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For Gucci's CEO Patrizio di Marco and creative director Frida Giannini, time is up. Page Six appears to have broken the news last night that parent company Kering has ousted the pair in a move that is generally viewed as a long time coming given Gucci's steady sales decline over the past few years.
According to The New York Times, di Marco will step down in January and Marco Bizzarri, head of Kering's luxury division, has already been tapped to replace him. Giannini will stay on until her last collection for the brand is presented in February and the company confirms to the Times that her replacement will be announced early next year. Kering's CEO François-Henri Pinault addresses the changes with optimism, saying that he hopes new management will inject "new momentum" at Gucci.
· CEO and creative director out at Gucci [Page Six]
· In Gucci's Odd Universe, Children Take $645 Handbags to School [Racked]
· Even Beyoncé Couldn't Save Gucci's Do-Gooder Campaign [Racked]