Following a triumphant year for one of the luxury conglomerate’s finest imprints, Kering CEO François-Henri Pinault stated, at Kering’s Annual General Meeting on Wednesday, that boundary-defying Balenciaga is set to break €1 billion EUR (approximately $1.12 billion USD) in revenue this year for the first time ever. The Demna Gvasalia-helmed house has seen immense growth in recent times, with Pinault noting that it’s the fastest-growing label on its roster of renown brands. In many senses, the rise is due to a growing amount of millennial youth and men, specifically, who’ve opened their wallets to participate in Gvasalia’s luxe streetwear vision.
The luxury fashion brand has maintained momentum since Demna took the reigns in 2015, flipping a variety of pop cultural cues into often outlandish staple pieces that have become tantalizing pieces of wearable art. With the newly revealed information, the brand follows Gucci and its €8 billion EUR (approximately $8.9 billion USD) in revenue last year, as well as Saint Laurent with €1.7 billion EUR (approximately $1.9 billion USD) and Bottega Veneta with €1.1 billion EUR (approximately 1.2 billion USD).
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- The Fashion Law