Did you hear? Balenciaga tops Gucci

 

Did you hear? Balenciaga tops Gucci

Gucci is out ranked by Balenciaga according to the 'Kering's fastest-growing brand' 

It has been a well known fact the the millennial generation has increased the luxury-item business across all industries. However what has come as a surprise to many, was Balenciaga becoming the fastest-growing brand within the Kering Group. The Kering Group is a global luxury group that manages the development of a number of Haute Couture Fashion Houses. To name a few, the brands include Gucci, Saint Laurent, Bottega Veneta, Balenciaga, and Alexander McQueen. 

The Kering Group Business of Fashion reported that Balenciaga's Demna Gvasalia new streetwear-tinged label is now the fastest growing brand within the Group. The success of the Luxury Brand mainly is due to the millennial who now represent over a third of the luxury brand market according to Fashionista. The generation makes up about 60% of the brands clientele. Balenciaga's CEO Cedric Charbit told Fashionista that the brand has seen more than 100% growth in multiple categories including handbags, clothing, and footwear. Insights told HIGHSNOBIETY that Balenciaga will reach $1.18 Billion USD in annual sales for its fashion, shoes, and handbags.

However in comparison, Balenciaga out-ranked Gucci by 49% rise in sales between January and March. As mentioned earlier, Balenciaga has reached 100% increase in all areas of the brand. Along with their latest most popular item, the Triple S Sneakers that are dominating the market.

Credits:

Brannigan, Maura. "Balenciaga Is Growing Faster Than Any Other Kering Brand Right Now." Fashionista, Fashionista, 23 May 2018, fashionista.com

Sawyer, Jonathon. "Balenciaga Tops Gucci as Kering's Fastest-Growing Brand." Highsnobiety, Highsnobiety, 23 May 2018, www.highsnobiety.com