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Fortune

Prarthana Prakash

Kering's shares tumble 10% as investors mull over Gucci's new artistic director. But the 'iconoclast' might be what the brand needs

Gucci Demna Gvasalia Kering Balenciaga Luca Solca FrançoisHenri Pinault Luxury Serena Williams Valentino

Demna Gvasalia (Credit: Sean Zanni/Patrick McMullan—Getty Images)

Kering’s shares took a beating on Friday as they fell 10% after the French luxury giant announced the new creative lead for its biggest brand, Gucci.

Demna Gvasalia, a Georgian-born designer who has been the artistic director at Balenciaga for a decade, will start his new role in July and be tasked with steering Gucci through a tumultuous period to regain its mojo.

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