Struggling Gucci owner's shares soar over new CEO reports

Renault's leadership change

In contrast, Renault's shares fell following the announcement that de Meo would step down on July 15 to pursue "new challenges outside the automobile sector" after five years at the helm. His departure comes at a pivotal time for both companies.

Potential new leadership at Kering

Le Figaro reported that de Meo is set to take over at Kering, which owns prestigious brands including Gucci, Yves Saint Laurent, and Balenciaga. Kering has faced challenges in revitalizing Gucci, which is crucial as it accounts for half of the group's overall sales.

Management shake-up

Previous reports indicated that Kering's current CEO, François-Henri Pinault, would remain as chairman, suggesting a significant management shake-up within the luxury group. Following the news, Kering shares rose over six percent to €183 ($212) in morning trading on the Paris stock exchange.

Renault's market reaction

Conversely, shares in Renault dropped by 6.7 percent to €40.10. De Meo, known for his communication skills and marketing expertise, took charge of Renault during a time of crisis in 2020, following the fallout from the Carlos Ghosn scandal.

De Meo's impact on renault

During his tenure, de Meo focused on stabilizing Renault, shifting the company towards electric vehicles and aiming for an upscale market strategy. Renault also manages other brands such as Dacia, Alpine, and Lada, indicating his broader impact on the automotive landscape.