WSJ : Scaramucci-Backed Crypto Treasury Company Launches With $550 Million Fundr

Scaramucci-Backed Crypto Treasury Company Launches With $550 Million Fundraising Plan
AVAX One plans to tokenize traditional financial assets on the Avalanche blockchain

  • AgriFORCE Growing Systems will raise $550 million to acquire AVAX tokens and will be renamed AVAX One.
  • Anthony Scaramucci and Hivemind Capital are investing in AVAX One, which will tokenize real-world assets on Avalanche.
  • The investment follows the signing of the Genius Act, which has unleashed efforts to put everything from individual stocks to funds and real assets on a digital ledger.

Anthony Scaramucci and crypto investment firm Hivemind Capital are investing in a new company that intends to buy digital tokens issued on the Avalanche blockchain, the first of its kind.

The details
AgriFORCE Growing Systems AGRI 137.76%increase; green up pointing triangle, a tiny agriculture-tech company that switched gears to become a bitcoin miner, said Monday it plans to raise about $550 million from outside investors to acquire AVAX tokens.

Scaramucci, the adviser-turned-antagonist to President Trump and founder of SkyBridge Capital, is among the new investors and will lead AgriFORCE’s advisory board. He will help with capital raising and marketing.

Hivemind Capital, led by former Citigroup executive Matt Zhang, said it has invested “meaningful capital” in the company. Zhang is expected to become chairman of the company’s board.

Hivemind, Scaramucci and other investors will become the majority shareholders of the company. It will be renamed AVAX One.

AgriFORCE surged 134% on Monday and closed with a market capitalization of $7.5 million, more than doubling its Friday market cap of just $3.2 million.

Launched in 2020, the Avalanche blockchain is a high-speed network used by various Wall Street banks and asset managers. The AVAX token has a market cap of about $13 billion.

AVAX One aims to own more than $700 million in AVAX tokens and tokenize, or represent traditional assets to be traded, on the Avalanche blockchain. Over the long term, it plans to acquire fintech and insurance companies and move them to the Avalanche network. SkyBridge, which first invested in AVAX tokens in February 2024, has tokenized $300 million of its flagship hedge funds on the Avalanche blockchain.

“I believe all assets will eventually be tokenized, and Avalanche is positioned as a go-to chain for tokenization of all types of real-world assets,” Scaramucci said in an email.

The context
The rush to bet on tokenization follows Trump’s signing of the Genius Act, which establishes a regulatory framework for tokenized dollars known as stablecoins. The landmark measure has unleashed a wave of efforts to put everything from individual stocks to funds and real assets on a digital ledger.

“For the first time ever, we have a very supportive regulatory environment for us to really try to achieve the full potential of this technology,” Zhang said in an interview. “We have to dream big.”

The president’s public embrace of crypto has created an environment of optimism and reduced regulatory burdens for crypto treasury companies. Last month, Trump’s media business launched a new company to buy and hold CRO, a niche token affiliated with Crypto.com. Earlier this year, Trump Media & Technology Group raised more than $2 billion from investors to buy bitcoin.

The big picture
Investors’ enthusiasm for so-called crypto treasury companies has waned. Some 25% of all bitcoin treasury stocks are trading below the total value of the tokens they hold, according to K33 Research. And shares of some companies have fallen sharply from their peaks, with fast-money traders unloading their shares after scoring quick gains.

These companies are following the same approach pioneered by Strategy, formerly known as MicroStrategy. The playbook is to raise capital by issuing new shares or debt, and use the cash to stockpile bitcoin and other cryptocurrencies. Aiming for a faster route to the public markets, some crypto firms hoping to accumulate tokens are opting to merge with small, often struggling, publicly traded companies or special-purpose acquisition companies.

FT : Porsche’s profit warnings pile pressure on Blume to give up dual CEO roles

Porsche’s profit warnings pile pressure on Blume to give up dual CEO roles
Luxury-car maker has been among the worst hit by market’s slow shift to EVs

Porsche’s third profit downgrade in six months has increased pressure for Oliver Blume to give up his dual chief executive roles at the German luxury-car maker alongside Volkswagen as investors prepare for a costly retrenchment of its electric vehicle ambitions.

