French luxury group and Gucci-owner Kering has announced the appointment of former Renault CEO Luca de Meo as the new chief of the group. The strategic move strengthens the group's leadership and supports its growth trajectory.

Shares of Kering, the Gucci owner, were gaining around 11% in the Paris trading after media reported that the French luxury group is set to appoint Luca de Meo, the chief excutive officer of French car major Renault,

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.