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.

The former creative lead of Valentino is to succeed Demna at the helm of Balenciaga. A few hours before the announcement, Piccioli spoke exclusively to Vogue Business and Vogue Runway about joining the Kering-owned fashion house.

Balenciaga has found its new creative director, and it’s a familiar name. Pierpaolo Piccioli has been appointed to the position, replacing Demna, who announced in March that he’d be departing for fellow Kering brand Gucci.