Leadership Transition at Kering: A Turning Point in Luxury Fashion
Kering, owner of Gucci, is close to appointing Luca de Meo as CEO. The company faces significant changes as Francois-Henri Pinault considers splitting CEO and chairman roles. The luxury fashion group has undergone numerous transformations, most recently purchasing a stake in Valentino to revive Gucci's fortunes.
Kering, the luxury conglomerate behind Gucci, is reportedly nearing the appointment of Luca de Meo, former Renault executive, as its next CEO. This change hints at potential restructuring, as Francois-Henri Pinault, current CEO and chairman, is contemplating separating these roles after two decades at the helm.
Tracing its origins to 1962, the company transformed from a timber trading business into a major player in the luxury fashion industry. Milestones include the 1999 acquisition of a significant Gucci stake and strategic purchases such as Balenciaga and Brioni. These moves positioned Kering as a dominant force by expanding its high-end offerings.
In recent months, Kering acquired a 30% stake in Valentino, illustrating efforts to rejuvenate the struggling Gucci brand amid challenges in the post-pandemic market. As Kering seeks to navigate a difficult landscape, the forthcoming leadership change could signal a new strategic direction for the group.
(With inputs from agencies.)
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