François-Henri Pinault, the current boss and controlling shareholder, who will stay on as chairman, praised the dapper Italian’s “experience at the helm of an international listed group, his sharp understanding of brands and his sense of a strong and respectful corporate culture”.

After impressing with his turnaround of French automaker Renault, Luca De Meo is widely expected to be named as the new boss of Gucci owner and luxury powerhouse Kering.

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.