Renault CEO Luca de Meo Joins Kering Amid Gucci Sales Decline

Luca de Meo, former CEO of Renault, is set to become the new CEO of luxury conglomerate Kering, marking a significant leadership change aimed at addressing the company's declining sales and mounting debt. Kering, which owns major brands like Gucci, Saint Laurent, and Balenciaga, has suffered a sharp drop in sales and profitability, with Gucci's sales falling 25% in early 2025 and the group's value declining by around 75% since 2021. Francois-Henri Pinault, who has led Kering since 2005, will reportedly step down as CEO but remain as chairman, allowing de Meo to focus on revitalizing the luxury group. De Meo is credited for his successful turnaround at Renault, implementing cost-cutting measures and strategic restructuring, and is expected to bring similar initiatives to Kering, including store closures and real estate sales, to reduce debt and restore growth. The transition has been welcomed by investors, as Kering's share price rose sharply following the announcement, signaling confidence in de Meo's ability to revive the company's performance. While Kering has not officially confirmed the appointment, industry experts see de Meo's move as a bold and necessary step to reinvigorate the luxury giant amid fierce market challenges.