Kering Names Luca de Meo CEO as François-Henri Pinault Steps Back to Chairman Role
Kering has confirmed the appointment of Renault executive Luca de Meo as its next Chief Executive Officer, marking a significant leadership shift for the French luxury group. De Meo, who steps down from Renault in July, is expected to assume his new role at Kering mid-September, pending board approval.
François-Henri Pinault, who has helmed the company since 2005, will remain as Chairman. The move signals a new era of governance at the family-controlled group as it faces mounting pressure to revive growth across its portfolio. Once a high-growth juggernaut, Kering has experienced declining revenues and operating profit, driven largely by Gucci’s ongoing transformation and softness at Saint Laurent and Alexander McQueen.
The announcement followed market hours in Paris and was described by Kering as a “decisive step” in evolving the group’s governance. Pinault, who initiated the transition, cited de Meo’s international experience, brand instincts, and people-focused leadership as key drivers behind the decision.
De Meo joins at a pivotal moment. Gucci’s Q1 revenue fell 25 percent, while Saint Laurent declined 9 percent, and the “Other Houses” division—including Balenciaga, McQueen, and Brioni—slipped 11 percent. Gucci and Saint Laurent combined accounted for roughly 80 percent of the group’s operating income before central costs last year.
Investors responded positively, with shares in Kering rising as much as 13 percent amid speculation of a management change. Analysts noted de Meo’s successful turnaround of Renault, driven by product innovation, brand repositioning, and strategic execution.
Despite his background in the automotive sector, de Meo is known for his affinity for luxury—particularly high-end timepieces—and is expected to bring a brand-first, marketing-savvy approach to the group. Yet the challenge ahead is formidable. With a luxury sector increasingly polarized between mega-brands and those in flux, investors are looking for clear direction and long-term strategy.
Kering has a history of bold hires from outside the traditional fashion track. The appointment echoes the 2004 recruitment of Robert Polet, who joined from Unilever to lead what was then the Gucci Group.
Pinault, who took over Kering (then PPR) during its pivot from retail to luxury, has overseen nearly two decades of transformation—spinning off its retail holdings, rebranding the company, consolidating its luxury focus, and most recently building out a direct-to-consumer beauty division.
Recent years, however, have tested that trajectory. Pinault has acknowledged disappointment in the group’s recent performance and has expressed commitment to restoring long-term value and investor confidence. The leadership transition appears to be part of that strategy.
The executive reshuffle follows a series of creative changes across the group. Demna is set to debut his first Gucci collection in September, while Pierpaolo Piccioli will make his Balenciaga debut in the same month. Louise Trotter is also slated to present her first collection for Bottega Veneta, which posted modest growth in Q1.
With multiple brand evolutions underway and the pressure to reverse market sentiment mounting, Kering’s next chapter under de Meo will be closely watched—not just for results, but for how quickly a fresh vision can take hold.