Gucci Group, part of French luxury retailer Pinault-Printemps-Redoute (PPR), said it had named its chief executive Robert Polet to replace Giacomo Santucci as head of the Gucci brand. It said in a statement that Santucci's functions as Gucci brand chief executive had been "terminated."

Rumours of Santucci's departure, which follows that of dozens of other executives following PPR's complete acquisition of the Gucci Group last April, led to a fall in PPR shares on the Paris stock exchange on Tuesday. The Gucci Group is the world's third largest luxury enterprise and groups the Gucci, Yves Saint-Laurent, Boucheron, Balaenciago and Bottega Veneta.