French luxury group Kering announced Monday that it had appointed Luca de Meo, who helped drive automaker Renault out of crisis, its new chief executive as it tries to turn around the fortunes at its struggling flagship brand Gucci.

Shares of Kering, the luxury-goods company behind Gucci, Yves Saint Laurent and other brands, rallied as much as 10% on Monday after reportedly luring Renault’s chief executive to run the company.

Dakota Johnson is a longtime Gucci girl. She styled the brand's streetwear years before she became an ambassador in 2017. And even though her close friend Alessandro Michele left the creative director post in 2022, her loyalty to the Italian label hasn't faded. On June 4, the Fifty Shades of Grey actor proved her fidelity with a new Gucci tote bag.

François-Henri Pinault is stepping back as CEO of Kering, hoping Luca de Meo can pull Gucci and Saint Laurent’s parent company out of a slump.

European shares made cautious gains on Monday, with Gucci -owner Kering leading the pack following a leadership change. The news helped to break a five-day losing streak as investors pivot from the conflict in the Middle East. The pan-European STOXX 600 ended 0.4 per cent higher amid the developments.

Authorities in Ho Chi Minh City have shut down two stores at Saigon Square for selling fake Hermes, Louis Vuitton, and Gucci products priced from as little as $6, as part of a crackdown on counterfeit goods.