French luxury group Kering will be removed from the Euro Stoxx 50 index on June 20 due to its continued drop in market value, with German defense company Rheinmetall set to take its place. According to JPMorgan strategist Pankaj Gupta, the decision was made by index provider Stoxx. Kering, the parent company of Gucci, has seen its share price fall 28% since the beginning of the year, hitting its lowest level since 2016 in April.