Kering stock raises the Stoxx 600

European stocks rose on Wednesday, supported by a boost from Kering after it appointed a new CEO for Gucci, while stocks rose in London after data showed a slower-than-expected inflation in Britain.

The pan-European Stoxx 600 index rose 0.5% by 0706 GMT, extending its gains for the second consecutive session.

Kering shares jumped 6.5 percent after the French luxury goods group on Tuesday appointed managing director Jean-Francois Ballos as Gucci’s new chief executive and president for a transitional period – as current boss Marco Bizzarri departs on Sept. 23.

Meanwhile, London’s export-sensitive FTSE 100 advanced 1 percent, as sterling slipped after data showed British inflation fell more-than-expected in June and hit its slowest level in more than a year.