François-Henri Pinault to Replace Robert Polet at Gucci Group

Francoi Henri Pinault
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François-Henri Pinault has announced that he will be taking over at the Gucci Group.

Anyone up for a game of fashion musical chairs?

François-Henri Pinault, the head of luxury retail giant PPR and husband of Salma Hayek, has announced that he will personally take over at the Gucci Group in the wake of chief executive and president Robert Polet's departure, the New York Times reports.

Polet, who helped the fashion group weather the loss of designer Alexander McQueen last year, has been with the PPR subsidiary since 2004, overseeing labels such as Gucci and Bottega Veneta. No explanation has been given for his leaving.

Meanwhile, fellow PPR label Yves Saint Laurent is also down an executive. Chief executive Valérie Hermann has left to pursue career opportunities in the U.S. and will be replaced by Paul Deneve.

“To carry out this strategy and support the continued growth of our brands, we have decided to put in place a new organizational structure,” Pinault says.

“While preserving the autonomy of our brands, this new framework will enable them to better leverage the group’s stature to reach their full growth potential.”

Get the full story from the New York Times.