These are the stories making headlines in fashion on Friday.

Kering Shares Fall 12% on Sales Drop

Shares in Gucci owner Kering fell 12% Friday, as the company said it would continue its turnaround plan and speed up store closures. Gucci sales fell 6% in the third quarter. The larger luxury market is still struggling, as Hermès posted its weakest quarterly sales growth since 2020 and shares in LVMH slipped as oil prices rose and Chinese demand stayed weak. { Reuters /paywalled}

Gap Inc. To Receive Innovation Award

Gap Inc. will receive the fifth annual Innovation Award presented by Amazon Fashion at the CFDA Fashion Awards on Nov. 2 at the American Museum of Natural History. CEO Richard Dickson and Creative Director Zac Posen will accept the award, which recognizes Gap Inc.’s innovation across product, branding and storytelling.…