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Shares in luxury goods firm Kering were down double-digits in early trading after it tapped Demna Gvasalia to take over as new artistic director of Gucci.
Gvasalia will replace Sabato De Sarno shortly after 9 July and joins Gucci from Balenciaga, which is also owned by Kering.
Chairman and chief executive François-Henri Pinault said: “Demna’s contribution to the industry, to Balenciaga, and to the group’s success has been tremendous. His creative power is exactly what Gucci needs.”
Gvasalia’s appointment was the latest in a series of moves made by Kering aimed at turning around the struggling Italian fashion house, which makes up roughly 50% of total group revenues, as it continues to deal with waning sales amid weak demand out of China.
As of 1030 GMT, Kering shares were down 11.98% at €220.35 each.
Reporting by Iain Gilbert at Sharecast.com
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