Kering appointed Demna Gvasalia as artistic director of Gucci, turning to the Balenciaga designer to inject new life into its flagship brand at a difficult time for the industry.

Kering lost around $3 billion in stockmarket value on Friday after the group chose in-house talent Demna to reinvigorate its Gucci label rather than hiring one of fashion's big-ticket names as chief designer.

On March 13, Gucci announced that Demna will be the brand's newest creative director. The 43-year-old designer was formerly at the helm of Balenciaga and is the cofounder of Vetements.