Shares in Porsche fell as much as 9 per cent before closing down 8 per cent, while VW dropped 7 per cent on Monday after the company warned late last week of a €1.8bn hit to its full-year operating profit as it laid out the expansion to its petrol and hybrid line-up. Its parent company VW announced a €5.1bn dent to its annual profits.

“Porsche is still a very complex case for the next few years so the sooner the better that they have a full-time CEO,” said UBS analyst Patrick Hummel.

The global car industry has struggled with the expensive and slower than expected transition to electric vehicles in Europe and the US. But Porsche has been one of the worst hit after leaning too heavily on EVs and failing to produce petrol successors to best-selling models such as Macan and Cayman.

Frank Schwope, a lecturer for automotive management at the University of Applied Sciences FHM Hannover, said whether Porsche could turn things around quickly depended on the speed of its search for a successor to Blume, who has been chief executive for both companies since 2022: “It is clear that CEO of VW or CEO of Porsche cannot be a part-time job.”

At the start of the month, Daniela Cavallo, the head of Volkswagen’s powerful works council, also called on Blume to end being a “part-time boss” of the German group. “This situation must end,” she told workers according to a post on VW’s intranet.

Blume has previously said his dual role was not “designed for eternity” and that a changeover would be made after the company had resolved “key issues”.

On Friday, Porsche said it would scrap the planned release of a new range of EVs positioned above the Cayenne and would initially offer only the petrol or plug-in hybrid versions.

The “focus on electric vehicles, alienating existing customers for combustion engines” was “damaging”, added Schwope.

On Friday, Blume insisted the company had hit its “final milestone” in its product overhaul, pointing to “full flexibility” in its internal combustion engine, hybrid and fully electric offerings.

“It’s going to be a tough and long road, and it will demand our full focus and strong effort,” he said on a call with investors.

But Hummel at UBS said the company still needed to make more painful decisions to cut its cost structure as it struggles with flagging sales in China and new risks created by US tariffs on cars imported from Europe.

“We believe the risk is still very high that China remains on a decline path for Porsche,” he said. “But they are not cutting costs fast enough and aligning the size of the organisation to the shrunk volumes.”

The decision to de-emphasise its investments in EVs also comes at a time when other rivals are ramping up their battery-run car sales in parallel with hybrid and petrol models. Market conditions will probably be very different by the time the new generation of Porsche’s petrol models comes out three years later, cautioned some analysts.

FT Lex : Pfizer’s weight-loss drug confines it to sidelines of crowded market

Pfizer’s weight-loss drug confines it to sidelines of crowded market
Deal for Metsera is neither a bargain nor a particularly convincing solution for drugmaker’s sales woes

If you can’t make it, buy it. Pfizer is following this principle with the zeal of a late convert.

Having failed to bring its own experimental weight-loss pill danuglipron to market, the New York-based drugmaker announced a deal to buy Metsera, a biotech that specialises in next-generation obesity drugs, for as much as $7.3bn. 

For investors who have watched Pfizer’s market valuation plummet from a peak of more than $342bn in 2021 to just $141bn, any move is long overdue. Indeed, the drugmaker’s shares rose 1.1 per cent on Monday.

Pfizer has struggled to find sources of growth amid waning demand for its Covid-19 vaccine and treatments. A series of big acquisitions in the cancer drug space has failed to impress Wall Street. The company can only look on wistfully from the sidelines as Eli Lilly and Novo Nordisk — albeit with their own ups and downs — pull ahead in the race to dominate the weight-loss drug market, which is expected to be worth $100bn by the end of the decade.


The problem with playing catch-up in the crowded and hotly competitive field of obesity medicine is that there are few bargains to be found. Under the terms of the deal, Pfizer will initially pay $47.50 a share, or $4.9bn, in cash for Metsera. That is a hefty 42 per cent premium to the company’s closing price on Friday. It is also more than double the $18 at which the company priced its shares when it went public in January. It will pay the remainder if certain clinical trial milestones are met.

