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.

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.