Shares in Gucci owner Kering jumped Monday over reports that the outgoing boss of French automaker Renault would take over as chief executive of the struggling luxury group.
Renault shares, however, fell following its announcement Sunday that Luca de Meo, 58, would step down on July 15 鈥榯o take on new challenges outside the automobile sector鈥� after five years at the helm of the company.
Le Figaro newspaper reported that de Meo would take over at Kering, the French luxury group that owns Gucci, Yves Saint Laurent, Balenciaga and other premium brands.
Kering has struggled to turn things around at Gucci, the Italian fashion house famous for its handbags and which accounts for half of the group鈥檚 overall sales.
Previous reports have said the group鈥檚 chief executive Francois-Henri Pinault would stay on as chairman of the group in a management shake-up.聽
