By Andrea Figueras
Kering said Francois-Henri Pinault would step down as chief executive after two decades at the helm of the luxury group his family pieced together by acquiring a raft of brands including Gucci, Yves Saint Laurent and Balenciaga.
The French company said Monday that it would split the CEO and chairman roles that Pinault has held since 2005. Renault's Luca de Meo will take up the CEO role on Sept. 15 and Pinault said he would assist de Meo in this new phase at the company as chairman of the board.
The Wall Street Journal earlier on Monday reported that Kering was set to name de Meo as its new CEO, taking over from Pinault.
The handover comes after Kering's yearslong efforts to revive the fortunes of its flagship Gucci brand faltered. Many luxury companies are under pressure due to a slowdown in spending on high-end products, particularly in China.
Pinault belongs to the family that controls Kering. His father, Francois Pinault, founded the company in 1962 as a timber trading company and oversaw a push into luxury starting in the 1990s that made it one of the biggest conglomerates in the industry.
Write to Andrea Figueras at andrea.figueras@wsj.com
(END) Dow Jones Newswires
06-16-25 1224ET
