So, what’s up with the Kering management switcharoo, including the exit of longtime Gucci C.E.O. and company man Marco Bizzarri; the elevation of Saint Laurent C.E.O. Francesca Bellettini to deputy C.E.O., with all the brand C.E.O.s—including for Alexander McQueen, Balenciaga, Bottega Veneta, and yes, Gucci—reporting to her; and Jean-François Palus acting as interim C.E.O. of Gucci? After talking to some people on the inside and out, the clearest answer is that this probably isn’t exactly how Kering C.E.O. (and CAA’s number-one fan) François-Henri Pinault envisioned the next phase of his growing luxury empire. The much-discussed trouble at Balenciaga last year, combined with the challenges at Gucci resulting in the departure of Alessandro Michele, will be further elucidated in the company’s first-half results, released next Thursday, and it’s likely that Pinault and his team thought it wise to make this announcement beforehand. (Indeed, shares were up after the release went out.)

Here’s what else I’ve learned… First, people inside Kering tell me the Gucci C.E.O.’s exit was a long time coming: Bizzarri has been with the group for 18 years, and helped catapult Gucci into another competitive stratosphere over the past decade. The less understandable part: Why did they not name a permanent replacement? There’s a chance that someone is waiting in the wings but has an air-tight non-compete, yadda yadda. However, it was suggested to me that solving the Gucci C.E.O problem had to be put on the backburner while the Balenciaga situation was managed. (Note that there were no changes announced at Balenciaga.)