we will not repeat this year. We will be much more cautious.”
Pierpaolo Piccioli Named Balenciaga’s New Creative Director
On May 19, the fashion world was buzzing as former Valentino designer Pierpaolo Piccioli was officially announced as Balenciaga’s new creative director. With his debut collection for the Kering-owned brand set to be revealed in October, Piccioli expressed his excitement for the opportunity, stating, “Balenciaga is what it is today thanks to all the people who have paved the way. In all its phases, while constantly evolving and changing, it has never lost track of the House’s aesthetic values. What I am receiving is a brand full of possibilities that is incredibly fascinating.” After 25 years at Valentino, Piccioli left the Italian fashion house in March of last year, with his final collection for the brand being Fall 2024. He will be taking over for Demna Gvasalia, who will be leaving Balenciaga to head to Gucci after his final couture collection for the brand this July.
Nike Announces Price Increases in the US
In the midst of tariff uncertainties, Nike has officially announced that it will be raising its retail prices in the US in June, followed by wholesale prices in July. According to a report from Complex, Nike’s retail partners were informed of the news earlier this week. The price adjustments will range from $2 USD to $10 USD, with exceptions for certain products such as Jordan apparel and accessories, kids’ footwear and apparel, and footwear under $100. The new pricing strategy will go into effect on June 1, coinciding with the start of Nike’s new fiscal year.
Chanel Re-evaluates Pricing Strategy After Sales Decline
French luxury brand Chanel saw a decline in sales for the first time since 2020, with a 4.3% decrease to $18.7 billion USD and a 30% decline in operating profits to $4.5 billion USD in fiscal year 2025. In response, the brand is re-evaluating its recent price hikes, particularly on its classic handbags. CFO Philippe Blondiaux stated that despite the decline in sales, Chanel remains in a healthy position as it prepares for a rebrand under the artistic direction of Virginie Viard. Blondiaux also shared that the brand will be more cautious with pricing in the future, stating, “The average pricing effect we had for fashion was 3% last year, which I’m sure we will not repeat this year. We will be much more cautious.”
