France's Billionaire Kings of Bling Are Under Pressure
At the peak of its powers a few years ago, Francois-Henri Pinault's luxury conglomerate Kering – owner of Gucci, Yves Saint Laurent and Balenciaga — was valued at over $100 billion on the stock market. Since then, its shares have tumbled more than 75%, Gucci is in trouble and after two decades at the helm Pinault is handing the operational reins to veteran auto executive Luca de Meo.
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