Gucci's parent company, French luxury giant Kering Group, is said to be approaching Luca de Meo, the current CEO of French automaker Renault Group, who is expected to officially leave on July 15, 2025 and seek new challenges outside the automotive industry. Renault has confirmed the timetable. Kering Group has not yet commented on the news.
The appointment is seen as part of Francois-Henri Pinault, chairman of the board of directors of Kering Group, to reorganize the group's management. It is reported that François-Henri Pinault will continue to serve as chairman of the board, but has hired a headhunter to find a CEO. As the son of François Pinault, the founder of Pinault Group, the predecessor of Kering Group, François-Henri Pinault joined the company in 1987. Before becoming a member of the executive board, he held senior positions in several operating companies under the group. In 2005, he was appointed Chairman and CEO of Kering Group. According to the Bloomberg Billionaires Index, François Pinault's wealth has shrunk 64% to $22 billion from its peak in 2021 to the end of 2024.
Public information shows that Luca de Meo, 58, was born in Milan, Italy, and has more than 30 years of experience in the automotive industry. He began his career at Renault, and then his resume spanned well-known brands such as Toyota, Fiat, and Volkswagen. He is known as a brand reshaping expert. In 2020, Luca de Meo resigned from Volkswagen and returned to the troubled Renault. During this period, he led the group to turn losses into profits through cost cuts, layoffs and reduced production capacity. At the same time, he reshaped the group's 20-year strategic alliance with Nissan, and increased investment in hybrid engines and shifted to the field of electric vehicles. Luca de Meo has served as Chairman of the European Automobile Manufacturers Association since 2023.
Luca de Meo, current CEO of Renault Group.
After the news came out, Kering Group's share price rose by more than 10% on June 16. Analysts at research firm Bernstein pointed out that brand management and marketing are Luca de Meo's expertise, "which is consistent with the work done in the luxury industry."
According to a previous report by Nandu, Kering Group's share price has fallen by more than 60% in the past two years. The group's full-year sales in 2024 fell 12% to 17.19 billion euros. The core brand Gucci's full-year revenue fell 21% year-on-year to 7.7 billion euros last year. The year-on-year sales in the four quarters last year fell by 18%, 19%, 25% and 24% respectively, all higher than the overall decline of the group, becoming Kering's biggest hidden danger. As of March 31, in the first quarter of 2025, Kering Group's sales fell 14% year-on-year to 3.9 billion euros, and the year-on-year decline was wider than the full year of 2024.
Since last year, Kering has been relentlessly adjusting its senior management. At the CEO level, Stefano Cantino, former deputy general manager of Gucci, was promoted to CEO, Cédric Charbit, CEO of Balenciaga, was promoted to CEO of Saint Laurent, and Gianfranco Gianangeli, chief commercial officer of Saint Laurent, was promoted to CEO of Balenciaga; at the creative director level, Demna, former creative director of Balenciaga, went to Gucci, Alessandro Michele, creative director of Gucci, went to Valentino, and Pierpaolo Piccioli, creative director of Valentino, moved to Balenciaga.
It can be seen that the previous executive adjustments were all internal changes within the group. Two internal candidates for the important position of the group's CEO were previously reported, namely Francesca Bellettini, the current deputy CEO of the group, and Jean-Marc Duplaix, the group's chief operating officer. But it seems that the final candidate will be "poached" from outside, and from the automotive industry. Subsequent developments will inevitably attract continued attention from the luxury and automotive circles.
