KERING, THE DE MEO ERA: CUTS, RATIONALIZATIONS AND A DEFENSIVE RATHER THAN VISIONARY APPROACH

KERING, THE DE MEO ERA

At Kering’s annual meeting, new CEO Luca de Meo set the tone: speed, discipline and cost reduction. A message that sounds more like a defensive shield for difficult times than a bold plan to relaunch the group.

De Meo earned his reputation at Renault, where he cleaned up the books, streamlined processes and launched new assets to make the brand more attractive. But success in the automotive industry doesn’t automatically translate to luxury. Cars can be standardized; fashion thrives on creativity, unpredictability and cultural resonance. Managing Gucci or Saint Laurent is not the same as running a car plant.

A full strategy will only be unveiled in 2026. For now, François-Henri Pinault remains chairman, stressing the need to separate governance from operations and giving de Meo room to maneuver. Meanwhile, the real estate portfolio is being trimmed in Paris, Milan and New York—a way of freeing up capital rather than expanding.

His words were precise, even austere, more accountant than visionary. And this is where doubts emerge: the method may restore financial order, but can it also revive style and brand identity, bringing them back to the top? Because luxury isn’t revived by balance sheets alone—it needs ideas that spark desire.

History makes the contrast clear. Marco Bizzarri, after leading Stella McCartney and later Bottega Veneta, arrived at Gucci with a deep understanding of fashion’s codes. Teaming up with Alessandro Michele, he turned the house into a global phenomenon. Go further back to the 1990s: Domenico De Sole and Tom Ford dragged Gucci out of decline and into an unprecedented boom, lifting revenues from about $200 million to over $3 billion in less than a decade. Those were leaps of faith, guided by creativity and nerve, not just spreadsheets.

This is the challenge facing de Meo: not simply to defend and contain, but to prove he can light new sparks of desire around Kering’s brands. Keeping accounts healthy is necessary—but in fashion, it has never been enough to set trends or capture the imagination.

Note: this article is editorial commentary reflecting a critical journalistic view on Kering and its management. It is not financial advice or a solicitation to save or invest.

Alessandro Sicuro
Brand Strategist | Photographer | Art Director | Project Manager
Alessandro Sicuro Comunication