Kering Replaced by Rheinmetall in the Euro Stoxx 50 Index

By Andrea Figueras

Kering is being replaced by German arms maker Rheinmetall in the Euro Stoxx 50 index, which provides a representation of sector leaders in the eurozone.

The decision will be effective June 23, the index manager said. This is the first time Rheinmetall joins the index, it said, adding that Kering was added to the Euro Stoxx 50 index on September 24, 2018.

The news comes just days after the French luxury giant--which is grappling with sluggish demand--said Francois-Henri Pinault would step down as chief executive after two decades at the helm of the group.

The owner of Gucci and Balenciaga will split the CEO and chairman roles that Pinault has held since 2005. It appointed Renault's Luca de Meo as its new boss, who will take the reins on Sept. 15.

Shares in Kering have tumbled around 42% over the past 12 months. For its part, Rheinmetall's shares more than tripled in value during the same period, as government that are part of the NATO military alliance continued to place a steady stream of defense orders with the company.

Many Western government have dispatched much of their weaponry and military hardware to Ukraine in recent years and are now seeking to replenish their stockpiles.

Write to Andrea Figueras at [e-mail]

(END) Dow Jones Newswires

06-20-25 0703ET