Luca de Meo Steps Down as Renault CEO
Luca de Meo, the dynamic Italian executive who has steered Renault SA for nearly five years, has decided to step down to pursue new ventures beyond the automotive world. His tenure was marked by a strategic pivot towards electric vehicles and a significant revamp of Renault’s alliance with Nissan.
New Horizons: Leading Kering's Next Chapter
Shortly after the announcement from Renault, reports surfaced indicating that de Meo will take the helm as CEO of Kering, the luxury conglomerate behind iconic brands like Gucci, Yves Saint Laurent, and Balenciaga. Kering has faced challenges recently, including multiple profit warnings and leadership changes at Gucci, its flagship brand.
While Kering has not officially confirmed the appointment, insiders reveal that Francois-Henri Pinault, the company’s chairman and CEO, is actively working on succession plans. These plans reportedly include dividing the chairman and CEO roles to bring fresh leadership to the group.
Kering’s Recent Struggles and Strategic Shifts
Over the past two years, Kering’s stock price has plummeted more than 60%, reflecting turbulent times within the luxury house. The group’s performance has been impacted by designer turnovers and evolving market pressures, particularly affecting Gucci's sales and profitability.
Background on Leadership Transitions
Francois-Henri Pinault took the reins of Kering — originally founded by his father and renamed in 2005 — and has since guided the conglomerate through various expansions and restructurings. The potential leadership change marks a pivotal moment as Kering aims to stabilize and reinvigorate its brands under new guidance.
Looking Ahead
Luca de Meo’s move from the automotive sector to luxury retail highlights a rare cross-industry shift, underscoring his versatile leadership skills and strategic vision. As he prepares to lead Kering, all eyes will be on how he navigates the group through its current challenges toward renewed growth.
