Mixed reactions to Kering CEO announcement
A profile of the incoming Kering chief executive, Luca de Meo, has said reaction inside the luxury group is mixed.
Mr de Meo will take up his new role in September; this move comes for him after 30 years in the automotive industry.
For a profile piece in the Wall Street Journal, automotive people described Mr de Meo as “intense and exacting”. As chief executive of Renault, where he will remain until mid-July, Mr de Meo provided input on details such as the stitching in the interior and the sound car-doors make when they close. He insisted on test-driving vehicles himself.
Inside Kering, according to the WSJ, there is wariness about bringing in someone from outside the luxury industry. There is a feeling among some that the move smarts of how challenging Kering’s situation has become. Its full-year revenues for 2024 were €17.2 billion, down by 12% year on year.
But the chief executive of high-end winter clothing brand Moncler, Remo Ruffini, told the newspaper he viewed the change differently. In recent years, Mr Ruffini has engaged in detailed discussions with Kering and with rival group LVMH about bringing them on board as investors in Moncler.
He said Luca de Meo’s status as an outsider could be positive for Kering. “People would say that his biggest challenge will be to understand the industry codes and culture,” Mr Ruffini told the WSJ. “I see it the other way round. The sector has the opportunity to benefit from an outsider who can bring new perspectives.”