But even at this price, Metsera is not a particularly convincing solution for Pfizer’s sales woes. For starters, it has no revenue yet. Its portfolio of weight-loss drugs is mainly in early to mid-stage development. The two that are furthest along are a weekly and a monthly injectable treatment that are in Phase 2 development. And while a monthly injection would be preferable to the once-a-week injection treatments that are available at present, the future for obesity drugs appears increasingly to be in oral treatments. 

For good reason. Weight-loss pills are easier and less expensive to make and are more attractive to patients, especially those who don’t like needles. Metsera’s oral treatment is only in pre-clinical trials. By contrast, the US Food and Drug Administration is reviewing an oral version of Novo Nordisk’s GLP-1 obesity drug, while Eli Lilly said it planned to submit its daily GLP-1 pill for regulatory review later this year.

Pfizer’s Metsera deal may be a welcome sign that the drugmaker has finally diagnosed its troubles. But it is a long way from actually providing a cure.

FT : US prosecutors ask judge to order spin-off of Google ad businesses

US prosecutors ask judge to order spin-off of Google ad businesses
Request kicks off second phase of landmark antitrust trial after prior finding that tech giant ‘wilfully’ monopolised market

The US justice department’s long-running effort to snap Google’s dominance over digital advertising entered its end stage on Monday, as prosecutors asked a federal judge to break up the tech giant.

Federal prosecutors requested Google parent Alphabet be ordered to spin off the biggest exchange on which businesses bid for ads, and implement a phased divestiture of the technology online publishers use to sell ad space.

Gail Slater, the justice department’s antitrust chief, who was in court on Monday, said in a post on X: “We are putting our words into action as we take on Big Tech and Big Law to free up competition for open web advertising.”

The request kicked off the second phase of a landmark antitrust trial, after Leonie Brinkema, the district judge presiding over the case in Virginia, ruled in April that Google had “wilfully” monopolised those parts of the digital advertising market.

“For over a decade, Google has tied its publisher ad server and ad exchange together through contractual policies and technological integration, which enabled the company to establish and protect its monopoly power in these two markets,” Brinkema wrote in April. 

The outcome of the trial’s so-called remedies phase is critical for Google, which relies on the more than $50bn in quarterly search-related advertising revenue to finance the rest of its empire, from its DeepMind artificial intelligence lab to Waymo self-driving taxis.

Karen Dunn, a lawyer representing Google, described the Department of Justice’s proposed remedies as a “dramatic over-reach” that would be “unwise, uncertain, unprecedented” and would harm consumers.

Google is battling a separate antitrust lawsuit by the department against its search arm. While the judge in that case, Amit Mehta of Washington DC federal court, also found the company guilty of monopolistic behaviour — by paying Apple and others billions of dollars to be their default search provider — he rejected prosecutors’ request that Google be forced to sell its Chrome browser.

Instead, he banned exclusive distribution contracts and ordered Google to share more data with rivals in the hope they could develop more compelling search engines to chip away at its almost 90 per cent market share. Avoiding a forced break-up was seen as a big win for Google, and its shares rallied following the decision.

Julia Tarver Wood, a DoJ lawyer, on Monday told Brinkema that the ad exchange market was “broken”, with excessively high prices, stifled competition and customers who were “locked in”. 

Google has offered “behavioural” remedies as an alternative to a forced divestiture, including sharing its advertising exchange’s bid data with competitors.

Google’s proposal would “help our rivals compete, generate revenue and scale”, Dunn said.  

She also raised the question of AI, arguing that more advanced technology in just a few years could scupper the DoJ’s decade-long remedy proposal.

But Grant Whitmore, an executive at advertising publisher Advance Local and the DoJ’s first witness, testified that AI would not necessarily resolve Google’s anti-competitive conduct.

