Kering Nears Appointment of Renault CEO Luca de Meo Amid Gucci Turnaround Effort

Luca de Meo, the CEO credited with revitalizing Renault by doubling its value and steering its strategic shift to electric vehicles, is set to become the new CEO of luxury goods conglomerate Kering, which owns brands like Gucci and Yves Saint Laurent. This leadership change comes as Kering faces mounting pressure to revive its underperforming luxury brands, particularly Gucci, which has struggled to regain momentum in key markets such as China. De Meo’s appointment marks a significant shift as he moves from the automotive industry to luxury fashion, bringing his expertise in brand management and marketing to a sector where Kering’s stock has fallen sharply since 2021. The group is also considering splitting the roles of chairman and CEO, with Francois-Henri Pinault remaining as chairman, to improve governance and strategic focus. Kering’s shares rose following the news, while Renault’s shares declined, reflecting market reactions to de Meo’s impending departure. This strategic move highlights Kering's efforts to adapt its leadership and strengthen its competitive position in the luxury market.