Fashion
Already the start of major maneuvers at Kering?
Published
September 15, 2025
Luca de Meo seems intent on reshuffling the deck at Kering. At the French luxury group’s annual general meeting in September, the new Italian boss, who joins from Renault, took a straight line to express his vision. The new roadmap will be announced in early 2026, but he and his team will be making adjustments before the end of the year, he explained.
An understatement. Luca de Meo is due to officially take up his post this Monday at the Paris headquarters of the parent company of Gucci, Saint-Laurent, Bottega Veneta, McQueen, Boucheron and Balenciaga, and has already begun the big maneuvers.
According to WWD and Miss Tweed, Francesca Bellettini, the former CEO of Saint-Laurent, who has been Kering’s Deputy CEO in charge of house development since September 2023, will be in charge of the group’s core business. In this role, all the group’s general managers now report to her. Within the management committee, which was headed by François-Henri Pinault (who remains chairman of the Board as of September 15), Jean-Marc Duplaix was the other deputy managing director, in charge of operations.
This appointment to Gucci’s general management, if confirmed, would imply the departure of Stefano Cantino. Recruited from Louis Vuitton in May 2024 as deputy CEO of Kering’s flagship fashion house, which was then headed by Jean-François Palus, Cantino took over as CEO of Gucci on January 1. If these changes are confirmed, the Italian will have held the reins of the Roman house for only nine months.
For Bellettini, this potential move would be a major challenge, as de Meo has made no secret of the urgent need to turn around the group’s flagship, which accounts for some 40% of global sales in the first half of 2025, as much as a return to its roots. Having been with the group for over twenty years, the Italian executive initially joined Gucci in 2003, where she was director of strategic planning and associate director of merchandising, before transferring to Bottega Veneta and then helping Saint-Laurent grow, first at the end of the Slimane era and then with Anthony Vaccarello.
Media reports announcing this change of challenge for the director suggest that these moves could be made official at the beginning of the week.
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Egypt’s textile and apparel imports from Turkiye rose 7.7 per cent year-on-year to $154.68 million in H1 2025, driven mainly by higher fabric demand from garment exporters.
Fabric imports surged 27.75 per cent, while yarn imports dipped slightly.
Despite modest overall growth, Turkiye remained Egypt’s second-largest supplier of fabrics and apparel and third-largest in yarn.
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By
DPA
Translated by
Nazia BIBI KEENOO
Published
October 30, 2025
The world’s third-largest sportswear company, Puma, is facing losses but plans a major turnaround. The Germany-based brand, trailing Nike and Adidas, will cut about 900 administrative roles and streamline its product portfolio by the end of 2026 under its new CEO, Arthur Hoeld.
Puma, headquartered in Herzogenaurach, reported losses in the first nine months of the year. Sales fell 8.5% to €5.97 billion compared with the same period last year, while consolidated earnings dropped by about half a billion euros. After nine months, the company posted a net loss of €257 million.
Moving forward, Puma intends to focus on its core categories of football, training, running and sports fashion. Its direct-to-consumer business—through its own retail stores and e-commerce—is expected to grow faster, as Puma has so far been heavily dependent on wholesale distribution. The new CEO described 2026 as a transition year, to return to growth from 2027 onward.
To achieve this, Hoeld plans to strengthen the brand and its signature leaping cat logo. “I firmly believe that the Puma brand is intact and has incredible potential,” he said. The company intends to reduce wholesale’s share of revenue, as discounted sales through big-box retailers have hurt brand desirability. Puma also plans to lower its inventory levels.
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The revenue from operations grew 14 per cent sequentially to ₹3,419 crore, while gross profit improved 17 per cent to ₹680 crore. EBITDA more than doubled to ₹103 crore in Q2 FY26, reflecting enhanced operational efficiency. Profit after tax (PAT) jumped 142 per cent quarter-over-quarter (QoQ) to ₹48 crore. On a half-yearly basis, EBITDA and PAT declined 31 per cent and 41 per cent YoY respectively, primarily due to higher input costs and strategic restructuring, PDS Limited said in a press release.
India’s PDS Limited has reported an 18 per cent rise in GMV to ₹5,467 crore (~$619.2 million) in Q2 FY26, with revenue up 14 per cent and PAT surging 142 per cent to ₹48 crore.
The order book reached ₹5,308 crore (~$601.1 million), up 15 per cent YoY.
Improved working capital efficiency generated ₹593 crore in cash flow, and the board declared an interim dividend of ₹1.65 per share.
“Our results demonstrate that sustainable growth is achieved through focus, efficiency, and disciplined execution. Our growth journey is centered on strengthening and expanding the potential of our existing businesses and partnerships, with no new investments at this stage. By sharpening our focus on execution, leveraging synergies, and fostering collaboration across our global network, we are building a stronger, more efficient, and purpose-driven PDS—one that grows sustainably and responsibly while upholding the highest standards of governance,” said Pallak Seth, executive vice chairman at PDS Limited.
“We continue towards our commitment of building a resilient, cost-efficient PDS. Our focus remains on driving operational excellence across our core business verticals, which is starting to show in our results, with optimized working capital and reduced net debt levels. By focusing on high-impact areas and streamlining underperforming verticals, we are enabling responsible growth and building a future-ready organization scaling towards enhancing profitability,” said Sanjay Jain, group CEO.
As of early October 2025, PDS Limited’s order book stood at ₹5,308 crore (~$601.1 million), marking a 15 per cent YoY increase and reflecting sustained business momentum despite global macroeconomic headwinds. The company achieved notable improvement in working capital efficiency, reducing net working capital days from 17 in March 2025 to 6 in September 2025, generating ₹593 crore in cash flow from operations. The board also approved an interim dividend of ₹1.65 per share, consistent with the previous year, added the release.
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