Demna Gvasalia Named Gucci Artistic Director Amid Controversy

Demna Gvasalia, former creative director of Balenciaga, has been appointed as Gucci's new artistic director, causing Kering's shares to plummet by up to 13.5% amid investor concerns. This move is part of a broader shake-up in the fashion industry, marked by notable departures such as Donatella Versace stepping down from her role as Versace's designer to become its chief brand ambassador. The appointment has been controversial, with mixed reactions from analysts and figures like Kanye West expressing disinterest. Kering's decision to promote from within rather than hiring an external, high-profile candidate has drawn skepticism over whether Demna can revitalize Gucci after its recent sales declines. Despite these concerns, Kering CEO François-Henri Pinault believes Demna's creative power is what Gucci needs to regain its momentum in the luxury market.