Yesterday, Kering announced that Balenciaga is its fastest growing brand, beating out Gucci helmed by Alessandro Michele. Back in January, the French fashion conglomerate announced its move to focus on luxury fashion. According to Reuters, the significant revenue growth has been driven by millennial shoppers and male shoppers. No surprise there. Undoubtedly, the brand’s creative director Demna Gvasalia has shifted the designs towards producing streetwear-friendly pieces. Examples of this are the rise of Balenciaga’s Triple-S sneaker and its beloved, colorful logo handbags.
In a statement at a recent Financial Times conference in Venice, Italy, Balenciaga CEO Cedric Charbit pointed out that millennials represent 60-percent of revenue for the luxury fashion house. Charbit also shared that men and millennials are two of the brand’s fastest-growing categories. At the conference, he also noted that across categories, which include handbags and clothing, the brand has grown in profit by more than 100-percent.
Reuters also reports that the fashion house is on-target to reach £1 billion EUR (approx. $1.18 billion USD) in annual sales of its fashion, shoes and handbags by midterm.
For more business news, find out details on MATCHESFASHION’s massive revenue increase from last year.