Just hours after Donatella Versace announced her departure from the brand her brother, Gianni Versace, founded and she led for nearly 30 years, another Italian house shared its own piece of breaking news.

Said Gucci CEO Stefano Cantino in the statement, “I have always admired Demna's creative approach, that is both unique and powerful. His ability to honor the iconic legacy of a brand while embracing a modern sensibility is extraordinary.”

Shares of Kering plunged on Friday after the firm announced that Demna Gvasalia would take the reigns as new artistic director of its ailing Gucci fashion line.

Gucci has announced that the Balenciaga artistic director Demna, who goes by one name, will take over the creative direction of the Italian luxury fashion house starting in July

Gucci announced Thursday that the Balenciaga artistic director Demna will take over the creative direction of the Italian luxury fashion house, starting in July. Gucci and its French parent Kering said in a statement that Demna “has redefined modern luxury,