Struggling Gucci owner's shares soar over new CEO reports
PARIS — Shares in Gucci owner Kering jumped Monday over reports that the outgoing boss of French automaker Renault would take over as chief executive of the struggling luxury group.
Renault shares, however, fell following its announcement Sunday that Luca de Meo, 58, would step down on July 15 'to take on new challenges outside the automobile sector' after five years at the helm of the company.
Le Figaro newspaper reported that de Meo would take over at Kering, the French luxury group that owns Gucci, Yves Saint Laurent, Balenciaga and other premium brands.
Kering has struggled to turn things around at Gucci, the Italian fashion house famous for its handbags and which accounts for half of the group's overall sales.
Previous reports have said the group's chief executive Francois-Henri Pinault would stay on as chairman of the group in a management shake-up.
Kering shares rose more than six percent to 183 euros ($212) in morning deals at the Paris stock exchange.
Shares in Renault fell 6.7 percent to 40.10 euros.
Known as a skilled communicator and marketing expert, de Meo is credited with bringing stability to a company that was in turmoil when he took over in 2020.
The automaker was reeling from more than a year of crisis in the wake of the scandal involving Carlos Ghosn, the former head of the Nissan-Renault alliance who fled Japan to avoid trial.
De Meo accelerated the group's shift to electric vehicles and pushed for an upmarket move in an effort to steer the company out of trouble. Renault also owns the Dacia, Alpine, and Lada brands. — AFP
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Moreover, they are increasingly embracing homegrown brands, designs, and cultural symbols, a trend now referred to as 'Guochao,' or 'China-chic.' The crafts listed as the country's ICH represent the most time-honored, best preserved and outstanding artistry and craftsmanship in China. There are over 1,500 ICH projects at the national level across the country. ICH-related products have become increasingly sought-after. According to data from China's leading e-commerce platforms, Taobao and Tmall, in 2023, the annual transaction volume of ICH-related products surpassed the 100-billion-yuan mark, reaching 107.32 billion yuan (about 14.95 billion U.S. dollars), a year-on-year increase of 37.7 percent. MUTUAL OPPORTUNITIES Xiong proudly stated that the necklace pendants they crafted for LOEWE rival the rigorous standards required for watch dials. Silver bent wires with a diameter of just 0.04 millimeters — about half the thickness of a human hair — were applied to silver bases filled with enamel paste. Each piece was handmade, taking approximately 20 days to complete. Chinese cloisonné, which was widely produced during the Ming and Qing dynasties, was more broadly used in jewelry and metalware in the ancient royal court. China listed this time-honored craft as a national intangible heritage in 2006. 'The ICH brands, steeped in history and rich in cultural heritage, are more adept at creating culturally unique products. However, their global influence remains limited,' said Wei, noting that international fashion brands and China's ICH share a complementary relationship that naturally encourages collaboration. 'In contrast, some international fashion houses have over a century of experience in successfully translating cultural value into commercial success. This synergy creates mutual opportunities,' Wei explained. Xiong came to admire those brands' legacy during his collaborations with elite fashion houses. 'What truly defines these brands,' he reflected, 'is an ingrained sense of honor — forged through generations — a commitment to craftsmanship they hold dear.' The partnership also enables Xiong's Enamel to redefine its brand by expanding beyond traditional art pieces into wearable jewelry, creating a more everyday context that is likely to attract young consumers. Notably, the motifs featured in the LOEWE pendants were designed by Xiong's Gen-Z daughter, a jewelry design graduate, to whom Xiong plans to eventually pass the baton. 'Our craft and technique are superb, and our brand becomes more prominent, and above all, China is getting stronger, with more people coming to love Chinese culture,' Xiong said in a summary of his insights into the new trend of collaboration. – Xinhua China handicraft luxury traditional crafts
