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.

The Georgian creative will wrap up his tenure at Balenciaga with a couture show on July 9. His successor has yet to be named.

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.