Key Takeaways from Kering’s Annual General Meeting
CEO Luca de Meo talked about Gucci’s new store concept, its F1 partnership, smart glasses and more.
A few days before the former Renault chief Luca de Meo took on his role as CEO of Kering in September, the group held a combined general meeting that approved his appointment as well as the change of age limit for the chair and CEO roles, from 65 to 80 and 70 respectively. Nine months later, shareholders convened again at Kering’s headquarters to discuss the new executive’s early moves. “I can tell you that these first nine months spent with Luca fully validate the governance choices we made,” Kering chair François-Henri Pinault told shareholders.
On the agenda of the general meeting was de Meo’s remuneration and the appointment of Laurent Kleitman, CEO of Mandarin Oriental and former CEO of Parfums Christian Dior and Marie-Hélène Chenut to the Kering board of directors. De Meo also summarized his “ReconKering” strategy, which he had presented a month earlier at the Capital Markets Day in Florence.
During the Q&A session with shareholders and a media scrum afterwards, topics ranged from Gucci’s F1 deal, to the house’s new store concept and the opportunity in smart glasses. The whole thing ended in a selfie frenzy when a number of young shareholders asked the two executives for photos together. “One share, selfie with Luca; two shares, with me,” Pinault joked. Here are some highlights:
Gucci has been underperforming in recent years. The pressure is on for CEO Francesca Bellettiini and artistic director Demna to turn the brand around. Demna presented his first collection in September 2025 and staged his first show in February 2026.
De Meo is confident. “The CEO–designer duo is one of the most experienced in the industry. They have built businesses. We support our teams and we are convinced that we will restore Gucci to the place it deserves.”
He also praised the house’s resort 2027 show held on May 17, in New York’s Times Square. The location’s bright lights and billboards created a bold setting for the show. Paris Hilton, Tom Brady, and Cindy Crawford walked the runway.
“I thought it was good because it was a statement,” de Meo told reporters. “And I think Gucci needed to show this level of ambition because it’s consistent with the brand’s history. The fact that they did something like this makes me optimistic. Before you can do something great, you need to have the ambition to do it. And from a technical standpoint, I thought it was very well done. We wait a few weeks before looking at the data but it shows that Demna really does have the ability to find the right idea to attract attention.”
As part of the “ReconKering” plan, Kering plans to refurbish about two thirds of its stores across all brands by 2030. “It’s a higher percentage for Gucci,” de Meo told shareholders on Thursday. The new concept “will raise the perceived level of quality. It will reposition Gucci to the place it deserves.” They will also have new layouts to accommodate new categories.
As Kering intends to accelerate in the jewelry category, including at Gucci, refurbished stores will feature dedicated, exclusive spaces for jewelry. At least the flagship stores will. Gucci plans to reduce its store network from 600 to around 420 by 2030. “Of those 420, about 120 may be true flagship stores. Let’s say we manage to introduce the jewelry collection into 100 of the Gucci stores, that’s the scale of the Boucheron network,” de Meo explained.
For example, the future Paris flagship on rue de Castiglione will carry the new concept. “I want to make something quite experiential, because for me, a Gucci store should be like the Italian embassy in any city. You should walk in and feel like you are in Italy, and that’s the concept,” de Meo said.
Created in 2014, Kering’s eyewear division generated €1.6 billion in 2025. The division’s next stage of development will notably rely on smart glasses. In May 2025, Kering Eyewear announced a partnership with Google to develop AI-powered glasses.
Asked to provide an update, de Meo said: “I’m limited by the confidentiality constraints we have with Google. We see significant potential. There are different market estimates out there, but they vary widely, so I wouldn’t venture into forecasts about the size of this market. What I can say is that it won’t remain a niche segment — it could become significant. Since this product contributes to people’s aesthetics and identity, I find it hard to believe that a single product, as is the case with phones, could alone be bought by millions of people. In theory, everyone wants their own glasses, with different shapes and different aesthetics. That’s where we have an advantage: we can bring brands into the equation, and we have around fifteen brands.”
On the eve of the AGM, Kering’s largest brand Gucci announced a partnership with Renault's sports-car brand Alpine Formula One Team. From 2027, the team will race as ‘Gucci Racing Alpine Formula One Team’. “It goes far beyond just putting a sticker on a car,” de Meo said. “We can do lots of things within the ecosystem. We have many opportunities to invite clients and the press, and to involve them in the story. It's a really great platform. And as François-Henri was saying, it’s 24 Grand Prix races and it’s in markets like Miami, Singapore, Milan, always very close to our markets, where we have stores.”
Obviously, as the former CEO of Renault, he knows the Alpine teams well. “One part is the money you put in, the other part is the activations you carry out. And activating across 24 Grands Prix on five continents is complex. If you’re not close with the people, if they treat you like a guest, it doesn’t work. And we're not guests there,” he added.
In late 2024, LVMH announced a decade-long partnership with F1 involving Louis Vuitton, Tag Heuer and Moet Hennessy. That means that from 2027, when we watch a Formula 1 race, we might see a Gucci Alpine car on screen along with Louis Vuitton placement. “We’ll be on the track,” de Meo noted with a laugh, before adding: “The fact that LVMH is a partner really shows that F1 has become a platform.”
