KERING UNDER LUCA DE MEO: THE “RECONKERING” PLAN THAT AIMS TO REDEFINE THE GROUP’S FUTURE

November 18, 2025 marked a turning point for Kering. An internal memo circulated by Luca de Meo, the group’s new CEO, revealed a decisive roadmap: transform the company from within, reduce its long-standing dependence on Gucci, and build a leaner, more cohesive and competitive structure for the coming decade. Known internally as “ReconKering,” the document is more than a strategy; it proposes a new cultural foundation for the French conglomerate.

A clear diagnosis: overexposure to Gucci

For years, Gucci has been Kering’s financial engine. Its weight, however, became a vulnerability. De Meo argues that the group must rebalance its portfolio to withstand market cycles, strengthen the position of the other maisons, and avoid orbiting around a single revenue pillar.

With slowing sales and constant creative shifts, Gucci no longer plays the role of “eternal sun” for the conglomerate. The new CEO wants Balenciaga, Saint Laurent, Bottega Veneta and Alexander McQueen to assume a stronger role in the group’s overall value creation.

Retail rationalization, structural simplification and operational synergies

The memo outlines a plan that includes:

• Closing underperforming stores.
• Integrating operations across brands to eliminate redundancies.
• Reinforcing transversal platforms such as logistics, data, CRM and production.
• Accelerating efficiencies in core global functions.

This is not an austerity program. It is a shift toward a more sustainable model—one capable of competing in a landscape where technology accelerates, margins tighten, and personalized experiences are becoming essential.

A new identity: less scale, more value

De Meo proposes a transition from “growth for growth’s sake” toward a portfolio built on excellence, coherent storytelling and industrial discipline.

His vision emphasizes:

• Integrated supply chains.
• Creative direction aligned with business priorities.
• A more precise approach to investment.

This more industrial, less ornamental mindset could reshape luxury governance in Europe.

A global repositioning at a pivotal moment

The plan arrives at a time when Asia demands reinvention, the U.S. is showing volatility, Europe seeks stability, and the Middle East is rising as a new aspirational hub.

“ReconKering” positions the group to face:

• Fragmented global consumer behaviors.
• Rising competition from well-funded independent brands.
• The influence of generative AI on design, marketing and supply chain.
• The consolidation of quiet luxury aesthetics.

The plan is not just a restructuring effort — it is the blueprint for a new Kering over the next decade.