Kering's Evolution: From Timber to Luxury Powerhouse
Kering, originally a timber company founded in 1962, has evolved into a major luxury fashion conglomerate. Recent leadership reshuffles and acquisitions aim to boost its flagship brand Gucci amid financial challenges. The potential appointment of Luca de Meo as CEO signals strategic shifts amid weak demand and profit headwinds.
Kering, the luxury fashion giant, originally began as a timber trading company in Rennes, founded by Francois Pinault in 1962. Over the decades, under the leadership of his son Francois-Henri Pinault, it transformed into a luxury powerhouse, acquiring brands like Gucci and Balenciaga.
Recent reports suggest the group could appoint Luca de Meo as CEO, marking a significant leadership change. Current leader Pinault is considering splitting the roles of CEO and chairman to sharpen focus on reviving Gucci, which faces challenges from weakened demand, especially in China.
The leadership changes come amid financial turbulence. Notably, recent acquisitions including a stake in Valentino and high-end fragrance brand Creed aim to revitalize Gucci's appeal. However, investor confidence has wavered, as seen in fluctuating stock prices and the departure of design chief Sabato De Sarno.
(With inputs from agencies.)
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