Car guy de Meo changes course: Kering soars on the stock market, Renault collapses
The verdict of the market: de Meo does not design bags or shoes, but he has already proven his ability, for example by turning Cupra into a cult brand for the Volkswagen Group.
3' min read
3' min read
Kering skyrockets, Renault dives. The luxury group flew in Paris, +11.8% to EUR 192.8. The car group's shares, however, closed the session on Monday 16 June at around EUR 39 (-8.7%) with volumes more than seven times higher than average. Triggering the sharp fall was the news - a Renault Group statement on Sunday evening - of the resignation of Luca de Meo. The 58-year-old Italian manager, the architect of the group's rebirth, has decided to leave the automotive world to take over the reins of Kering, the struggling French luxury giant, owner of iconic but declining sales brands such as Gucci, Saint Laurent and Bottega Veneta. Kering made official in the afternoon the appointment of the new CEO, who will officially take up the post on 15 September, after the general meeting scheduled for the 9th. "I face this new professional challenge with enthusiasm, curiosity and confidence, supported by the strength of the brands and the know-how of the teams. I am convinced that together we can continue to make Kering an indispensable player in the luxury sector,' said de Meo.
An unexpected change of course. On the one hand the automotive industry loses a leader recognised for his vision and ability to execute, a genuine car guy. On the other, the luxury industry enthusiastically welcomes an unconventional profile. And indeed Kering has reacted symmetrically: its shares have literally taken off, a sign that investors see in de Meo the possible medicine the group needs.
In recent years, Kering, led by chairman and ceo François-Henri Pinault, 63 (he will remain chairman), has gone through a complicated phase. Gucci, the flagship brand, is no longer the growth engine it once was. The stock has lost over 60% since 2022 (-37% in the last 12 months), amidst changes in creative direction and an unclear strategy. Now, relying on a manager who does not come from fashion but has been able to relaunch complex brands and companies could be the right bet. Because de Meo is a skilful reconstructor, capable of combining strategic vision and product sense.
For Renault, on the other hand, the news is a bad blow. Although the board of directors has already activated the succession plan and expressed full confidence in the current management team to ensure strategic and operational continuity - starting with the execution of the new Futurama plan, which follows the first plan signed by de Meo, Renaulution. The transalpine group's board of directors reiterated its confidence in the quality and experience of the management team to carry Futurama forward without interruption. The resignation of the Italian manager follows, among other things, the recent exit at the end of February of cfo Thierry Piéton, who left the Boulogne-Billancourt-based group for medical device manufacturer Medtronic. Piéton had been at Renault since June 2016.
De Meo took over the car company in 2020, at its darkest hour: accounts in deep red (-8 billion euros), alliance with Nissan in crisis, identity lost. In five years, he turned the situation around, returning the House of La Lausanne to profitability and a record profitability, relaunching the brands (Renault, Dacia, Alpine) and launching the transformation towards electric with the birth of the Ampere division. The group recorded a significant increase in sales in the first months of 2025, driven mainly by Renault Clio and Captur, Dacia Sandero and Duster and the launch of the electric Renault 5, car of the year, which soon entered the European top ten. Its exit undeniably casts a shadow over the path it has started.
