Luca de Meo's Bold Move: From Renault to Kering's Helm
Luca de Meo, renowned for transforming Renault, is set to become CEO of luxury giant Kering. His appointment marks a significant shift as he becomes the first outsider to lead the company. The move is aimed at reviving Kering's flagship brand Gucci amid financial challenges, lifting its stock value substantially.
In a strategic shake-up, Gucci owner Kering has appointed Luca de Meo, the current CEO of Renault, to be its new chief executive. The announcement has sent Kering's shares soaring while Renault's faced a steep decline. De Meo is set to take over the reins on September 15, becoming the first outsider to lead the luxury conglomerate dominated by the Pinault family.
The decision underscores the magnitude of the challenge in revitalizing Kering, which has been struggling with debt and reviving its iconic Gucci brand post-pandemic. Industry leaders see this as a bold step but acknowledge de Meo's ability to drive transformation, despite his lack of direct luxury sector experience.
De Meo's departure deals a blow to Renault, where he has achieved considerable successes, including restructuring the alliance with Nissan. However, Kering's hopes are high for de Meo's 'turnaround capabilities' to work wonders and lead the brand to new heights, as noted by Kepler Cheuvreux analysts.
(With inputs from agencies.)
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