There’s a bit of a Kering subplot in the appointment too: in 2012, Valentino was acquired by Qatari investment fund Mayhoola for €700 million, per Reuters. Then, in July 2023, Kering announced the acquisition of a 30 per cent share in Valentino for a cash consideration of €1.7 billion. The deal includes the option for Kering to acquire the rest of the brand by 2028. At the time of the acquisition, when Piccioli was still at the creative helm, Pinault described Valentino as “a unique Italian house that is synonymous with beauty and elegance”. Valentino’s revenues in 2024 amounted to €1.3 billion, just slightly behind Balenciaga.
Kering doesn’t break down sales of its Other Houses division, which includes Balenciaga alongside brands like Alexander McQueen and Boucheron. According to Morgan Stanley estimates, however, Balenciaga sales hit €1.66 billion in 2024 (up from €360 million in 2015, when Demna took the creative helm). The controversy around two ad campaigns released in late 2022, which were seen as being suggestive of child sexual abuse, dealt a blow to brand revenue. Then followed the global luxury downturn. But a slow recovery appears to be underway: “Balenciaga delivered robust growth in leather goods, fuelled by the success of recently launched handbags, but the house is not immune to weak traffic conditions,” Kering CFO Armelle Poulou said during the group’s first-quarter earnings call. Balenciaga recently bolstered its management: it promoted Nathalie Raynaud, who was instrumental in the success of the house’s handbags like the Rodeo, as deputy CEO. CEO Gianfranco Gianangeli took on his role in January.
He appears to be a reassuring choice, which could benefit the group, especially after investors’ initial reaction to Demna at Gucci.
His first collection for Balenciaga will be presented during Paris Fashion Week at the spring 2026 shows, joining the lineup of designer debuts that includes Matthieu Blazy at Chanel, Duran…
