Gucci's New Vision: Renault Boss Luca de Meo Steps In as CEO
Renault's CEO Luca de Meo is set to become Gucci owner Kering's new CEO, replacing Francois-Henri Pinault. The move signals a strategic shift for Kering, which faces financial challenges and aims to revitalize its Gucci brand. Kering's shares surged, while Renault's declined following the announcement.
Kering, the owner of Gucci, has announced that Renault CEO Luca de Meo will take on the role of their new CEO, succeeding Francois-Henri Pinault. This appointment, set for September 15, marks the first time an outsider will lead the luxury conglomerate, which has been under French billionaire Pinault family's control.
Francois-Henri Pinault expressed confidence in de Meo, citing his leadership experience and understanding of brand dynamics. Despite Renault suffering from de Meo's departure, the appointment has bolstered Kering's shares by nearly 12%, while Renault shares fell by around 8%.
De Meo's task at Kering is significant, as the group aims to manage its considerable debt and reignite Gucci's growth post-pandemic. Analysts consider his outsider status risky but also see his turnaround success as beneficial for Kering's future.
(With inputs from agencies.)
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