François-Henri Pinault’s Fashion Empire & Cannes Sponsor Kering Sees Shares Plunge Following Gucci Appointment
deadline.comShares in François-Henri Pinault luxury fashion empire Kering fell sharply on Friday following his decision to appoint in-house talent Demna as artistic director of the group’s flagging Gucci label.
The group’s share price fell as much as 13.5% in early trading on the Paris Stock Exchange, representing a three-month low. Kering, which also owns luxury brands Yves Saint Laurent, Bottega Veneta, Creed, Maui Jim, and Alexander McQueen, is a major sponsor of the Cannes Film Festival as well as the Women In Motion talks program and gala dinner.
Pinault further deepened his ties with the film world in 2023 with the acquisition of a majority stake in Hollywood agency CAA, by his investment firm Artémis, the portfolio of which also includes Kering, Puma, auction house Christie’s and fashion house Giambattista Valli.
News on Thursday that Demna Gvasalia, who was previously creative director at Kering’s Balenciaga label, had been tapped as the new artistic director of Gucci, was greeted with surprise by the fashion world and sector analysts.
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