From wheels to heels: Veteran car CEO gets mission to revive Gucci owner Kering

Luxury giant's move to hire Renault boss Luca de Meo deemed 'either crazy or super smart'

- Nick Kostov

Luca de Meo, CEO of Renault, flew to an English village outside of Oxford in 2023 to deliver a blunt assessment to the company's Formula One team.

As drivers and technicians looked on, the silver-haired de Meo called out "arrogance," "incompetence" and a "lack of honesty with the team and with the property." He chastised them for playing the blame game between departments.

"We are back on the side of the losers," he told them. "And I hate to be on the side of the losers."

The team went on to improve from its earlier chaotic form, as chronicled in a documentary called "Anatomy of a Comeback," which Renault financed in an effort to peel back the curtain on the revival of the European carmaker after severe financial difficulties.

Now luxury giant Kering is gambling that de Meo's hands-on and demanding management style—and a flair for self-promotion—can produce similar results at its brands including Gucci, Saint Laurent and Balenciaga.

Renault shocked the European business world when it announced in mid-June that de Meo was stepping down after five years. Even more stunning was the revelation that he was taking the helm of a luxury conglomerate, after 30 years in the car business hopping from Toyota to Fiat and Volkswagen.

The 58-year-old takes over as Kering CEO from Francois-Henri Pinault, who has been leading the group founded by his father and was known to give his executives wide latitude to run their respective brands as they saw fit.

De Meo is likely to bring a different energy. At Renault, he test-drove vehicles and made suggestions on everything from how the doors sounded when shut to the stitching pattern on the interior roof lining.

Since de Meo took over in July 2020, Renault's share price has nearly doubled, outperforming most peers. He will remain as Renault CEO until July 15 and join Kering in September.