Gucci loses $3 billion following appointment of new director

Following the recent appointment of Demna Gvasalia, the renowned Georgian designer, as Gucci's creative director, shares of Kering, the company that owns the brand, lost 13% of their value. As a result, the French luxury conglomerate suffered losses of $3 billion in just one day.

Market and public reaction

 Many have expressed doubts about Gucci's future, claiming that this could mark the end of an entire era for the brand. Comments are actively discussing the likelihood of a change in the label's stylistics, as Demna is renowned for his avant-garde and often provocative approach to design, demonstrated by him at Balenciaga.