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

Francois-Henri Pinault has recruited Luca de Meo, Renault's boss, to tackle Kering's declining sales and rising debt. De Meo, known for turning around Renault, faces challenges, including Gucci's struggles and a costly potential acquisition of Valentino.

Although de Meo has declined to comment, speculation has intensified — particularly after reports emerged last week suggesting that François-Henri Pinault, the current Chairman and CEO of Kering, is preparing to relinquish his role and retain his position as Chairman while bringing in new leadership to steer the group.