François-Henri Pinault, CEO of Kering since 2005, will relinquish his operational role. Luca de Meo, current Renault boss, will become the new CEO. This marks a significant shift for the French luxury conglomerate, which owns and manages iconic fashion houses such as Gucci, Yves Saint Laurent, Bottega Veneta, and Alexander McQueen, as well as producing and selling leather goods, footwear, jewelry, and eyewear.
Pinault will remain as chairman of the board of directors, ensuring a degree of continuity. The change comes as Kering faces challenges, particularly with its Gucci brand, a cornerstone of the group's portfolio. The luxury market is experiencing shifts, and Kering is adapting to maintain its position.
Gucci's revenue declined by 23% in 2024, highlighting the pressures on the brand. Pinault, son of the company's founder, François Pinault, previously focused on expanding Kering's luxury portfolio, acquiring brands like Creed and a stake in Valentino, solidifying Kering's presence in the high-end market.