He said behavioural remedies would be insufficient — and that he was forced to use Google’s other products in order to access advertising demand, a system he described as “opaque” and a “black box”.

“Google has had outsized market power due to its strength across every single aspect of digital [advertising] monetisation,” Whitmore said.

FT : Ørsted to restart work on US offshore wind farm after court ruling

Ørsted to restart work on US offshore wind farm after court ruling
Judge issues preliminary injunction lifting Trump administration order that halted construction of project

A federal judge in the US has allowed Ørsted to restart work on a major offshore wind farm in the US, in a boost to the troubled Danish company after several setbacks.

Judge Royce Lamberth of the district court in Washington granted Ørsted’s request for an injunction to block a “stop work order” issued by the Trump administration against the company’s $1.5bn Revolution Wind project off the coast of Rhode Island.

In a statement, the offshore wind developer said the preliminary injunction would allow it to restart work while the lawsuit continued, adding it would “continue to [ . . .] work towards a prompt resolution”.

“Revolution Wind will resume impacted construction work as soon as possible, with safety as the top priority,” it added.

While the ruling is expected to be followed by further litigation, including potential appeals, it will be a relief to Ørsted executives.

They had warned of high costs and huge disruption if the stop work order was not lifted this month, because the company could have to renegotiate supply contracts or face penalties from customers.

Revolution Wind, which Ørsted is developing in a joint venture with Skyborn Renewables, a unit of BlackRock’s Global Infrastructure Partners, is 80 per cent complete, with 45 out of its 65 wind turbines installed.

Ørsted’s US-listed shares were up almost 10 per cent on Monday following the ruling by Lamberth.

The preliminary injunction highlights how US President Donald Trump’s hostility to offshore wind, which has already caused damage to Ørsted’s business, will not go unchallenged in the courts.

Trump has repeatedly criticised the sector, calling it the “worst form of energy”. He placed a freeze on using seabed leases for offshore wind developments after he returned to the White House in January.

In August, the US Bureau of Ocean Energy Management ordered Ørsted to stop work on Revolution Wind, citing the need to protect unspecified “national security interests”.

The order came weeks after Ørsted said it needed to raise about $9.4bn from shareholders, mainly to help it finish building another US offshore wind farm, Sunrise Wind, located off the coast of New York.

Investors subsequently approved the rights issue by Ørsted, which launched last week at a heavily discounted price, but they are watching developments in the US closely.

Ørsted took legal action to challenge the stop work order in September, calling it “arbitrary and capricious”.

A Department of Interior spokesperson said the court’s decision would allow a resumption of construction of the Revolution Wind project while it continued its investigation into possible impacts, including to national security and the prevention of other uses on the outer continental shelf.

“The Department of the Interior remains committed to ensuring that prior decisions are legally and factually sound,” they added.

Last week Chris Wright, US secretary for energy, told the Financial Times that approvals for offshore wind farms were rushed through, and that multiple government departments were looking at legitimate and serious concerns.

While Trump has made Ørsted’s planned offshore wind projects in the US far more difficult, its troubles predate his administration.

In 2023, the company had to walk away from two large projects in the US because of rising costs that have affected the entire industry.

WWD : Demna Redefines ‘Gucciness’: Inside His Debut as Gucci’s Artistic Director

Demna Redefines ‘Gucciness’: Inside His Debut as Gucci’s Artistic Director
The designer opened up about his reinterpretation of Gucci's heritage, his creative vision for the brand and the symbolic narratives shaping his first collection.

MILAN — “I’m a fighter and I have to prove things to myself most of the time in my life, so the outside expectations become like a side effect.”

So said Demna in his first exclusive interview ahead of his debut as artistic director of Gucci. He is fully aware that the stakes are high and that his first designs for the Italian fashion brand will be microscopically scrutinized, but he clearly knows how to cope with the pressure.

Sitting in the luminous office at the brand’s Milan sprawling headquarters, Demna, dressed in black and wearing a gold chain with a Gucci crest, was careful to describe the first looks that go live Monday as “baby steps. I’m not yet defining my Gucci vision, but the platform on which I build that. I want to reset the understanding and perception of what Gucci is through my reinterpretation.”

