French luxury group and Gucci-owner Kering has announced the appointment of former Renault CEO Luca de Meo as the new chief of the group. The strategic move strengthens the group's leadership and supports its growth trajectory.

French luxury group Kering SA (PPRUY) has named Luca de Meo its next chief executive officer, tapping the top leader of Renault SA (RNLSY) to leverage his turnaround experience in the automotive sector for the luxury retail industry.

Shares of Kering, the Gucci owner, were gaining around 11% in the Paris trading after media reported that the French luxury group is set to appoint Luca de Meo, the chief excutive officer of French car major Renault,