Georgian designer Demna is leaving Balenciaga after a decade to become artistic director of Gucci, the French parent company of both brands, Kering, said Thursday. "Kering and Gucci are delighted to announce the appointment of Demna as the house's new artistic director,

Demna will show his final Balenciaga couture collection in July before starting at Gucci. The announcement caps weeks of fevered speculation over the future of Italy's largest luxury house, which has been on a high-stakes hunt for a new designer to reverse falling sales since parting ways with Sabato De Sarno in February.

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