Executive vice president and director of strategy and acquisitions at luxury goods company Gucci Group, James McArthur, is to resign. Mr McArthur is also president & CEO of Balenciaga and has oversight responsibility for the Alexander McQueen and Stella McCartney businesses.

In addition to his existing role, executive vice president and chief financial officer, Alexis Babeau, will assume responsibility for strategy and acquisitions, while president and CEO of Sergio Rossi, Isabelle Guichot, has been named as the new CEO for Balenciaga. She will continue in her role at Sergio Rossi until a replacement is found.

The group designs, produces and distributes personal luxury goods, including ready-to-wear, handbags, luggage, small leather goods and shoes.