The stock market has opinions on everything, including the skills of a fashion designer. The appointment of Georgian Demna – Demna Gvasalia by full name – to take over as artistic director of Gucci on July 1 sent the shares of Kering, its parent company, tumbling on Friday, March 14. The stock lost more than 10%.

Since the ousting in February of the short-lived Sabato de Sarno, names had been circulating about the rare pearl who would be able to revive Gucci, the French luxury group's powerhouse. Demna, the current "designer" of Balenciaga, another Kering brand, was not among the favorites. While Gucci has always made a specialty of choosing unexpected creative profiles, Demna's surprise was not to the stock market's taste.

"The market was expecting a heavyweight from the outside," said RBC bank analysts in a note quoted by Bloomberg, "we appreciate Demna's success at Balenciaga but are concerned that his appointment at Gucci will not be enough" to reinforce the brand's "signaling to customers and investors."

Joining Kering in 2015, 43-year-old Demna is credited with Balenciaga's turnaround, thanks to his casual, provocative style – huge sneakers and XXL waistbands – that appeals to the young. Or not so young: In 2024, actress Isabelle Huppert walked up the steps of the Cannes Film Festival draped in a white Balenciaga gown that some compared to a bathrobe. It was a sign that celebrities were ready to associate themselves with the brand once again, two years after the controversy that followed the broadcast of an advert of dubious taste featuring children.

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