Gucci recently named Demna, the mononymic designer who transformed Balenciaga from a niche luxury house into one of the most provocative brands of the last decade, as its new artistic director.

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Shares of Kering plunged on Friday after the firm announced that Demna Gvasalia would take the reigns as new artistic director of its ailing Gucci fashion line.

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“It is also important to note that in recent years, some of Gucci’s work – especially the runway fashion – has steered markedly off course from the luxe and refined taste that I associate ...

ROME (AP) — Gucci announced Thursday that the Balenciaga artistic director Demna, who goes by one name, will take over the creative direction of the Italian luxury fashion house, starting in July.