French luxury group Kering has tapped Luca de Meo, the outgoing chief executive of Renault, to become its next CEO in a bold bid to revive Gucci, the group’s struggling flagship. De Meo will assume the role in September once shareholders approve a governance overhaul that separates the chief executive and chairman positions. François-Henri Pinault, whose family controls Kering, will remain board chair.
The appointment follows a bruising period for Kering. Gucci’s sales slid 23 percent in 2024, contributing to a 12 percent drop in group revenue to €17.2 billion and a 64 percent plunge in net profit to €1.1 billion. With investors growing restless—Kering shares are down 28 percent this year and 78 percent below their 2021 peak—the news of de Meo’s impending arrival briefly sent the stock up almost 12 percent, though confirmation came after markets closed. Renault shares, meanwhile, fell nearly 9 percent after the carmaker announced its 58-year-old boss would depart on 15 July.