While shying away from taking full credit for the looks, and often citing Tom Ford as an inspiration — the designer who’s part of the “trinity” that includes Martin Margiela and Lee McQueen — the spring 2026 lineup is clearly a positive progression that is likely to hit the spot in the market.

To telegraph the “Gucciness” of Gucci, Demna created a series of characters who are part of “La Famiglia,” each with their own personality and attitude. Working with newly installed president and chief executive officer Francesca Bellettini, the designer decided to release a look book photographed by Catherine Opie on Monday, ahead of the short film “The Tiger” that will be shown on Tuesday evening in Milan, directed by Spike Jonze and Halina Reijn.

While details on the film’s cast are being kept under wraps, Demi Moore is one of the actors embodying a character conceived as part of La Famiglia.

“From the very beginning, I shaped the collection by imagining a constellation of characters, asking myself what Gucci means to me, from its archive to the many identities it embodies,” Demna said. “I gathered an imaginary family to carry the story, each figure holding a fragment of the broader narrative. Since my first show will be in February, I felt like the story of La Famiglia should be told through a short film. I shared it with Spike and Halina, whose work I’ve long admired, and they created their film, ‘The Tiger,’ inspired by these characters.”

The look book opens with L’Archetipo, a monogrammed travel trunk that underscores how founder Guccio Gucci began the company as a luggage-maker. “I think it’s a very important part of the history that I don’t feel was enough of a focus in recent years. It represents the beginning, everything that this brand was built on,” Demna said.

Next up is L’Incazzata, a colloquial way to say “very angry,” telegraphing Demna’s undercurrent of irony.

“This is a global brand, but I also wanted to put the accent on the Italianness of it,” said the designer, explaining the choice of names for the characters. This character is portrayed by Mariacarla Boscono, who wears a 1960s-style feminine red coat with gold GG closures that was inspired by Jackie Kennedy. The actress carries a revisited bamboo bag, and wears black leather gloves, horsebit pumps with high chunky heels, a Flora scarf around her head and big dark sunglasses. A large silver flower brooch completes the chic look.

The image has a very special meaning for Demna. “Red is, for me, a very Gucci color because it’s part of the [brand’s signature] web, and it’s the color of passion, but also, when I was a child, I fell in love with a little red coat I saw in a store. I’ve told this story a million times before, but I have to, because it’s important, there’s a personal connection to me and why this is the first look. I didn’t care that it was a girl’s coat, I didn’t need to wear it, I just wanted to see it every day. That was the beginning of my relationship with fashion, I was so obsessed with this coat.”

He bought it, but while Demna was asleep, “my family gave it back to the store and told me that it fell off the balcony. I couldn’t forgive my family; I knew they lied to me because they didn’t want me to have it, so I always had this frustration about this little red coat taken away from the little me. Opening with this, I felt like it was a very significant symbolic thing. I think symbolism is important in everything you do in fashion.”

While Demna understands Italian and has been learning more words, he admitted he had not heard the term “sprezzatura,” which he infused into the looks.

“It’s a laid-back ease and studied nonchalance,” he explained, which he wanted the looks to have.

Indeed, the designs swing between minimalist and maximalist. Cue the regal quilted Flora floor-length dress with a high collar and zipped up in the front or, in a stunning dark version for La Contessa, the floral pattern is rendered on a black background and has leg-of-lamb sleeves. This kind of sleeve is also seen in a beautiful shearling coat in a singular azure hue worn by La Sciura, a Milanese term for woman.

Mrs. La Principessa dons a ‘70s pussy-bow gown in bubble-gum pink and feather trims, which has hints of Alessandro Michele, while La Diva’s electric blue mock fur was inspired by Sophia Loren, Demna said.

