Shock at Renault: Shares plunge as CEO reportedly departs to Gucci-owner Kering
Renault's share prices had dropped by 6.9% by early afternoon in Paris, while Kering was traded 9.6% higher, as Luca de Meo, the Italian CEO of Renault Group, suddenly resigned from his post on Sunday.
According to media reports, he will join the struggling Gucci-owner Kering as the global Luxury group's new CEO.
French carmaker Renault announced the departure of its CEO on Sunday evening, saying that Luca de Meo will stay on until 15 July 2025 and that the process to appoint a new Chief Executive Officer has already begun.
The Italian CEO has been in office for five years and saw Renault's share price nearly double under his watch as he oversaw a post-pandemic turnaround at Renault.
'For 5 years, Luca de Meo worked to put Renault Group back where it belongs. Under his leadership, our company has found a healthy base, it now has a magnificent range of products and has returned to growth,' said Chairman of the Board of Directors Jean-Dominique Senard.
Related
Renault Group sales zoom ahead after European performance boost in 2024
L'Oréal acquires a majority stake in British skincare brand Medik8
Even though Kering has yet to confirm the appointment, hiring Luca de Meo fits the firm's efforts to transform the debt-laden luxury conglomerate.
The French fashion house, which owns brands including Gucci and Saint Laurent, has been struggling for years. The company has recently posted worse-than-expected results for the first quarter of the year. Sales of its flagship brand, Gucci, fell by 25%.
Kering has lost nearly 80% of its share price since 2021.
The 58-year-old Italian executive is going to be appointed as the CEO of Kering within the next few days, Bloomberg News reported, citing unnamed sources.
Kering's current CEO and President, François-Henri Pinault, appears to have decided to separate the two roles, with him retaining the latter, in an attempt to reorganise the struggling brand.
Kering has not responded immediately to Euronews' request for comment.
As for the next CEO of the Renault Group, several names are circulating, including Denis Le Vot, Dacia's CEO and Maxime Picat, director at rival Stellantis. Renault have yet to confirm any names.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
San Francisco Chronicle
41 minutes ago
- San Francisco Chronicle
Florian Wirtz joins list of most expensive soccer signings in history
Florian Wirtz became one of the most expensive players in soccer history when the Germany playmaker joined Liverpool from Bayer Leverkusen on Friday for a fee of up to 116 million pounds ($156 million). Neymar: $262 million (222 million euros) Paris Saint-Germain shattered the world-record transfer fee by signing the Brazil superstar from Barcelona in August 2017. It was more than double the outlay of Manchester United to sign Paul Pogba from Juventus for $116 million a year earlier. It remains the record transfer fee. ___ Kylian Mbappé: $216 million (180 million euros) A few weeks after buying Neymar, PSG also secured a loan deal for Mbappé — then the rising star of French soccer playing for Monaco — that included the option to make the move permanent in 2018. PSG did so, making it an outlay of nearly $500 million on two players. ___ Flush with cash after selling Neymar a year earlier, Barcelona spent most of it in a deal to buy Brazil playmaker Coutinho from Liverpool for a Spanish record fee. ___ Moises Caicedo: $146 million (115 million pounds) The Ecuador midfielder's move was previously the most expensive deal by a British club, with Chelsea buying him from Brighton in August 2023. ___ João Félix: $140 million (126 million euros) Atletico Madrid triggered a buyout clause in Félix's contract to sign the Portugal forward from Benfica in August 2019. ___ Jude Bellingham: $139 million (128.5 million euros) The England star got his big move to Real Madrid from Borussia Dortmund in June 2023, for an initial up-front fee of 103 million euros plus add-ons linked to performance. ___ Antoine Griezmann: $134 million (120 million euros) Atletico could afford to sign Félix after selling France forward Griezmann to Barcelona for a similar fee a few weeks earlier. ___ Neymar: $98 million (90 million euros) Outside from Europe, the biggest transfer deal also involved Neymar when he joined Al Hilal, a team in the Saudi Pro League, from Paris Saint-Germain in August 2023. That came at the height of Saudi Arabia's push to sign high-end soccer talent to ignite the oil-rich state's domestic league. ___
Hypebeast
an hour ago
- Hypebeast
Kering Hires New CEO & Francesco Risso Exits Marni in This Week's Top Fashion News
RenaultCEO Luca de Meo will take the helm atKering, following the announcement of Kering Chairman and CEO François-Henri Pinault's departure. Pinault had been leading the conglomerate, which ownsGucci,Bottega Veneta,Balenciaga,Dior, and more, for 20 years since 2005. The appointment brings optimism to Kering, where significant struggles have taken hold, particularly with its once-dominant brand, Gucci, experiencing steep declines in sales and profitability. The current chief executive of Renault will step down from his current role in mid-July, and he'll take over the luxury conglomerate on September 15. Meanwhile, Kering's current CEO, François-Henri Pinault, will maintain his role as Chairman of the Board of Directors. In a statement, de Meo said, 'I would like to thank François-Henri Pinault and the Board of Directors for choosing me to lead Kering into this new phase of development. I am approaching this new professional challenge with enthusiasm, eagerness, and confidence, inspired by the strength of the Group's brands and the expertise of its people. I am convinced that together we will continue to make Kering an essential player in the luxury industry.' After a decade,Francesco Rissohas stepped down as Creative Director ofMarni. Appointed in 2016, Risso significantly expanded upon founder Consuelo Castiglioni's legacy, bringing a craft-geared ethos and