In 2001, Kering acquired the fashion house, and highly talented designers have succeeded Cristóbal Balenciaga — including Nicolas Ghesquière, Alexander Wang, and, in 2015, Demna Gvasalia.
Once an underground designer, Gvasalia managed to breathe new life into Balenciaga and contributed to its current success. The Georgian designer infused his streetwear sensibilities into the simple, straightforward cuts of Balenciaga’s designs.
The importance of shoes for balenciaga retail strategy
As described in the Retviews Luxury report, accessories and shoes are the first luxury gateways. They are also the most straightforward status symbols and are the articles with the best per-square-meter ratio of revenue generated.
So it comes as no surprise that Balenciaga, like its competitors, has a dominating share of accessories (including bags). However, what differentiates the French fashion house from its competitors is its high share of shoes compared with other high-end brands. In the graph below, we observe that Balenciaga dedicates almost 18% of its assortment to the footwear category, compared with only 10,2% at Prada.