Kering said it appointed Pierpaolo Piccioli as the new creative director of Balenciaga as the French luxury group faces a slowdown in demand for high-end goods, coupled with its own turnaround challenges.

Balenciaga, one of the most storied and controversial houses in fashion, has a new designer: Pierpaolo Piccioli. He replaces Demna, the mononymic designer who led Balenciaga since 2015.

Following months of industry chatter, the celebrated former creative director of Valentino, Pierpaolo Piccioli, has been confirmed as Demna Gvasalia’s successor at Kering’s deliciously schlumpy third biggest brand,