Chairman and CEO François-Henri Pinault acknowledged the results were disappointing, but noted ongoing efforts to course correct the struggling luxury giant. "Though the numbers we are reporting remain well below our potential, we are certain that our comprehensive efforts of the past two years have set healthy foundations for the next stages in Kering's development," Pinault said in a statement accompanying the results. A Gucci logo is displayed at their store on May 30, 2025 in Washington, DC. Gucci-owner ...

Core Viewpoint - Luca de Meo, the CEO of Renault, is transitioning to become the CEO of Kering, a luxury goods giant, marking a significant crossover between the automotive and fashion industries [5][8]. Group 1: Renault's Performance and Strategy - Renault's 2024 performance shows an upward trend, with total vehicle deliveries reaching 2.2648 million, a growth of approximately 1.3% compared to 2023 [10][11]. - The company's revenue for the year reached €56.23 billion, reflecting a year-on-year increase of 7.4%, with a real growth rate of 9% after excluding currency effects [11]. - Operating profit hit a record high of €4.3 billion, accounting for 7.6% of revenue, surpassing the 2024 target of 7.5% [12][13]. - Net profit was impacted by one-time financial issues, dropping to €752 million, but adjusted net profit still showed a slight increase to €3.078 billion [15][16]. - Free cash flow reached €3 billion, up nearly €90 million from the previous year, allowing for strategic flexibility and long-term investments in electric and software sectors [17]. Group 2: Luca de Meo's Leadership and Impact - De Meo is recognized as a versatile leader with a marketing background, having previously worked with Fiat and Volkswagen before joining Renault [19][20][25]. - He introduced the "Renaulution" strategy, focusing on cost reduction, brand positioning, and transitioning to electric vehicles [27][28]. - Under his leadership, Renault's brand matrix was restructured, with a focus on high-value models and the establishment of new brands like Ampere for electric vehicles [30][32]. - De Meo's pragmatic approach improved Renault's relationship with Nissan, moving from control-based alliances to project-driven collaboration [34][35]. - His tenure saw Renault recover from a €8 billion loss in 2020 to achieving profitability for three consecutive years, with a doubling of market value [39][40]. Group 3: Renault's Strategy in China - Renault's strategy in China has evolved from traditional manufacturing to a focus on electric vehicle development and partnerships [45][52]. - The establishment of the Renault China Innovation Center in 2024 aims to enhance product development and market analysis for electric vehicles [53]. - Renault continues to collaborate with local companies, such as the joint venture with Geely for powertrain systems, and the launch of the high-end electric brand BeyonCa [55][56]. Group 4: Kering's Challenges and Future - Kering, known for its luxury brands, faces challenges with Gucci's stagnating growth, prompting a need for brand revitalization [61][62]. - De Meo's appointment comes at a time when Kering is restructuring and seeking to enhance brand synergy through acquisitions and investments [63].