These grand looks contrast with the seamless, stretch, embroidered short tube dress worn by Miss Aperitivo; La Ragazza, the girl, who wears a black turtleneck over a crocodile miniskirt and stiletto boots, or La Gallerista, in an all-black, formfitting pantsuit and silk blouse. The men wear loose pants and black denim jeans with horsebit details and The Figo, a biker jacket that also has horsebit details over roomy stonewashed jeans. The Cocco di Mamma, or mama’s boy, wears an oversize Prince of Wales coat.

“Gucci is also a lot about the attitude, all of these characters are confident, they have a point of view, they love fashion and they love clothes.” Surely there is Demna’s point of view here, adapted to Gucci.

“To me, all these archetypes represent the Gucci crowd, the customers of Gucci in the future who will each of them be able to find something in the collection that they can relate to. It’s not like one, mono silhouette, mono everything, like you either like it or not situation,” said Demna, admitting he was experimenting with minimalism, “something very new for me, and super exciting, because it’s the most difficult aesthetic in design that you can do and I want to do it in a modern way. And I found a lot of minimalist references in Tom Ford‘s era, which I find very, very inspiring. And I think I want to build and evolve that in future.”

Lightness is also a key word for Demna in this collection, seen in the feather trims or the embroidered mousseline coat stitched with little strips of shearling.

The evening dresses will no doubt be a hit with many of the Gucci A-list guests expected at the premiere of the film, such as the beautiful gold-embroidered dress with an open back worn by La Mecenate. After all, this is the first time the brand is being helmed by a designer who is also a couturier.

The GG monogram was revisited in a silk twill blouse over a canvas A-line skirt worn by La Vip and in a laminated trenchcoat seen on La V.I.C.

The lineup may be just an aperitif, but if feels like an assured effort from Demna, which will be followed by the film, or “the dessert,” as he described it with a smile. And to capitalize on what is expected to be strong demand from consumers, the clothes will be available in 10 stores the day after the premiere for two weeks in Los Angeles, New York, London, Milan, Paris, Beijing, Shanghai, Singapore, Seoul and Tokyo.

In the interview, Demna took the time to speak about his vision for the brand, his appreciation for Milan and the Gucci team, and his excitement for what’s to come.

Reflective and eloquent, he clearly does not leave anything to chance, and his passion for his job — and the product, which comes up repeatedly in the conversation — is palpable.

“Coming here is a big responsibility, but I would never have accepted to embark on this amazing, new, huge journey without having a vision,” he said simply. “That’s the first thing I did in order to be able to avoid the stress of it because stress comes when you don’t know what you want to do.”

WWD: How are you adjusting to Milan and to this new chapter of your life?

Demna: I’ve been to Milan a few times before, but I never really stayed here for longer than a day. I’ve been discovering the city since July, because I was looking for an apartment and I really saw the beauty of Milan, the buildings, the hidden courtyards, the poetic, cinematic side of the city that I didn’t know before. It’s a city that feels real and a bit brutal and Brutalist in some places. I love that. I love the variety of things that I see here and the people, I love the directness, and there’s a lot of young, cool people. I feel like fashion is important for them. I didn’t know that and I love seeing it, of course, because that’s how I feel myself. I see a lot of people who are really into what they wear, and I think they take it seriously. I love that mentality.

WWD: Did you find the apartment?
D.: Yes, I still have a few boxes to unpack, but it’s fun. I moved all my life, since I was a kid. Moving is part of my DNA, although I would say, right now, with age, I prefer to move a bit less. I like to know places and have my habits and all of that. I spent 15 years in Paris, and I actually have never lived in one place for so long as I lived in Paris. Even before the Gucci conversation started, I was already thinking, what would be my next place? Paris had become a bit claustrophobic, because it’s a big city, but you know everyone. I love being here. I’m very excited and my husband is, too. I feel very, very inspired by the Italianness of the city.

WWD: I know you also visited Florence and the archive there. What was your takeaway, and what impressed you the most?

