Italian Car Guy Has a Shot at Reviving French Luxury House
Kering’s decision to reportedly appoint an outsider as CEO highlights the luxury house’s travails.
Can an Italian auto guy revive the fortunes of Kering and Gucci?
Photographer: Benjamin Girette/BloombergLuca de Meo is set to step into Francois-Henri Pinault’s luxurious shoes at Kering SA, with the owner of Gucci poised to appoint the outgoing Renault SA chief executive officer as its head and Pinault remaining as chairman, Bloomberg News reported.
For Kering, the importance of the move can’t be overstated. It would mark the first time that the family-controlled group has been run by an outsider. De Meo’s task is to reinvigorate the luxury goods group, which is grappling with all of its brands being on the back foot, spiraling debt and competition from bigger rival LVMH Moet Hennessy Louis Vuitton SE.