Kering, the manager of several renowned fashion houses, including Gucci, has appointed Demna Gvasalia, who has been the Artistic Director of Balenciaga since 2015, as the new Artistic Director of Gucci, starting in early July 2025.
The appointment has sparked controversy, as Georgian-born Demna is the first non-Italian to hold the position of Director. He has also faced negative media attention following a controversial Balenciaga ad campaign featuring children.
Today’s announcement sent Kering stocks plummeting by as much as 12%.
François-Henri Pinault, Chairman & CEO of Kering, informed investors, “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. As I thank him for everything he has accomplished over the past 10 years, I look forward to seeing him shape Gucci’s new artistic direction.”
Demna said, “I am truly excited to join the Gucci family. It is an honor to contribute to a House that I deeply respect and have long admired. I look forward to writing together with Stefano and the whole team a new chapter of Gucci’s amazing story.”
Gucci sales declined by 24% in the fourth quarter of 2024, totaling 1.92 billion euros.
By CEO NA Editorial Staff
