Renault Chief Executive Luca de Meo plans to step down in mid-July and pursue new challenges outside the automotive industry, with French newspaper Le Figaro reporting he is set to become the new boss of Gucci-owner Kering.

The luxury group confirmed speculations reported by a number of media outlets this weekend. Pinault will retain his role as Kering chair.

PARIS (Reuters) -Shares in Kering rose in early trading on Monday while stocks in Renault fell after reports the French carmaker's CEO Luca de Meo was poised to become the new chief executive of the luxury goods maker.

Renault CEO Luca de Meo will be departing the company in mid-July to take over as CEO of Kering, the French luxury conglomerate.