Luca de Meo, the chief executive of Renault, will leave the French automaker to take the helm of Kering, the luxury group that owns Gucci and Saint Laurent, according to people familiar with the matter.
Renault confirmed de Meo’s departure in a statement on Sunday, saying he would remain in his role until July 15 before pursuing "new challenges outside the automotive sector." His exit sent Renault shares down 7% in early trading on Monday, while Kering’s stock surged nearly 10%.
De Meo, 58, joined Renault in 2020 from Volkswagen and led a sweeping restructuring of the company, slashing costs, revamping its alliance with Nissan, and steering the automaker toward electric vehicles. Under his leadership, Renault’s share price nearly doubled, making it one of Europe’s best-performing carmakers.
If confirmed, de Meo’s move to Kering would mark a major shift for the struggling luxury conglomerate, which has seen its stock plummet by more than 60% over the past two years. The group has faced declining sales at Gucci, its flagship brand, as well as investor skepticism over costly acquisitions and management decisions.
François-Henri Pinault, Kering’s long-serving chair and CEO, is expected to step back from the chief executive role but remain as chairman, according to sources. The Pinault family, which controls the heavily indebted group, has been under pressure to revive growth after a series of profit warnings and leadership changes at Gucci.
Kering declined to comment on the reports, first published by French newspaper Le Figaro. The company abruptly canceled an analyst meeting scheduled for Monday without explanation.
Renault’s board said it has already launched the process to appoint a new CEO, expressing confidence in the management team to continue the company’s transformation.
De Meo’s departure follows other high-profile exits in the auto industry, including Stellantis CEO Carlos Tavares’ resignation earlier this year. Unlike larger rivals such as Volkswagen and BMW, Renault has been less exposed to U.S. trade tariffs and Chinese competition due to its strong European focus.
Meanwhile, Kering’s challenges remain steep. The group, which also owns Balenciaga and Yves Saint Laurent, has struggled to reignite growth post-pandemic and faces potential credit downgrades due to its €10 billion debt burden. Analysts will be watching closely to see if de Meo’s turnaround expertise can translate to the luxury sector.