François-Henri Pinault, the current boss and controlling shareholder, who will stay on as chairman, praised the dapper Italian’s “experience at the helm of an international listed group, his sharp understanding of brands and his sense of a strong and respectful corporate culture”.

French luxury group Kering announced Monday that it had appointed Luca de Meo, who helped drive automaker Renault out of crisis, its new chief executive as it tries to turn around the fortunes at its struggling flagship brand Gucci.

After impressing with his turnaround of French automaker Renault, Luca De Meo is widely expected to be named as the new boss of Gucci owner and luxury powerhouse Kering.