Piccioli at Balenciaga: Kering Stocks Remain Flat

The arrival of the Italian designer, who has kept a low profile since leaving Valentino in March 2024, marks a turning point for the fashion house, while his predecessor, Demna, has just been appointed at Gucci.

Former artistic director at Valentino, Piccioli made his mark with a contemporary and sensitive interpretation of the Italian fashion house's codes, combining stylistic rigour with personal commitment. His tenure was praised for his ability to combine heritage and innovation.

At Balenciaga, he takes over after ten years marked by Demna's radical aesthetic and unapologetic stance. It was an intense creative period, but also one marked by controversy, particularly in relation to the brand's communication. Kering now seems to want to refocus, reconnecting with the house's foundations while building a more measured narrative in line with new market expectations.

"I am taking over a house that is full of possibilities and absolutely fascinating. First and foremost, I would like to thank Demna, whose talent and vision I have always admired. I couldn't have dreamed of a better handover," said Pierpaolo Piccioli.

The Roman designer, known for his discretion and spectacular shows, had worked for years with Maria Grazia Chiuri, first at Fendi and then at Valentino. He took over as creative director of the latter in 2016.

This change comes at a tense time for Kering. In 2024, the group recorded a 12% drop in revenue to €17.2 billion, following a decline that began in 2023. Despite this announcement, Kering's share price remains stable at 174 euros, indicating a lukewarm reception from the markets.

Beyond creative renewal, Balenciaga will have to face structural challenges: a luxury market that is less sensitive to fashion trends and more attentive to issues of sustainability, ethics and brand consistency. These themes are already present in Piccioli's work, which could offer Balenciaga a new trajectory that is less spectacular but more accessible.