In a move that sent reverberations through the gilded corridors of the global luxury industry, Paris-based conglomerate Kering has announced a startling and audacious change at its helm. On September 15th, Luca de Meo, a titan of the European automobile industry, will take the driver’s seat as the new Chief Executive Officer. This appointment marks a dramatic pivot for Kering, the parent company of world-renowned fashion houses Gucci and Saint Laurent, as it places its future in the hands of a leader who has spent three decades mastering the mechanics of high-performance engines and mass-market car brands, yet has never once worked in the rarefied world of fashion and jewelry.
The decision represents a bold gamble by the outgoing CEO, François-Henri Pinault, the billionaire scion who has meticulously shaped Kering into a luxury powerhouse over the last two decades. Pinault, who will transition to the role of Chairman of the Board, is entrusting his family’s legacy to an outsider, signaling a belief that the future challenges of the luxury sector require a new kind of engineering—one focused on operational excellence, brand revitalization, and global strategy, skills de Meo has honed to perfection.
The New Pilot: A Maestro of Metal and Marketing
To understand the magnitude of this appointment, one must first appreciate the pedigree of Luca de Meo. The 57-year-old Italian executive is a revered figure in the automotive world, celebrated for his charismatic leadership and a proven track record of breathing new life into legacy brands. His career is a grand tour of Europe’s most iconic car manufacturers. He began his journey at Renault before moving to Toyota Europe and then to the Fiat Group, where he orchestrated the relaunch of the iconic Fiat 500, a masterstroke of retro-modern branding that became a global phenomenon.
His star continued to rise within the Volkswagen Group, where he held senior positions at Audi before taking the CEO role at SEAT. There, he transformed the Spanish automaker from a perennial underperformer into a profitable and desirable brand, launching the successful Cupra sub-brand in the process. Most recently, as CEO of Groupe Renault, a position he resigned from just last week to take the Kering role, he authored the ambitious “Renaulution” strategic plan. This comprehensive roadmap was designed to steer the French carmaker through the tumultuous transition to electric vehicles, focusing on value over volume, streamlining operations, and reinvigorating its brand portfolio, including the Alpine sports car marque.
De Meo’s expertise lies in his profound understanding of brand DNA. He knows how to identify the core essence of a brand, polish it for a contemporary audience, and build a powerful narrative around it. Whether it’s the chic utility of a Fiat 500 or the performance heritage of an Alpine, he has demonstrated an uncanny ability to connect product with emotion, and heritage with innovation. It is precisely this skillset that François-Henri Pinault is betting on to navigate Kering’s next chapter.
The Architect Steps Back: Pinault’s Enduring Legacy
The transition marks the end of an era defined by François-Henri Pinault. Taking the reins in 2003 from his legendary father, François Pinault, he inherited a sprawling retail and distribution company then known as Pinault-Printemps-Redoute (PPR). Over the next 20 years, he executed a visionary and disciplined strategy, systematically divesting from retail assets like Fnac and Redoute to transform the company into a pure-play luxury group, rebranding it as Kering in 2013.
Under his leadership, Kering became a formidable rival to the industry behemoth LVMH. He championed a decentralized model, empowering the creative directors of his houses to foster unique identities. He oversaw the explosive growth of Gucci under Alessandro Michele, the consistent, cool-factor success of Saint Laurent, and the quiet luxury ascent of Bottega Veneta. His portfolio also includes a quartet of distinctive jewelry brands: the venerable Place Vendôme jeweler Boucheron; the Milanese master of colorful, ready-to-wear fine jewelry Pomellato; the playful, East-meets-West sensibility of Qeelin; and the charming, accessible appeal of DoDo.
Pinault, who maintains significant control through his family’s holding company, Groupe Artémis—which holds 42% of Kering’s shares and 59% of its voting rights—has not been an absentee leader. Known for his keen intellect and a public profile amplified by his marriage to actress Salma Hayek, he has been a vocal advocate for sustainability in fashion and has personally guided the group through both triumphs and challenges.
A New Stage, New Challenges
In his official statement, Pinault articulated the rationale behind this surprising succession. “From 2023, I launched a reflection on the evolution of the group’s governance,” he stated. “Kering is ready for a new stage in its development.” The context for this “new stage” is critical. While Kering remains immensely profitable, its flagship brand, Gucci, which accounts for roughly half of its revenue, has faced headwinds. After a period of supercharged growth, its momentum has slowed, prompting a creative overhaul with the appointment of new designer Sabato De Sarno. The luxury market itself is becoming more complex, shaped by geopolitical uncertainty, fluctuating consumer demand in key markets like China, and the relentless pace of digital transformation.
This is where the choice of de Meo becomes clearer. Pinault wasn’t looking for another fashion merchant or a creative visionary; he has those in spades at the brand level. He was looking for a world-class operator. “It was in this context that I met Luca de Meo,” Pinault continued. “His experience at the helm of an international listed group, his sharp understanding of brands, and his sense of a strong and respectful corporate culture convinced me that he is the leader I was looking for.”
The parallels between the modern automotive and luxury industries are more striking than they first appear. Both are built on powerful, heritage-rich brands. Both manage complex global supply chains and manufacturing processes. Both must cater to the aspirational desires of a global consumer base. And both are undergoing profound technological disruption—the shift to electric vehicles in the auto world is analogous to the digital and AI revolution in luxury retail. De Meo’s experience in managing a portfolio of distinct brands (like Renault, Dacia, and Alpine), optimizing industrial operations, and executing a massive strategic pivot like the “Renaulution” is directly transferable to Kering’s current needs.
The challenges for de Meo will be immediate and immense. He must quickly immerse himself in an industry known for its insular culture and unique creative rhythms. He will need to build relationships with powerful and celebrated designers, ensuring they have the freedom to create while holding them accountable for commercial performance. His primary task will be to orchestrate the complete revitalization of Gucci, ensuring its new creative direction translates into renewed commercial desire. Simultaneously, he must maintain the momentum at Saint Laurent and unlock further potential across the entire portfolio, including Kering’s growing presence in fine jewelry—a commitment recently underscored when the group presented its first-ever Generation Award for jewelry at the Las Vegas trade show.
The appointment of Luca de Meo is a declaration that for Kering, the next frontier of luxury is not just about design, but about dynamics. It’s about the finely-tuned engine of operations, the aerodynamics of brand positioning, and the strategic navigation of a rapidly changing global landscape. The world of high fashion will be watching closely to see if this master of horsepower can successfully apply his skills to the intricate, glittering, and often-unforgiving world of haute couture. It is a high-stakes, high-octane bet on a new kind of leadership.
