Latest news with #FrançoisHenriPinault
Arabian Business
2 days ago
- Automotive
- Arabian Business
Renault boss Luca de Meo chosen by Kering to turn around their fortunes
Luca de Meo turned around the fortunes of carmaker Renault. He will now have to bring that acumen to selling handbags and high fashion. The 58-year-old Italian has been handpicked by François-Henri Pinault to revitalise brands like Gucci, Saint Laurent, Bottega Veneta and Balenciaga, and restore his company Kering to its former glory. Pinault took over as Kering's (then called Pinault-Printemps-Redoute) Chairman and CEO in 2005 and turned the company into a focused luxury operation from a retail conglomerate. However, from its position as the most eminent fashion brand in the world, Kering has slipped behind competitors like LVMH and Hermès. Gucci, Kering's flagship brand, has experienced six consecutive quarters of decline. Pinault had been advocating splitting his role for some time now, and that has finally happened. The Frenchman will continue to chairman of the board. De Meo's appointment will have to be approved by during the Shareholder Meeting on September 9. He is expected to take office on September 15. Share prices of Renault have dropped nearly 9 per cent from EUR42.99 (US$49.46) to EUR38.99 since the news of de Meo leaving the company broke on Monday. On the other hand, Kering stock prices have risen from EUR172.14 to EUR185, a jump of nearly 7.5 per cent. According to the Wall Street Journal, Pinault and his family hold a 42 per cent shareholding and about 60 per cent of the company's voting rights. The holding accounts for the bulk of the family's fortune, estimated at just under US$20 billion. In a statement, Pinault said: 'After twenty years of transforming Kering into a major global luxury player, the group is ready for a new stage in its development. 'From 2023, I launched a reflection on the evolution of the group's governance. It was in this context that I met Luca de Meo. His experience at the helm of an international listed group, his sharp understanding of brands, and his sense of a strong and respectful corporate culture convinced me that he is the leader I was looking for to bring a new vision and steer this chapter in our group's history. 'It is with complete confidence that I am handing over the leadership of Kering and our teams to Luca.' Renault's remarkable financial recovery The Milan-born de Meo has 30 years of experience in the automotive industry, beginning his career at Renault in 1992, followed by a stint at Toyota Europe and a long tenure at the Fiat Group. In 2009, he joined the Volkswagen Group as Group and Volkswagen Brand Marketing Director. Since July 2020, de Meo has been the CEO of the Renault Group. In 2020, Renault was heavily impacted by the COVID-19 pandemic, as almost every other business was, and reported losses of EUR8,046 million (US$9,259 million). From there, de Meo managed to engineer a turnaround and in February 2025, he announced the best profits in the group's history. The group posted a record operating profit in absolute value at €4,263 million (US$4,903.5 million), which represented 7.6 per cent of revenue. On his move to Kering, 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.'
Yahoo
3 days ago
- Automotive
- Yahoo
Kering names new CEO
This story was originally published on Fashion Dive. To receive daily news and insights, subscribe to our free daily Fashion Dive newsletter. Kering has appointed Luca de Meo as CEO, according to a Monday press release. He was previously CEO of France-based automotive company Renault, which he announced his departure from on June 15. De Meo succeeds Kering chairman François-Henri Pinault, who formerly held a dual role of chairman of the board of directors and CEO. This decision to split up the roles of CEO and chairman was initiated by Pinault, per the release. The leadership change comes as losses continue to mount for Kering. In April, the Gucci owner posted a Q1 revenue decline of 14% to 3.9 billion euros, or about $4.4 billion at the time. Revenue fell 12% in fiscal 2024. The executive changes are expected to take effect subject to approval from the board of directors, who will vote following a Kering shareholder meeting on Sept. 9. If his appointment is approved, de Meo will take office on Sept. 15. 'After twenty years of transforming Kering into a major global luxury player, the Group is ready for a new stage in its development,' Pinault said in the release. 'From 2023, I launched a reflection on the evolution of the Group's governance. It was in this context that I met Luca de Meo. His experience at the helm of an international listed group, his sharp understanding of brands, and his sense of a strong and respectful corporate culture convinced me that he is the leader I was looking for to bring a new vision and steer this chapter in our Group's history.' De Meo comes to Kering after spending 30 years working in the automotive industry, per the release. During time as CEO at Renault, he helped engineer a turnaround, according to a press release announcing his exit. De Meo began his career at Renault before leaving to hold positions at Toyota Europe, Fiat, Volkswagen Group and Audi. He returned to Renault in 2020. '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,' de Meo said in the Kering release. '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.' Last year, Kering appointed new CEOs at Saint Laurent, Balenciaga and Gucci. The company also named a new deputy CEO in 2023. Recommended Reading Gucci names new artistic director Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
%2520(1).jpg&w=3840&q=100)
Vogue
4 days ago
- Automotive
- Vogue
Luca de Meo to Succeed François-Henri Pinault as Kering CEO
This article originally appeared on Vogue Business. To receive the Vogue Business newsletter, sign up here. François-Henri Pinault is to relinquish his role as CEO of Kering. Luca de Meo, who has been CEO of Renault since 2020, will succeed him, Kering confirmed on Monday. In anticipation of the news being confirmed, the luxury group's stock rose 13 per cent on Monday. The Milan-born executive, whose exit from Renault is effective on 15 July, will assume the role at Kering in September. 'These changes will take effect upon the decision of the Board of Directors which will be held following the Shareholder Meeting to be called for September 9, 2025,' the group said in a note shared today. De Meo's résumé also includes CEO of Seat, CMO of Volkswagen Group and CEO of Fiat. "After twenty years of transforming Kering into a major global luxury player, the Group is ready for a new stage in its development. From 2023, I launched a reflection on the evolution of the Group's governance. It was in this context that I met Luca de Meo. His experience at the helm of an international listed group, his sharp understanding of brands, and his sense of a strong and respectful corporate culture convinced me that he is the leader I was looking for to bring a new vision and steer this chapter in our Group's history. It is with complete confidence that I am handing over the leadership of Kering and our teams to Luca. I will of course be at his side to accompany him in this new phase, as Chairman of the Board of Kering,' said François-Henri Pinault.
