Pierpaolo Piccioli discusses his appointment in Balenciaga

Introduction to Kering’s New Appointment

Kering has made a significant move in the fashion industry with the appointment of a new creative director. This decision has been met with interest, particularly given the company’s recent acquisition of a 30 percent share of Valentino for 1.7 billion euros, with the option to acquire the rest of the brand by 2028.

Background on Valentino’s Acquisition

In 2012, Valentino was acquired by the Qatari Investment Fund Mayhoola for 700 million euros. At the time of Kering’s partial acquisition, Valentino was described as "a unique Italian house that is synonymous with beauty and elegance." Valentino’s turnover in 2024 was 1.3 billion euros, placing it just behind Balenciaga in terms of revenue.

Balenciaga’s Performance

Balenciaga, another house under Kering, has seen significant growth, with its turnover reaching 1.66 billion euros in 2024, compared to 360 million euros in 2015. Despite facing controversy over two advertising campaigns in 2022 and the subsequent global luxury desolation, the brand is showing signs of slow recovery. The success of its recently launched handbags has contributed to this growth, making the brand’s leather goods a key area of focus.

New Leadership at Balenciaga

The appointment of a new creative director is seen as a calming choice for the group, especially following the initial reaction of investors to changes at Gucci. The new director’s first collection for Balenciaga will debut during the Paris Fashion Week spring shows in 2026. This collection is anticipated to interpret the legacy of Cristóbal Balenciaga while building on the house’s courageous creativity and strong culture.

Future Outlook

The new creative director expressed readiness to start this new chapter, indicating a sense of anticipation and eagerness to contribute to Balenciaga’s future success. With the specialist knowledge of the brand’s teams and the dynamic creative energy that has historically driven the house, there is optimism about what the future holds for Balenciaga under its new leadership. The combination of the director’s creative vision and the brand’s rich inheritance is expected to thrive, leading to exciting developments in the world of fashion.