<div id="readability-page-1"><div>Luca de Meo’s priority at the $35 bln Gucci-owner will be to bring a $19 bln debt load under control. Job cuts, store closures and leaner marketing are the first step. The harder part will be to reverse a pricey M&amp;A campaign waged by former boss François-Henri Pinault.Full view will be published shortly.Follow Yawen Chen on Bluesky and LinkedIn.CONTEXT NEWSGucci Chief Executive Stefano Cantino is set to exit the brand after less than one year in the role, the Business of Fashion reported on September 14 citing unnamed sources.An announcement is expected as early as on September 15, new Kering CEO Luca de Meo's official first day on the job, the report said.Kering said on September 10 that it will not fully buy Italian fashion brand Valentino until at least 2028. Under a new agreement struck with Mayhoola, the Qatar-backed fund's put options to sell Kering its remaining 70% stake in Valentino - initially due in 2026 and 2027 - are now postponed to 2028 and 2029, while Kering's own option to fully acquire Valentino is deferred to 2029 from 2028.</div></div>

PPRUY

Luca de Meo, the new CEO of Kering, aims to manage the company's $19 billion debt through job cuts, store closures, and reduced marketing. This follows the departure of Gucci CEO Stefano Cantino after less than a year. Additionally, Kering has postponed its full acquisition of Valentino until at least 2029, delaying options initially set for 2026 and 2027.

Kering new CEO’s first target is a slimmer look