Irish Times
4 days ago
- Automotive
- Irish Times
Renault shares slide as chief executive Luca de Meo quits to lead Kering
Luca de Meo is to step down as chief executive of Renault , as Kering hires the Italian to spearhead a turnaround of the struggling French luxury group, according to people briefed on the plan. The departure sent shares in Renault tumbling 7 per cent lower in early trading on Monday, while Kering rose 9.4 per cent. The appointment of Mr de Meo, 58, marks a big change at Kering, owner of the Gucci and Saint Laurent brands, where François-Henri Pinault, a member of the family that controls the group, has been chair and chief executive for 20 years. Kering's poor performance in recent years has raised questions about its management and strategy. READ MORE Mr Pinault, 63, has decided to split the roles of chair and chief executive at Kering, the people with knowledge of the situation said. It was unclear whether Pinault would remain chair. Kering declined to comment. Mr De Meo's planned departure from Renault to lead Kering was first reported by French newspaper Le Figaro. Will rent reform make building apartments viable? Listen | 40:12 Kering's shares have lost about 70 per cent of their value over the past three years, resulting in a market capitalisation of €21 billion, as a turnaround at Gucci, the company's biggest source of revenues and profits, failed to materialise. A string of expensive acquisitions and real estate deals by Kering also unnerved investors, as did the appointment this year of controversial former Balenciaga designer Demna to be creative director of Gucci. In a statement on Sunday, Renault said de Meo will 'pursue new challenges outside the automotive sector' but will remain in place at the company until July 15th . Mr De Meo could not immediately be reached for comment. Since becoming Renault's chief executive in 2020, Mr de Meo has significantly strengthened the French carmaker's product portfolio and cost structure, transforming it into one of the best-performing companies in the sector despite its limited size. Its Europe-focused geographic footprint has also left it relatively unscathed from US President Donald Trump's sweeping tariffs , as well as increased competition from China, compared with larger rivals such as Stellantis and Volkswagen. The car industry has witnessed several top leadership changes over the past year with Stellantis, Nissan and Volvo Cars appointing new chief executives while the sector wrestles with the transition to electric vehicles and the rise of Chinese rivals. Renault's board has begun the process of appointing a new chief executive, the company said. 'The board of directors has expressed its confidence in the quality and experience of the management team to continue and accelerate Renault group's transformation strategy into this new phase,' it added. – Copyright The Financial Times Limited 2025
Globe and Mail
4 days ago
- Automotive
- Globe and Mail
Kering shares climb after reports that Renault CEO will quit for Gucci owner
Renault RNLSY shares plunged on Monday while Kering PPRUF soared as investors digested reports that the French carmaker's chief executive, Luca de Meo, was poised to become head of the French luxury goods group that owns Gucci. The announcement late on Sunday that de Meo would leave Renault in mid-July to take on new challenges outside the automotive sector and his mooted switch to Kering sent the latter's shares up nearly 10 per cent, on track for the biggest one-day percentage gain since March, 2020. Renault, meanwhile, tumbled by about 7 per cent for the biggest decline since last July on the departure of the man who led the carmaker's turnaround and overhauled its two-decade strategic alliance with Nissan. The Italian is now set to replace Kering CEO François-Henri Pinault, whose family controls the debt-laden luxury conglomerate and who would remain as chairman, five sources told Reuters, confirming a report in Le Figaro newspaper. 'I will soon embark on a new transformation challenge in a completely different industry; one that will require me to learn and grow once again,' de Meo said in a note to Renault staff seen by Reuters. 'Luca de Meo is going to Kering,' one of the sources told Reuters. It could be confirmed as early as Monday evening after the market close, another source said. Kering declined to comment on the reports. 'Hiring someone from outside the luxury sector might be seen as risky, but his profile appears well suited to lead Kering,' Kepler Cheuvreux analysts said. 'His turnaround capabilities, product-focused leadership and extensive marketing experience would be particularly valuable.' Opinion: The U.S. is holding Canadians back from getting better cars. Now is the time for Ottawa to change that De Meo's unexpected departure is the second top-level exit from a European carmaker in six months after Carlos Tavares resigned from Stellantis, with the sector reeling from U.S. President Donald Trump's trade tariffs and fierce competition from Chinese rivals. A Renault spokesperson said de Meo's departure would not affect the company's coming mid-term strategic plan, though JP Morgan analysts said they considered it a setback for the plan. De Meo joined Renault from Volkswagen in 2020, a year in which it registered record losses after a pandemic-induced sales slump. He launched wide-ranging cost cuts that reduced headcount and production capacity worldwide, making Renault a smaller but nimbler company. He also oversaw the reshaping of its often difficult relationship with Nissan. De Meo's track record suggests he could be a good fit for Kering, some analysts said. Under Pinault's leadership, the group became a pure luxury player and enjoyed years of spectacular growth that was driven largely by Gucci. Since the pandemic, however, Kering has struggled to reinvigorate the brand. It has also taken on more than €10-billion euros in debt, exposing it to the risk of another credit rating downgrade.
