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François-Henri Pinault’s Fashion Empire & Cannes Sponsor Kering Sees Shares Plunge Following Gucci Appointment
Francois-Henri Pinault’s Fashion Empire & Cannes Sponsor Kering Sees Shares Plunge Following Gucci Appointment
Shares 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. 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. The designer had been credited with infusing Spanish luxury brand Balenciaga with fresh creative energy, but also courted controversy, notably with a BDSM-themed advertising campaign in 2022, featuring imagery of children in a photoshoot with bondage-styled teddy bear bags.
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