PARIS—François-Henri Pinault, the billionaire heir who spent two decades transforming Kering into a luxury powerhouse, is stepping back as chief executive officer, hoping an auto-industry veteran can pull Gucci and Saint Laurent out of a slump.

Shares of Kering, the luxury-goods company behind Gucci, Yves Saint Laurent and other brands, rallied as much as 10% on Monday after reportedly luring Renault’s chief executive to run the company.

European shares made cautious gains on Monday, with Gucci -owner Kering leading the pack following a leadership change. The news helped to break a five-day losing streak as investors pivot from the conflict in the Middle East. The pan-European STOXX 600 ended 0.4 per cent higher amid the developments.

Reports of de Meo’s switch to Kering sent the luxury group’s shares up by nearly 12% on Monday, recording their biggest one-day percentage gain since November 2008.

Authorities in Ho Chi Minh City have shut down two stores at Saigon Square for selling fake Hermes, Louis Vuitton, and Gucci products priced from as little as $6, as part of a crackdown on counterfeit goods.

IF you love designer perfume but don’t love forking out the expensive price tag, you may wish to head to M&S. The retailer is selling a dupe scent for Gucci Flora and it could save you a