On Monday, Kering appointed a new CEO, Luca de Meo, who will join from carmaker Renault in September. The hope is that his experience from outside of the fashion industry could provide a welcome shake-up for the struggling conglomerate. Should other industry players follow suit?
“To prepare this new step of our development, we need someone with a fresh vision, a new perspective on the luxury market,” said Kering’s François-Henri Pinault (who is keeping his role as chair while de Meo succeeds him as CEO) in a call with analysts following the announcement. “Looking outside of the industry was something important, not only for the group, but for this moment of the industry.” Kering’s share price jumped following de Meo’s appointment.
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