Gucci names Bedos to head Boucheron

Gucci named a chief executive for its Boucheron unit on Wednesday as part of a management reshuffle as majority owner Pinault-Printemps Redoute tightens control with an agreed share offer, Reuters reports.

The world’s third-largest luxury group reportedly said Jean-Christophe Bedos will head the Boucheron jewelry, watches and fragrances brand from May 1. He will replace Brian Blake.

A Gucci spokesman said the naming of a successor to Domenico De Sole as group CEO remained pending. PPR has said in the past a replacement would be named before De Sole’s departure.

“De Sole will be with Gucci until April 30 so there is still some time,” Gucci spokesman Tomasso Galli said.

De Sole and chief designer Tom Ford are stepping down as French department store group Pinault-Printemps Redoute has made an offer to buy the remaining Gucci shares while they wanted the firm to remain independent.

Bedos, 39, was previously at Cartier France, which is part of Richemont. A four-strong design team to replace Ford was announced earlier this month.

PPR Chief Executive Serge Weinberg said in a newspaper interview on Wednesday that Gucci could remain listed if the retailer secured only 85% of its capital under its offer.

Weinberg reportedly said that if PPR ended up with more than 85 percent of Gucci’s capital, but not all, it would launch a second offer “in May and at the same price.”

PRR already owns 67.58% of Gucci and earlier this month offered $85.52 in cash per Gucci share, honoring an agreement struck in 2001 when the retail group took a controlling stake in the Florentine fashion house to fend off a hostile bid from LVMH.

The offer, which starts on April 1 in the United States and on April 2 in the Netherlands, will expire on April 29.