To little surprise, Balenciaga is now the fastest-growing brand within the Kering group. According to Business of Fashion, millennials are largely responsible for “fueling growth across the luxury goods industry, accounting for about a third of global sales.”
“Millennials represent 60 percent of what we sell. Together with men, these are growing faster than any other (category),” says Balenciaga chief executive Cedric Charbit.
And while the fashion house does not provide breakdowns for its earnings, Kering’s Francois-Henri Pinault insists Balenciaga will reach $1.18 billion USD in annual sales of its fashion, shoes, and handbags in the medium-term.
In comparison, Gucci profited from 6.2 billion euros in revenue in 2017, but over the past two quarters, Balenciaga has been Kering’s fastest-growing brand, outdoing Gucci’s 49 percent rise in sales between January and March.
Balenciaga is currently experiencing more than 100 percent growth in nearly all categories, from handbags to clothing, all while being well known for the ever-popular Triple S sneakers.
“There’s not a dinner I go to where a father or someone (doesn’t) say ‘stop releasing these shoes, it’s out of control, we spend too much money at Balenciaga’, which I’m very happy with,” Charbit added.
For more on Balenciaga’s recent dominance, visit Business of Fashion.
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