Luca de Meo leaves Renault and joins Kering - the salvation for Gucci?

Luca de Meo leaves Renault and joins Kering - the salvation for Gucci?

The weakening performance of Gucci has been troubling the luxury goods group Kering for some time. The brand's sales in the first quarter amounted to €1.6 billion, a decline of 24 percent compared to the same period last year. As a result, the company closed 25 stores and laid off 21 employees in the watch division.

Now, another step has apparently been taken to get the group's most important brand back on track. Luca de Meo, who surprisingly announced his resignation in mid-July after five years at the helm of the Renault Group, is expected to take over to pursue new challenges outside the automotive industry.

Kering has since confirmed a report in Le Figaro stating that these challenges await the 58-year-old Italian as CEO. The French daily also reports that François-Henri Pinault, majority owner, current CEO, and the company's helmer for 20 years, has decided to step down, reorganize the management structure, and separate roles, while he will retain only the position of Chairman of the Board.

Luca de Meo is no stranger to crisis management. Under his leadership, Renault managed to return to profitability. He himself says of his decision to leave the French automaker:

"There comes a time in life when you know the work is done. At the Renault Group, we have overcome immense challenges in less than five years! We have achieved what many thought impossible. Today, the results speak for themselves: they are the best in our history," said the outgoing Renault CEO.