Saint Laurent chief executive Cédric Charbit has admitted luxury brands need to work harder to retain aspirational shoppers.
Speaking at the FT’s Business of Luxury summit in Puglia, Italy, Charbit said Saint Laurent had not done enough to keep hold of some customer groups as the wider luxury market continues to grapple with weaker demand.
“We haven’t been good enough at retaining clients, we should do better,” he said.
Charbit said the brand had remained highly focused on its wealthiest customers, but acknowledged that other shoppers had “fallen through the cracks”.
He said Saint Laurent would now look to strengthen its relationship with those clients while expanding into underdeveloped categories, including menswear, without undermining the desirability that sits at the heart of the brand.
The comments come at a challenging moment for Saint Laurent and Kering, which have both been affected by a prolonged slowdown in global luxury spending.
The sector has been hit by inflation, weaker consumer confidence and a pullback among aspirational shoppers, many of whom helped fuel the luxury boom in the years following the pandemic.
Kering has come under particular pressure due to the sharp slowdown at Gucci, its largest brand, which has intensified scrutiny on the group’s ability to restore momentum across its wider portfolio.
Saint Laurent has proved more resilient than some of its stablemates, but its sales have also softened, highlighting the difficulty facing luxury houses as they try to appeal to younger and more aspirational consumers while preserving exclusivity.
“The industry’s growth has been extraordinary but not sustainable,” Charbit said. “As we move forward, we will expand product categories, not only because the world is changing but it’s what the brand is about.”
Charbit took over as Saint Laurent chief executive in January 2025, succeeding Francesca Bellettini, who had led the brand for more than a decade before moving into a senior role at Kering.
His appointment formed part of a wider leadership shake-up at the French luxury group, which has been seeking to refresh its executive ranks as it attempts to turn around performance.
Kering also hired former Renault boss Luca de Meo as chief executive last year, in a high-profile move aimed at bringing fresh discipline to the struggling luxury conglomerate.
“Luca describes himself as brutal. I see him as direct and decisive,” Charbit said. “The luxury industry needs more of that.”
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