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

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, another major Italian brand has found a successor.

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.