences at any time in the Customer Center or call If I can be honest, I dont think that today that campaign would even be shot.. But the largest companies in Silicon Valley are trying to change that, using virtual sports platforms to drive adoption and profit in this new world. And they certainly didnt know her. Ms. Bellettini attributes her calm demeanor to her upbringing in the town of Cesena, near the Adriatic, the youngest of three daughters; her sisters are much older. FORTUNE may receive compensation for some links to products and services on this website. Rebecca Faria, a 29-year-old Brazilian. Slimane leaves Saint Laurent, and Anthony Vaccarello is named. I could spend all day in here, Vaccarello says. 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. 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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. 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. My Lover, My Son: Dirigido por John Newland. Nowadays, I see that the consumer approaches Saint Laurent from every product category depending on what they want, said Bellettini to BoF. It was a very ironic, very playful way to present stilettos and boots, she said. offers FT membership to read for free. She had always loved fashion, but the job came with a 50 percent pay cut. Bellettini says: The work that Anthony has been doing in terms of diversity of age, sex, gender, color, body type, as judged on a 360 basis, has been quite impressive, still being able to communicate the brand. When he bought himself a honey-colored bulldog puppy at Christmas, he bought one in black for her. It was an anecdote from the early times of her career when she attended a meeting. 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. Smaller categories such as silk, jewellery and eyewear are also booming, contributing to growth. 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. cookies 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. Renaming a world-famous brand is never advisable. She has been the chief executive officer of Yves Saint Laurent since 2013. Her obsession is paying off. Bellettini said that rather than trying to craft a personality far from your true self in order to win the interview, authenticity is key. 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. What did they know? Thats when Mr. Pinault noticed her. From 2008 to 2013, she worked at Bottega Veneta, eventually as worldwide merchandising and communications director. 2023 Fortune Media IP Limited. 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 .