Kering Appoints New Independent Directors and Emphasizes Sustainability and Social Impact

The French luxury giant based in Paris, which owns brands such as Gucci, Yves Saint Laurent, Balenciaga, Alexander McQueen, Bottega Veneta, Boucheron, Brioni, Pomellato - listed on the Euronext market and led by François-Henri Pinault, son of the founder François Pinault - has appointed Giovanna Melandri as one of the three new independent directors of Kering. In addition to the former president of Maxxi and the current president of Human Foundation - a foundation that promotes social impact economy and sustainable finance - the board has also welcomed Dominique D'Hinnin (chairman of the board of directors of Eutelsat Communications) and Rachel Duan (Chinese nationality manager at General Electric). Valentino, Kering acquires 30%: option to take over 100% Melandri, Kering explains, was chosen for her "specialization in sustainability and cultural issues and will benefit from her experience in sustainability, social impact, and sustainable finance and economics." Furthermore, "The Board of Directors will benefit from her proven experience in high-level managerial positions, her financial expertise, and her experience in corporate governance." With these new entries (simultaneously with the departure of actress Emma Watson at the end of her term), the Kering Board of Directors now has a total of 13 members: 64% are independent and 55% are women. Six nationalities are represented: American, British, Chinese, French, Italian, and Turkish. Now the appointments will be submitted to the general assembly on April 25 for the approval of the resolutions. The global French luxury group manages the development of a series of major fashion houses with a particular focus on the world of culture and art. In 2015, Kering became an official partner of the Cannes Festival and promoter of the Women in Motion award. This award is part of the numerous initiatives in favor of women promoted by the Kering foundation. Moreover, the Pinault family group has funded the restoration of Palazzo Grassi and Punta della Dogana, in Venice, reopened in 2009 after restoration works and through the Gucci brand has financed the landscape redevelopment of the Tarpeian Rock in Rome and the recovery of the Boboli Gardens in Florence, as well as Yves Saint Laurent. Last week, at a conference organized at Luiss to celebrate the ten years of Human Foundation, Melandri explained that "finance and social enterprise can and must be protagonists of another possible capitalism. A finance aware of its role and oriented towards the common good can and must contribute to getting us out of an extractive season that is consuming the planet, putting at risk the very survival of the species. States cannot face the emergency of global warming and its consequences or the new poverty linked to the post-pandemic and wars alone. Another capitalism is possible: to counter nihilism, indifference, and fear, a systematic collaboration between public and private is necessary."