Kering booted from Europe’s premier blue-chip index as defense giant Rheinmetall boosted by the continent’s war footing

Armin Papperger (Credit: Rolf Vennenbernd/picture alliance via Getty Images)

It’s been a boom time for defense companies for the last few years—and the opposite of that for luxury companies. 

The result? German arms maker Rheinmetall will soon become part of the Euro Stoxx 50 benchmark of the largest listed European firms, replacing Gucci owner Kering.