Francois-Henri Pinault has appointed Luca de Meo, Renault's CEO, to succeed him at Kering Group, resulting in a notable 13.5% spike in Kering's stock. This change comes as Kering navigates difficulties, particularly with Gucci, which has seen a significant sales decline. Pinault intends to remain as chairman, noting de Meo's strong background in international brand management as critical for Kering's future direction. As Gucci struggles to maintain its consumer appeal, especially in the Asian market, investors are hopeful that de Meo's leadership will reinvigorate the brand and the company as a whole.
The dramatic jump in Kering shares indicates investor optimism regarding a new chapter under Luca de Meo, who aims to rejuvenate Gucci amidst declining sales.
Luca de Meo's appointment is seen as a hopeful transition for Kering, with his marketing expertise positioned to potentially reform the struggling Gucci brand.
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