US EditionKering-owned Gucci turns to Demna in latest bid to revive fortunes
- Kering appointed Demna Gvasalia, known as Demna in the industry, as the new artistic director of Gucci, replacing Sabato De Sarno, whose departure was announced last month.
- The appointment is Kering's latest effort to revitalize the Gucci label, which accounts for approximately half of the total group revenues, amid declining sales due to weaker demand from the key Chinese market.
- Gucci's sales plunged 24% annually, amounting to 1.92 billion euros in the fourth quarter, contributing to an overall 12% fall in group revenues, as reported by Kering last month.
- Kering chairman and CEO Fran�ois-Henri Pinault stated that Demna's creative power is exactly what Gucci needs, while Francesca Bellettini, deputy CEO in charge of brand development at Kering, believes Demna's appointment will reignite Gucci's creative energy.
- Shares of Kering experienced a plunge following the announcement of Demna's appointment, with shares down 12.78% by 8:43 a.m., reflecting investor reaction to the leadership change aimed at addressing Gucci's ailing fashion line.
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Gucci parent Kering’s shares plummet on pick of new design chief: ‘Who is driving the bus?’
Kering lost around $3 billion in stockmarket value on Friday after the group chose in-house talent Demna to reinvigorate its Gucci label rather than hiring one of fashion's big-ticket names as chief designer.
·New York, United States
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The Kering group decided to mutate the Georgian stylist, who made bad taste to Balenciaga's brand, and place him at Gucci's.
·Paris, France
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