"This is not a plan where we work 2-3 years before we see results," Gobbetti, who joined in January from Burberry, told analysts.

"One of the key elements of this plan is speed... We want to go quickly," he said. "There is a lot of value that we can extract in a relatively short amount of time."

(Reporting by Silvia Aloisi and Claudia Cristoferi)