Kering's Bold Move: Renault's Luca de Meo Takes the Reins

Luca de Meo, Renault's current CEO, will join Kering as the new CEO to help revitalize the debt-heavy luxury conglomerate. This unexpected move sent Kering's shares soaring and Renault's falling. Francois-Henri Pinault remains as chairman, while de Meo is expected to bring his turnaround expertise to Gucci's struggles.

Kering, the luxury conglomerate behind Gucci, announced that Renault CEO Luca de Meo will take over as its new chief executive. The appointment comes as Kering strives to rejuvenate its brand amid financial challenges, with its shares increasing dramatically on the news.

De Meo, who begins September 15, will succeed Francois-Henri Pinault, who acknowledged that the company's recent performance has been lackluster. Pinault, remaining as chairman, emphasized de Meo's leadership qualities as crucial for Kering's future.

Renault faces a significant change with de Meo's departure, affecting its share value. Known for his turnaround skills, de Meo's transition to Kering is viewed as a major development in the luxury sector.

(With inputs from agencies.)