A leadership shift is underway at Kering. François-Henri Pinault, 63, has stepped down as chief executive of the luxury group he reshaped over two decades, handing the role to Italian manager Luca de Meo, 58, known for his turnaround of Renault. Pinault remains chairman and controlling shareholder, while entrusting day-to-day management of a portfolio that includes Gucci, Saint Laurent, Bottega Veneta, Balenciaga, Pomellato and Boucheron.
De Meo faces the delicate task of restoring Kering’s performance to pre-Covid levels, amid a 16% drop in sales and debt close to €10 billion. Gucci, which posted a 26% revenue decline in the first half of 2025, is his main priority. “Gucci is at the top of the agenda,” de Meo said. “But there are many other challenges. Strong, clear choices will be needed.”
The new CEO is expected to present a strategic plan in spring 2026, but he has already begun making moves, such as reaching an agreement with Valentino’s majority owner Mayhoola to postpone full acquisition until 2029. The deal gives Kering more time to strengthen its finances before finalizing the purchase.
“It’s not the company that must adapt to the family, but the family to the company,” Pinault commented, calling the transition a new chapter in Kering’s history — and one that highlights its deep ties with Italy, home to much of the group’s business.