Welcome to the world of luxury. To entice former Renault chief executive Luca de Meo to take the helm as director general, the luxury group Kering is rolling out the red carpet. At the extraordinary general meeting set for September 9, shareholders are being asked to approve a €20 million signing bonus for de Meo – a generous way to compensate for the Renault stock he forfeited upon leaving his previous employer.

This €20 million bonus will be paid out three-quarters in cash and one-quarter in Kering shares. In addition, de Meo will receive a fixed annual salary of €2.2 million and a target annual variable compensation of €4.84 million, which could reach €6.6 million "in case of outperformance," according to the general meeting's briefing document. On top of the €8.8 million in annual earnings, there will be a "long-term variable compensation, in performance shares, equal to 150% of his total annual fixed and variable salary," which could therefore exceed €13 million, paid out in shares.

De Meo is due to take up his position on September 15. For the remainder of 2025, the company – which is 42.3% owned by the Pinault family – specified that he will be paid a gross fixed salary of €650,959 and will be entitled to a predefined variable compensation of €1.21 million. According to the general meeting's briefing document, this corresponds to "specific and strategic qualitative objectives: successful onboarding and progress of the strategic plan."

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