Luca de Meo, a seasoned executive with more than three decades of experience in the automotive industry, is set to take the helm at Kering, the French multinational group renowned for its portfolio of luxury brands.

The Italian is set to leave Renault next month to become boss of Kering, the struggling owner of Gucci and Saint Laurent, from mid-September. While de Meo has spent his entire career in the car industry, he has been making discreet overtures to the luxury industry for some time, according to two people with knowledge of the situation.

The automotive group Renault announced on Sunday evening that its CEO Luca de Meo is stepping down after five years in office. The reason for this is