vibrant aesthetic to a new generation of luxury consumers. His distinctive chunky knitwear, bohemian florals, and collaborations with artists likeErykah Baduresonated strongly with Gen Z and Millennials. Risso's departure is part of a series of changes at parent company OTB Group, which owns brands like Diesel and Jil Sander. While Marni has not yet named a successor, speculation points to a potential return to a female perspective, with names likeMartine Rosebeing considered for her offbeat, colorful vision that aligns with Marni's distinct identity. Nikehas officially resolved its trademark dispute withThe Shoe Surgeon, settling the lawsuit initiated in 2024. The agreement includes an undisclosed payment from The Shoe Surgeon to Nike. Under the terms, The Shoe Surgeon is barred from using any Nike branding that might confuse consumers. However, he can continue creating unique custom sneakers, but only under conditions approved by Nike. In a statement to Sneaker Bar Detroit, the Shoe Surgeon expressed his aspiration to collaborate with 'legendary brands'. He also conveyed confusion regarding Nike's decision to pursue litigation over discussion, while expressing confidence that a resolution can be achieved through dialogue with Nike's new management. He emphasized that 'creating defines us' and that 'authenticity is stitched into our DNA,' concluding with 'Where there is unity, there is victory'. Children of the Discordancereturned toPitti Uomo108, showcasing an expressive collection of reworked garments inspired by defiant youth cultures and urban chaos. Designer Hideaki Shikama likened his design approach to DJing, focusing on remixed and 'chopped-and-screwed' sensibilities. The collection features fine tailoring in structured pieces like skirts and jackets, balanced with edgy elements such as patinated over-dye and deconstructed silhouettes. Patchwork suiting blends tonal fabrics, while dark fabric scraps are quilted into textiles for various garments. The 'discordance' concept is evident in halved garments sewn down the middle, including a Japanese souvenir jacket and a graphic football jersey. The presentation concluded with an unconventional bridal look made from crumpled t-shirts, adorned with a bejeweled cross on a hood-veil hybrid. Revealed at its FW25/26 presentation last January,Louis Vuittonhas launched the release of its highly-anticipated LV BUTTERSOFT sneaker, unveiling a versatile lineup of 24 colorways — including monogrammed pairs. Paying homage to the style of the 2000s hip-hop community,Pharrell's latest footwear design combines the luxury craftsmanship of a dress shoe with the comfortable silhouette of a retro sneaker. The special campaign spotlights the shoe's key design details, including an LV logo on the lateral panel and an embossed 'Phriendship silhouette' of Pharrell's face at the tongue. Furthermore, on the back of the shoe, an embossed lobster is an Easter egg detail calling back to Pharrell and Nigo's collaborative relationship. Crafted by Italian artisans with ultra-soft leather, the 'buttery' material gives the shoe a pillow-like quality. The elevated platform soles depart from the flat-soled footwear trends offered by luxury competitors like Miu Miu and Loewe. With a silhouette verging on appearing cartoon-like, the design echoes the Minecraft-esque pixelated motifs featured in Pharrell's earlier collections for the Maison. Telfaris celebrating its 20th anniversary with a unique 'New Models' series, airing as an hour-long special on June 18 at 8 p.m. ET. This innovative broadcast will feature contestants vying for a spot on Telfar's upcoming New York City runway show. Viewers can actively participate by voting live to select the winners. Described as a blend of game show and media experiment, the series will be available on TELFARTV, Telfar's self-owned public access platform. It challenges conventional modeling standards, aiming to redefine representation within the fashion industry by questioning who typically gets visibility.
UPI
2 hours ago
- UPI
U.S. company to provide $6 billion loan for British nuclear power project
Protesters hold banners outside Hinkley Point power station in Somerset, United Kingdom, in 2011 against EDF Energy's plans to renew the site with two new reactors. The project began in 2017 and has had delays and funding problems File Photo by Ben Birchuk/EPA June 20 (UPI) -- Apollo, a U.S. asset management group, plans to provide a $6 billion loan to the British nuclear project Hinkley Point C being built by a French multinational electric utility company. Hinkley's estimated cost has soared from $23.7 billion to almost $60.6 billion and won't be operational until at least 2029, Baha Breaking News reported. Construction began in 2017. Apollo will provide an investment-grade debt financing package at an interest rate below 7% for the project developer, Electricite de France, sources told CNBC and the Financial Times. Apollo, which was founded in 1990 by Leonard Black, Josh Harris and Marc Rowan, manages capital for institutional and individual investors. Apollo, headquartered in New York City, had revenue of $26.11 billion in 2024 with a net income of $6.373 billion. The loan has a maximum maturity of 12 years. EDF is building two new nuclear reactors at the site in Somerset and will be able to borrow $2 billion each of the three years as part of the package. The company has had a shortfall since China General Nuclear Power Group, which was supposed to provide a third of the cost of the project, stopped providing further financing in 2023. CGN was removed by the British government from another project -- Sizewell C -- because of concerns about Chinese influence. The funding could be used for other British projects by EDF. Jamshid Ehsani, head of global principal structured finance at Apollo, described the deal as the "largest ever" sterling private credit deal. "It's going to help finance a critical, low-carbon nuclear project. This is the business Apollo is in today," he said. "Europe is a huge focus for us."
