Of all the names rumored for the Gucci role over the last month—and there were a lot of them— Demna, who was announced as its new artistic director today, is both the most obvious and the least.

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.