Henri Pinault's reported decision to hire Renault boss Luca de Meo is an audacious but necessary move to address the twin challenge of sagging sales and mounting debt at luxury group Kering, investors and industry players say.

In a surprise move, French carmaker Renault Group’s CEO Luca de Meo announced his departure on Sunday. The company’s shares tumbled by nearly 7% on Monday, following the news.View on euronews

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

Luca de Meo, who resigned from carmaker Renault on Sunday, is widely tipped to succeed François-Henri Pinault at the management helm of the French luxury group.

Kiran Rao, Liang Jing, Luiza Mariani, and 'Ne Zha' voice actress Lyu Yanting share their journeys and push for greater representation at Kering’s first Women In Motion event in China.

The following is a timeline of the major events in the French luxury fashion group's history. 1962 - Francois Pinault founds Etablissements Pinault, a timber trading company based in Rennes that will transform into Kering.

Here are some of the stocks on the move for Monday, June 16. Chipmakers like Nvidia (NVDA) and Broadcom (AVGO) are on the move after Taiwan imposed export controls on China's Huawei and SMIC. US Steel (X) shares are on the rise after President Trump signed off on its deal to be acquired by Nippon Steel (5401.