D.: That was very important for me, because it was at the beginning, when we were talking about Gucci and I knew I didn’t know enough, I would say I knew bits and pieces. I discovered this brand when I was a teenager watching Fashion TV. Tom Ford and Gucci shows were kind of a benchmark for the 13-, 14- year-old me, who dreamt of fashion but I didn’t know much of the history before that. Going to the archive was even more than inspiring. It was like a revelation in some way. It excited me. And when I came out, I was like, OK, I want to come here and I want to figure out what my vision is.

I didn’t know the Gucci crest, for example, or the whole story of Guccio Gucci, where he started, where he came from, and being so intelligent and so innovative for the times. Also to come back from London and have all these ideas, and then start the brand that became what it is, which is one of the biggest and most globally recognized brands. I found that so inspiring, understanding where Gucci came from, because I come from that kind of background — nothing was really given to me in my life and I had to work for it. I had to fight for it. And I feel like when you come from that kind of background and you succeed, it’s extremely inspiring.

I was so impressed by the variety of leather goods. I never really had in my past experiences the possibility to have so many codes. I worked for brands that didn’t have even a few of those codes so I had to invent them. This is like going to Disneyland for an artistic director. I think you can count on one hand the brands that have that variety of codes to build on — maybe not even one hand.

WWD: The back history in accessories is there, as you say, but in terms of fashion, Gucci is almost like a clean slate in a way, because Tom Ford created one, Frida Giannini had another one, and Alessandro Michele yet had another one. How do you feel about the fashion angle? Can it be totally new?

D.: Definitely. Gucci is quite unique in that. I don’t know many brands where you have that freedom of creative vision with every new chapter because usually you have this overwhelming and very scary shadow of the founder, who did something 100 years ago that you always need to compare and to kind of almost justify what you do. Most of the Parisian houses have that situation, and that’s what I went through a lot, and I always found it beautiful, because you have to find the connection and link to it, but also limiting. Because, if I always have to think about the element that defined the aesthetic of the brand 50 or 100 years ago, it doesn’t always work today, and you’re less agile. What I saw as an opportunity for me as a creative at Gucci, on top of having the codes that are unique and very rare, I also have the opportunity of building a new vision based on my creativity, my brain and my intuition mostly. I don’t need to get inspired by the collections of Gucci’s ready-to-wear from the ‘60s. It’s the mindset, it’s the Gucciness of Gucci. Actually, it’s the first time in my life that I felt it’s freeing to see that and to think that way. I feel I’m very lucky to be able to have the balance between the multitude of codes from A to Z, from a loafer to the bamboo and everything in between, and the silks and the Flora and all that, but then also having this clean slate on which I can build something new that you know makes sense for Gucci in 2025 or ’26.

WWD: On a personal level, I am sure you know that there’s a lot of attention on you and on Gucci, heading a major brand for a major group. How do you cope with this? Do you just shrug it off as white noise in the background? Do you focus on yourself and your work?

D.: I was aware coming here, but I’m so used to it, that I kind of become almost numb to that. There’s stressful expectations from Day One, but I have stressful expectations on me.

Last December, I went to L.A. for a couple of weeks, I was honored and I wanted to think about the aesthetic vision I could propose to Gucci before we could even go further in the conversation, and then I sent it to Francesca just after Christmas. And from that moment on, the stress of expectation for me was gone, because I knew that I loved what I was proposing, then I hoped, of course, that they would love it, too, because that was the next step.

WWD: Can you share that vision with us?

D.: I think it’s something that is now a work-in-progress until my show in February, which is going to be the first show. From the very beginning, I decided that I could not hold a show this year because I only started working here in July, and for me it’s such a big project, I need at least one proper season to build my vision, to evolve it based on the first research that I started, and also to create a fashion show that actually announces the new era of this brand. I don’t know, maybe other people can do it in two months, I’m very perfectionist in my approach. This is like my Erasmus year for Gucci. I think a lot of expectations for me here, in general, are that I come here and do oversize jackets and put logos on it. Why would I come to Gucci to do what I’ve done before? I feel like it’s superficial to expect that from me. For me, people who expect that, they don’t really know, artistically, who I am. If someone thinks that I will come here and do an oversize bomber with a GG monogram, it means they didn’t understand anything about my work until now.

