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.

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.

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