PARIS — One year into its turnaround under chief executive officer Luca de Meo , Kering is banking on creative director renewal to rev up demand amid a challenging global economic environment.

But with vacant designer spots to be filled at Saint Laurent and Alexander McQueen, rumors of another potential change at Balenciaga and questions about customer response to the new Gucci , investors are worried that creative churn will prove more of a challenge than an opportunity.

Kering ’s growth engine stalled in the third quarter, as Gucci struggled to gain speed amid a sector-wide slump in demand in China.

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The French luxury group said revenues for the three months ended Sept. 30 remained flat at reported exchange rates, totaling 3.35 billion euros.…