Fashion house Gucci Group doesn't expect its Yves Saint Laurent label to break even in the next three years, but said it is keeping to its promise not to axe any of its smaller brands.

At a London strategy presentation, chief executive Robert Polet said that the YSL division is predicted to break even when it reaches sales of €300 million, but that this is not likely to be during the next three years, while the group embarks upon a new strategy plan.

Gucci Group, which was acquired by French retailer Pinault Printemps Redoute earlier this year, will appoint a new management team that will concentrate on improving the product mix at YSL, among other strategy aims.

PPR has suggested that YSL Couture is close to announcing its new chief executive officer, the appointment of whom will be another in a long line of instalments after previous chief executive officer Domenico De Sole and top designer Tom Ford left the group in April.

Polet added that he has no plans to scrap any of the group's smaller brands, which include Alexander McQueen, Balenciaga and Stella McCartney.

He also said that the company wouldn't be acquiring any more brands in the three-year period.

The company is planning to double the size of its core Gucci brand over the next seven years, and hopes to break even with Alexander McQueen, Balenciaga and Stella McCartney by 2007.