WWD: Surely it’s early days but have you already considered Gucci’s lifestyle concept, the ultra-luxe Salons also part of the turnaround strategy?

D.: Yes, as the artistic director, you have to consider the full package, the visuals, and how we communicate with our customers in the store. I’ve been working and researching already since a couple of months. Obviously, it’s too early now, but we try as fast as we can. It’s also a big brand in which it’s very hard to change things from one day to another and we need to work it through. After my first show, the beginning of the Demna chapter, I think that will be the moment to talk about those things more broadly.

>>> Europe : Brokers Upgrades & Downgrades - 22nd of September 2025 V2(+)

>>> Up
* ABN Amro GDRs Raised to Overweight at Morgan Stanley
* Adecco Raised to Outperform at Bernstein; PT 27.50 Swiss francs (+)
* Ahold Delhaize Raised to Buy at Jefferies; PT 42 euros
* ASML Raised to Overweight at Morgan Stanley; PT 950 euros
* Barclays Raised to Neutral at Mediobanca SpA; PT 400 pence
* Barrick Mining Raised to Outperform at National Bank; PT C$51
* Better Collective Raised to Buy at Nordea; PT 200 kronor
* CA Immo Raised to Neutral at Van Lanschot Kempen; PT 23.50 euros
* Cameco Raised to Buy at President Capital Management
* Danske Bank Raised to Neutral at Mediobanca SpA; PT 297 kroner (+)
* Gentili Mosconi Raised to Buy at Equita; PT 3.80 euros (+)
* Jardine Matheson Raised to Outperform at Macquarie; PT $71.10
* Legal & General Raised to Outperform at BNPP Exane; PT 265 pence
* MFE Raised to Overweight at Barclays; PT 4.15 euros
* Mondi Raised to Buy at Investec; PT 1,300 pence
* National Bank of Greece Raised to Outperform at Mediobanca SpA (+)
* PSP Swiss Raised to Neutral at Van Lanschot Kempen
* SFS Raised to Outperform at ZKB; PT 138 Swiss francs (+)
* Swiss Prime Raised to Neutral at Van Lanschot Kempen
* Theon International Cut to Neutral at Stifel; PT 30 euros
* Ypsomed Reinstated Underperform at BNPP Exane

>>> Down
* Forsee Power Cut to Hold at TP ICAP Midcap; PT 41 euro cents (+)
* Fugro Cut to Hold at KBC Securities (+)
* HUTCHMED China ADRs Cut to Underweight at Morgan Stanley
* KH Group Oyj Cut to Reduce at Inderes; PT 52 euro cents
* Kosmos Energy Cut to Neutral at Goldman; PT $2
* Mo-BRUK Cut to Hold at Wood & Company; PT 321 zloty
* MOL Cut to Reduce at Erste Group; PT 2,715 forint (+)
* Norden Cut to Neutral at Clarksons; PT 250 kroner (+)
* OMV Cut to Hold at Erste Group; PT 46.10 euros (+)
* Safilo Reinstated Buy at Stifel; PT 1.70 euros
* SIG Group Cut to Hold at Bank Vontobel; PT 12 Swiss francs (+)
* Tate & Lyle Cut to Underweight at Morgan Stanley; PT 500 pence
* VW Cut to Underperform at Intesa Sanpaolo; PT 89.50 euros (+)

>>> Initiation
* EssilorLuxottica Reinstated Buy at Stifel; PT 305 euros (+)
* FastPartner Rated New Buy at Pareto Securities; PT 65 kronor
* Gerresheimer Reinstated Neutral at BNPP Exane; PT 44 euros
* Kering ADRs Rated New Neutral at BNPP Exane; PT $36
* Schott Pharma Reinstated Outperform at BNPP Exane; PT 25 euros
* Senior Rated New Buy at Peel Hunt; PT 225 pence
* Tin Inn Holding Rated New Buy at Baader Helvea; PT 14.50 euros

>>> Call