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Gucci owner Kering appoints de Meo as CEO, shares soar.

Renault CEO Luca De Meo is widely expected to be the new boss of Gucci owner Kering (Photo by. More Chesnot/Getty Images) Getty ImagesAutomaker Renault’s CEO is widely tipped to be announced imminently as the new boss of luxury group Kering, owner of Gucci, as one of Italy’s highest regraded business leaders aruably jumps from the frying pan into the fire.Kering shares were up nearly 10% on the Paris exchange in early trading as the umbrella business that includes global fashion giant Gucci within its stable prepared to name the Renault CEO as its next chief executive.In its bid to turnaround its fortunes, Luca De Meo is expected to be appointed to the top job in the coming days after a report on his future destination by Le Figaro on Sunday.According to reports, the company is expected to split the roles of CEO and chairman currently held by Francois-Henri Pinault, with Pinault retaining the latter role at the French luxury group his family controls.By contrast, Renault shares slumped as it is not yet known who will succeed De Meo, who has been credited for restoring the success at the French automotive retailer and almost doubling the value of shares in Renault.Renault confirmed in a media statement on Sunday that De Meo had tendered his resignation and would leave the automaker on July 15.Kering’s board has no doubt been impressed by De Meo’s actions in what, like luxury, is another challenging business sector. With Gucci as its flagship brand, Kering has been struggling to find its place in the new luxury world, which has seen a global downturn and where new, less formal brands like Farm Rio are on the rise.In the past few years, Kering has been on an acquisition trail, buying fragrance maker Creed and amassing a stake in Italian fashion label Valentino. The company has also invested in prime real estate but is understood to be looking to divest some of its properties as it balances its books.Gucci And Kering Shake UpThe change at the top at Kering comes after the stock has lost almost 80% of its value since reaching a post-pandemic peak in August 2021. Even after today’s bounce, the share price is still 20% below the start of the year.The group has especially sought to turn around Gucci, which accounts for almost two-thirds of Kering’s profit, by naming new designers but its efforts have so far failed to make an impact. The group has also appointed new CEOs for brands including flagship Gucci and Yves Saint Laurent in the past year.Gucci is looking to gets its swagger back under a new group CEO