What do the luxury sector and the automotive sector have in common? Until recently, even asking the question would have seemed incongruous, given the apparent dissimilarity between brands engaged in mass production in search of economies of scale and those based on lavish spending and limited editions. The arrival of Luca de Meo (formerly of Renault) at the head of Kering signals a change for the group founded by French entrepreneur François-Henri Pinault, but also for the entire sector. Is playtime officially over?
During Kering’s general meeting earlier this month, de Meo officially took his place as head of the luxury group, the second-largest in France. The choice of the former Renault executive as the new CEO raises questions. Can luxury survive the logic of financial optimisation, such as that found in industry and FMCG (fast-moving consumer goods)?
