illion USD) in debt
Luca de Meo Named New CEO of Kering, Set to Take Office on September 15
After much speculation and chatter, it has been officially announced that Luca de Meo, current CEO of Renault, will be taking over as the new CEO of Kering, the French luxury conglomerate. He will officially begin his role on September 15, while François-Henri Pinault, current CEO and Chairman of Kering, will continue in his position as Chairman.
In a statement, de Meo expressed his excitement and confidence in leading Kering into a new phase of development, citing the strength of the group’s brands and the expertise of its people. Pinault also shared his confidence in de Meo, stating that he is the leader he was looking for to bring a new vision and steer the company’s future.
Speculation about de Meo’s move to Kering began after reports emerged that Pinault was preparing to step down as CEO and retain his position as Chairman. This was further fueled by Kering’s sudden cancellation of a scheduled event with financial analysts and the company’s recent challenges, particularly with Gucci.
Once considered their “cash cow,” Gucci has seen a decline in sales and profitability, leading to a significant drop in Kering’s share price and a debt of over €10 billion EUR (approximately 11.5 billion USD). With de Meo’s experience as the head of an international listed group and his understanding of brands, he is seen as the right leader to guide Kering through this chapter in its history.
Luca de Meo to Step Down as CEO of Renault, Rumored to Take Over as CEO of Kering
According to sources, Luca de Meo, current CEO of Renault, will be leaving his position in mid-July to pursue new opportunities outside of the automotive sector. It is rumored that he will be taking on the role of CEO at Kering, the French luxury conglomerate known for its iconic brands such as Gucci, Saint Laurent, and Balenciaga.
While de Meo has not confirmed these rumors, they have gained traction, especially after reports emerged that François-Henri Pinault, current Chairman and CEO of Kering, is planning to step down as CEO and continue as Chairman while bringing in new leadership to guide the company. This speculation was further fueled by Kering’s sudden cancellation of a scheduled event with financial analysts.
Kering has been facing challenges in recent years, particularly with Gucci, which was once considered their “cash cow.” The brand has seen a decline in sales and profitability, leading to a significant drop in Kering’s share price and a debt of over €10 billion EUR (approximately 11.5 billion USD). With de Meo’s experience as the head of an international listed group and his understanding of brands, he is seen as the right leader to guide Kering through this chapter in its history.
Official Announcement: Luca de Meo Named New CEO of Kering
It’s official – Luca de Meo, current CEO of Renault, has been named the new CEO of Kering, the French luxury conglomerate. He will officially take office on September 15, while François-Henri Pinault, current CEO and Chairman of Kering, will continue in his role as Chairman.
In a statement, de Meo expressed his enthusiasm and confidence in leading Kering into a new phase of development, citing the strength of the group’s brands and the expertise of its people. Pinault also shared his confidence in de Meo, stating that he is the perfect leader to bring a new vision and steer the company’s future.
Speculation about de Meo’s move to Kering began after reports emerged that Pinault was planning to step down as CEO and retain his position as Chairman. This was further fueled by Kering’s sudden cancellation of a scheduled event with financial analysts and the company’s recent challenges, particularly with Gucci.
Once considered their “cash cow,” Gucci has seen a decline in sales and profitability, leading to a significant drop in Kering’s share price and a debt of over €10 billion EUR (approximately 11.5 billion USD). With de Meo’s experience as the head of an international listed group and his understanding of brands, he is seen as the perfect leader to guide Kering through this chapter in its history.
