Saint Laurent adds LV leather-goods leader to restart growth engine
Bottom Line Impact
If Coca delivers icon-led leather goods execution within 2-3 seasons, Saint Laurent can improve sell-through and full-price mix, cushioning revenue softness, supporting margin recovery, and strengthening its competitive position in premium accessories without sacrificing long-term brand equity.
Key Facts
5- Saint Laurent 2025 sales: 2,643 million euros, down 6% comparable; accessories identified as the primary lever to stabilize turnover and margin in a cooler demand cycle.
- Johnny Coca appointed creative director of leather goods, accessories and lifestyle; previously Louis Vuitton director of women’s leather goods and accessories (2020 to Feb 2026) and Mulberry creative director for ~5 years.
- Kering 2025 sales: 14,675 million euros, down 10% comparable; operating profit: 1,631 million euros; operating margin: 11.1% (profitability and productivity prioritized).
- Kering retail footprint actions: 58 openings and 133 closures in 2025 (75 net closures); FY2026 plan includes ~100 net closures plus landlord renegotiations and selective exits.
- Brand performance context: Gucci 2025 sales 5,992 million euros (down 19% comparable); Bottega Veneta 1,706 million euros (up 3%); 'Other Houses' posted -112 million euros operating result; Alexander McQueen restructuring expected with closure of ~50% of its ~130 stores.
Time Horizons
Key Roles Affected
Executive Summary
Saint Laurent is doubling down on accessories as a margin-and-cashflow stabilizer by hiring Johnny Coca to lead leather goods, accessories and lifestyle while keeping Anthony Vaccarello as overall creative lead. With Saint Laurent down 6% in 2025 and Kering accelerating productivity actions (75 net store closures in 2025; 100 more planned), the move signals a sharper focus on industrialized product execution, hero-SKU clarity and faster commercial payback.
Actionable Insights
Immediate Actions (Next 30-90 days)
Set a 2-season accessories turnaround scorecard with named franchise targets (top 3 bag lines, top 3 shoe lines) and tie leadership incentives to sell-through and full-price mix, not just runway impact.
Rationale: The organization is signaling a shift to commercial rigor; a quantified, franchise-led plan reduces execution drift between fashion direction and leather goods industrialization.
Role affected:CEO
Urgency level:immediate
Short-term Actions (6-12 months)
Ring-fence investment for leather goods tooling, materials and capacity on a short ROI horizon (6-12 months), while tightening working capital via SKU rationalization and faster exit of underperforming seasonal inventory.
Rationale: Accessories can stabilize margin, but only if availability, quality and replenishment are right; working-capital discipline is critical while Kering pursues productivity and store network optimization.
Role affected:CFO
Urgency level:short-term
Negotiate vendor commitments for faster replenishment on carryover winners (lead-time and MOQ flexibility) and implement QA gates focused on leather consistency, hardware durability and return-rate reduction.
Rationale: In a cooler demand cycle, fewer hero SKUs must perform flawlessly; quality and reactivity directly drive conversion, returns, and full-price sell-through.
Role affected:COO / Head of Supply Chain
Urgency level:short-term
Strategic Actions
Build a 12-month icon strategy: one core bag platform with 3-5 signature SKUs, a disciplined drop calendar, and VIC activation that emphasizes craftsmanship and longevity rather than trend novelty.
Rationale: Competitors are winning with icon clarity and scarcity mechanics; Saint Laurent can strengthen brand equity and repeat purchase by anchoring storytelling in durable, recognizable leather goods codes.
Role affected:CMO / Chief Brand Officer
Urgency level:strategic
Risks & Opportunities
Primary Risks
- Creative friction or diluted accountability between Vaccarello (brand creative) and Coca (leather goods creative) could slow decision-making and produce inconsistent brand codes across categories.
- Over-correction toward 'safe' accessories may erode Saint Laurent’s fashion authority, reducing desirability and ultimately weakening accessories pricing power.
- Execution risk in sourcing and manufacturing (quality, lead times, capacity) could cause stock-outs or higher return rates, undermining the intended margin stabilization.
Primary Opportunities
- Rebuild a repeatable leather goods franchise model that lifts full-price sell-through and improves mix toward higher-margin categories, partially offsetting top-line softness.
- Win share in the premium accessories race by importing Louis Vuitton-grade product discipline and cadence while leveraging Saint Laurent’s distinctive Parisian edge.
- Use Kering’s store productivity push to concentrate inventory, staffing and VIC services in the highest-ROI doors, improving conversion and reducing markdown dependence.