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”.

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.

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.Le Figaro newspaper reported that de Meo would take over at Kering,