The Tamesis
Former Renault CEO Luca de Meo took over as CEO of Kering in September, days after the group held a joint shareholder meeting to approve his appointment and adjust the age limits for the chairman and CEO positions from 65 to 80 and 70 respectively. Nine months later, shareholders met again at Kering’s headquarters to discuss the new executive’s early moves. “I can tell you that the first nine months spent with Luca have fully validated the governance choices we have made,” Kering Chairman François-Henri Pinault told shareholders.
On the agenda of the shareholders’ meeting were de Meo’s remuneration and the appointment of Laurent Kleitman, CEO of Mandarin Oriental Hotels and former CEO of Parfums Christian Dior, and Marie-Hélène Chenut to Kering’s board of directors. De Meo also summarized the “ReconKering” strategy he presented at the Capital Markets Day in Florence a month ago.
In the Q&A session with shareholders and subsequent media coverage, topics ranged from Gucci’s F1 deal to the brand’s new store concepts to opportunities in smart glasses. The whole thing ended in a selfie frenzy when some young shareholders posed for photos with the two executives. “Share one, a selfie with Luca; share two, a selfie with me,” joked Pino. Here are some highlights:
Gucci is on the right track
Gucci has performed poorly in recent years. Chief executive Francesca Bellettiini and artistic director Demna are under pressure to turn the brand around. Demna launches his first collection in September 2025 and holds his first fashion show in February 2026.
DeMeo is confident. “The CEO and designer duo are one of the most experienced combinations in the industry. They have built the business. We stand behind our team and we are confident we will restore Gucci to its rightful place.”
He also praised the brand’s Resort 2027 fashion show, which was held in Times Square in New York City on May 17. The venue’s bright lights and billboards created a bold atmosphere for the show. Paris Hilton, Tom Brady and Cindy Crawford walk the runway.
“I think it’s good because it’s a statement,” DeMeo told reporters. “I think Gucci needs to show this level of ambition because it’s consistent with the history of the brand. The fact that they’ve done something like this makes me optimistic. Before you can do something great, you need to have the ambition to do it. From a technical perspective, I think it’s done extremely well. We’ve waited a few weeks to look at the data, but it shows that Demna does have the ability to find the right ideas to attract attention.”
Italian Embassy and other stores
As part of its “ReconKering” plan, Kering plans to renovate about two-thirds of its stores across all brands by 2030. “For Gucci it’s even higher,” de Meo told shareholders on Thursday. The new concept “will raise the perceived level of quality. It will reposition Gucci to its rightful place.” They will also have new layouts to accommodate new categories.
The refurbished store will feature a dedicated jewelry space as Kering intends to accelerate its development in the jewelry category, including Gucci. At least the flagship store will. Gucci plans to reduce its store network from 600 to about 420 stores by 2030. “Of those 420, about 120 are probably true flagship stores. Let’s say we manage to bring the jewelry collection to 100 Gucci stores, that’s the size of the Boucheron network,” de Meo explained.
For example, the future Paris flagship store on rue Castiglione will feature this new concept. “I wanted to do something very experiential because, to me, a Gucci store should be like an Italian embassy in any city. You walk in and you feel like you’re in Italy, that’s the concept,” de Meo said.
