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

French luxury group Kering said on Monday it had named Cedric Charbit as CEO of fashion house Saint Laurent, choosing a leader for its second largest fashion label from within its ranks.

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

Cédric Charbit will return to Saint Laurent as CEO after eight years leading fellow Kering luxury label Balenciaga.

Kering has made significant changes to its leadership with a reshuffle involving Saint Laurent and Balenciaga, impacting future direction. Cédric Charbit returns to Saint Laurent as CEO, after eight years leading Balenciaga within the Kering group.

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

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