Millenials are the main driving force for the sales boom of Balenciaga, the ancient French fashion house with the fastest growth of the Kering Group after changing into a "trendy" brand.
Millenials (also known as Generation Y, born in the 80s and 90s) are nurturing, driving the growth of the entire field of high-end products, accounting for about one-third of the total revenue. This is why most brands like the Balenciaga brand are working hard to get their attention.
About Millenials is occupying a large segment of customers consuming high-end products. (Photo: hypebeast)
Men's fashion has never had such benefits as ready-to-wear and women's accessories, but in recent times, many brands, by focusing on offering youthful, comfortable items. More and more development of online sales, is starting to stimulate the growth of this always-shrinking fashion segment.
“About Millenials account for 60% of our revenue. For men, this is the fastest growing customer group, ”said the CEO of Balenciaga brand, Cédric Charbit, in a seminar held in Venise.
Balenciaga's new menswear campaign is focused and streetwear and young people. (Photo: @balenciaga)
The hundred-year-old brand, previously known for its high-end "sculpted" dresses by founder Cristobal Balenciaga, did not disclose the exact number of profits, but Kering Group's owner, Francois-Henri Pinault , said the company's annual sales, which include all its segments (fashion, shoes and book bags) combined, totaled about 1 million euros.
Despite being always in the shadow of his elder brother Gucci (two companies owned by Kering) with sales of 6.2 billion euros in 2017, Balenciaga is still the fastest growing company in the group for the past two years. Its sales surpassed the growth of 49% in sales of the leading Italian fashion house, recorded comparisons after the first quarter of 2018.
Under the direction of new Georgian creative director Demna Gvasalia, recruited since 2015, Balenciaga switched to a streetwear style, filled with logos, but still constantly experimenting with materials and textures to create avant-garde shapes with a futuristic vibe.
(Photo: @balenciaga)
According to Cédric Charbit, Balenciaga is seeing a huge growth, sometimes more than 100% in some areas and in all segments, from ready-to-wear handbags, to "Triple S" shoes. Famous, frantically sold for more than 700 euros.
"There was no dinner I was invited to without a father telling me to stop selling those shoes, it is becoming uncontrollable, people are spending too much money on Balenciaga , " Mr. Cédric Charbit confessed.
Balenciaga's Triple S shoes (Image: hypebeast)
Balenciaga especially attracts male customers, especially in the spending on luxury goods, mainly from Chinese customers. Elsewhere, some of its rivals, such as Louis Vuitton (LVMH Group), have recently replaced creative directors of ready-to-wear fashion for men.
Kering's chief financial officer, Jean Marc Duplaix, said in April that Balenciaga would expand its activities in men's fashion, without elaborating further.
(Photo: Balenciaga)
Source: vinatex.com.vn
