The latest appointments at the Gucci owner come as the luxury-goods industry navigates a turbulent time.

Kering SA is shaking up its top ranks, appointing new chief executive officers for two of its luxury brands, Yves Saint Laurent and Balenciaga.

Balenciaga CEO Cédric Charbit will succeed Francesca Bellettini as CEO of Saint Laurent. Gianfranco Gianangeli will succeed Charbit as CEO of Balenciaga, parent company Kering announced on Monday. Both will report to Bellettini,

The company named Cedric Charbit as CEO of Yves Saint Laurent, with Gianfranco Gianangeli taking his place at the helm of Balenciaga.

The changes come amid plummeting revenue at the conglomerate and luxury sector challenges across the industry.

French luxury group Kering said on Monday it has named Cedric Charbit CEO of fashion house Saint Laurent, choosing a new leader for its second largest fashion label from among its own managers. In this role,

Gianfranco Gianangeli, previously CEO at Maison Margiela and currently chief commercial officer at YSL, is to succeed Charbit at Balenciaga.