The Gucci owner is banking on an automotive turnaround specialist to fix its luxury brands. Francois-Henri Pinault, the billionaire heir who has headed up the French fashion house Kering Group for the past 20 years,

By Mimosa Spencer and Gilles Guillaume PARIS (Reuters) -Gucci owner Kering said it was hiring Renault boss Luca de Meo as its new CEO to help revive the debt-laden luxury conglomerate, confirming reports that sent its shares soaring and those of Renault tumbling earlier on Monday.

Kering SA named Luca de Meo as its next chief executive officer, looking to the architect of carmaker Renault SA’s turnaround to perform the same feat at the owner of the struggling fashion label Gucci.