Keering shares immersed after 12% after Demn Guasalya called Gucci artistic director

Shares Dry Snoved on Friday after the company announced that Demna Gvasalia would take the reins as a new artistic director of her sick Gucci lines.

Gvasalia, known as Demna in industry, internally joins Balenia, owned by King. It replaces Sabat de Sarno, which was announced last month.

By 9:21 in the morning, the shares in London decreased by 12.4%. According to Reuters, the slide notes the greatest reduction in the company’s stock.

“The contribution to Galina, to Baleniag, and the success of the group was huge. His creative force is exactly what Gucci needs,” said Kingo-Henry Pino, the chairman and director of Kering François.

Demno, Georgian national and first non -Italian artistic director Gucci from Tom Ford, worked for almost ten years at a smaller Kering Balenciaga label. It is known for bringing street clothes to a luxurious sphere.

In 2022, he was controversial after the advertising campaign involving children with slavery. One of the ads involved a child who kept her handbag in the form of a stuffed plush bear in straps, while in another article, including the text from the 2008 Supreme Court, concerning children’s pornography.

The appointment notes King’s latest application to turn its main label Gucci, which accounts for about half of the total revenues from the group, but suffered weak sales amid the weaker demand for a key Chinese market.

Sales Gucci plunged on 24% EUR 1.92 billion annually in the fourth quarter, Kering reports last month, amid a wider fall by 12% in group income.

Caring has confirmed that the appointment of the day will come into force from July 2025.

Seemed “Quiet luxury.”

Writing in a note on Thursday, Jefferies analysts said the companies will now need to “move at the pace” to activate Gucci’s fashion appeal.

“However, given that Demna will take its role in early July, it is unclear whether its imprint in the brands is already obvious at the September Gucci fashion exhibition in Milan.