THE BOMBASTIC BALENCIAGA
A Mix of Politics, Uniforms and Sheer Genius
Balenciaga is having quite the moment.
As younger fashion-conscious generations strive more and more to find pieces that make them stand out and feel special, Balenciaga has brilliantly seized on this shift. Once a rather fledgling brand in the Kering group, Balenciaga has shot back into the fashion conversation with a vengeance. According to businessoffashion.com, they were the 6th most buzzed about brand on Instagram last year, even though they aren’t even one of the top 10 most followed brands.
Kering’s current fashion darling, Gucci, attained a similar buzz after the appointment of Alessandro Michele as Creative Director in 2015. Gucci desperately needed a huge makeover, and Michele did just that and then some, turning the brand completely on its head. Sales were slow to take off at first due to the magnitude of stylistic change, but once it caught fire, Gucci literally burned the fashion world down. 2016 and 2017 were two of Gucci’s most profitable years ever as the entire world clamored for Michele’s latest creations. However, as of late, Gucci’s seemingly unstoppable momentum has started to slow, albeit very slightly, most likely due to Michele’s everything-plus-the-kitchen-sink approach to his designs. If you have one Gucci blazer with a million patches all over it, you don’t need another one, yet they still keep coming. Don’t get me wrong, Gucci is still wildly successful right now, but we are starting to see the first signs of brand fatigue, making the timing perfect for Balenciaga’s current rise.
Creative director Demna Gvasalia has masterfully taken Balenciaga’s codes and reworked & redefined them for a younger shopping demographic with money to spend. His engorged silhouettes and almost couture-like approach to streetwear (clearly evident in his S/S 2020 show, pictured here) has allowed him to do what countless other fashion houses can’t seem to grasp: establish a truly natural and authentic connection with the consumer.
We really started seeing this take effect in 2017, when Balenciaga took the top spot on the Lyst Index’s “Hottest Brands” ranking for both the 3rd and 4th quarters that year. Although Gucci took 2017’s top spot overall, the fact that Balenciaga edged out Kering’s Goliath for two back-to-back quarters is a huge deal, and this growth shows no signs of stopping.
Balenciaga is here to reclaim the throne, and the way things are going, they just might accomplish that soon. While Gucci continues to mine the same stylistic ideas collection after collection, Balenciaga is actually connecting with their clients. Who knows, maybe we’ll see the fashion house shoot to the stratosphere soon and finally have its “Gucci” moment. Gucci certainly knows what’s it like to be top dog, and Balenciaga is quite close to snatching that away. But hey, there’s room for everyone, I guess.
After all, sharing is Kering.
