Right on the heels of fashion month, the designer shakeups have already begun. After this morning’s news that Donatella Versace would be replaced by Dario Vitale as chief creative officer of Versace,

Kering shares tanked on Friday morning after the group led by Francois-Henri Pinault chose to bet on subversive in-house talent Demna to reinvigorate its Gucci label rather than hiring a big-ticket name from fashion's overheating job market.