Shares of Kering popped on reports that it has appointed industry outsider Luca de Meo as group CEO. The French fashion house, which owns beleaguered brands Gucci and Saint Laurent, is embarking on the latest phase of its turnaround.

After impressing with his turnaround of French automaker Renault, Luca De Meo is widely expected to be named as the new boss of Gucci owner and luxury powerhouse Kering.

PARIS (Reuters) -Shares in Kering rose in early trading on Monday while stocks in Renault fell after reports the French carmaker's CEO Luca de Meo was poised to become the new chief executive of the luxury goods maker.