Yesterday, French luxury group Kering has appointed Luca de Meo, former CEO of Renault, as its new chief executive officer, effective September, pending shareholder approval. The move comes as Kering seeks to revitalize Gucci—its flagship brand—which has seen sharp declines in both sales and influence.
The leadership change marks a significant shift in the company’s governance structure, with the roles of CEO and chairman officially split. François-Henri Pinault, whose family controls Kering, will remain as board chairman. In a statement, the group said de Meo’s appointment “marks a decisive step in the evolution of Kering’s governance and strengthens the Group’s leadership as it enters a new phase.”
De Meo is widely credited with transforming Renault during a time of crisis and is known for his skill in brand revitalization. Pinault praised his “passion for managing and revitalizing brands” and said he had “proven his skills at leading major transformation.”
Investors responded positively to the news—Kering shares jumped nearly 12 percent after reports of the appointment surfaced, although the company confirmed the news only after the Paris stock exchange closed. Still, long-term shareholders remain in the red: Kering’s stock is down 28 percent year-to-date and 78 percent from its 2021 peak, largely due to Gucci’s faltering performance.
In 2024, Kering’s revenue amounted to €17.2 billion in 2024, down 12% both as reported and on a comparable basis.Kering Beauté’s revenue amounted to €323 million in 2024, as Creed was consolidated over the full year.
