Shares of French conglomerate Kering $KER.PA nosedived 5.42% at Thursday’s market open, following a disappointing Q1 sales report that fell short of analyst expectations. The group’s annual revenue dropped by 14%, while its flagship label, Gucci, faced an even steeper decline—down 25% year-on-year.

On Friday, October 6, 2023, Kering experienced a significant decline in its stock market performance, losing around $3 billion after appointing designer Demna as the new chief designer for Gucci. This decision sparked widespread discussions among fashion experts and analysts, given Gucci's longstanding adherence to classic and elegant styles.