Martine Rose Is The New Creative Director Of Balenciaga

Martine Rose is getting her flowers. The London-based designer, known for her beloved eponymous label, is the new creative director of Balenciaga, the company announced on Friday.

She was long tipped to take the helm at the French maison, having helped shape the brand’s Demna era as a menswear consultant from 2015 to 2018, just as he conceived its signature oversized clothes. Now, she is returning with creative control over the whole house, succeeding outgoing creative director Pierpaolo Piccioli, who departed on Thursday after just three seasons in the role. Rose will take on the role, based in Paris, effective 16 November. Rose will be the first female creative director at Balenciaga in its 109-year history.

“Balenciaga has always been a house of radical creativity, challenging conventions and redefining the boundaries of fashion. Martine Rose embodies this spirit with a fresh, fearless and deeply contemporary vision,” Kering CEO Luca de Meo said in a statement. “Her connection to the new generation and her instinctive understanding of culture bring a new dimension to the house. Her appointment reflects our ambition to keep Balenciaga at the forefront of innovation, creativity and culture.”

“Martine Rose is an extraordinary creative talent with a bold and highly distinctive vision,” Balenciaga president and CEO Gianfranco Gianangeli said. “Her ability to challenge conventions, reinvent silhouettes and bring an unexpected perspective to fashion resonates deeply with the spirit of innovation that defines Balenciaga. We are delighted to welcome her as creative director and look forward to this exciting new chapter for the house.”

Rose carries a lot of industry goodwill. Since rumours began swirling on social media about her appointment, scores of editors, stylists, influencers and celebrities rejoiced online. Her offbeat menswear, inspired by British subcultures from football casuals to rave kids, skinheads to reggae heads, has won the designer many fans since she launched her eponymous label in 2007. Not least Kendrick Lamar, who posted about Rose after she made looks for his Big Steppers tour in 2022: “Bucket list to work with Martine Rose…” he posted to his then-12 million Instagram followers, alongside a photo of Rose peace-signing into the camera. Other celebrity fans include Rihanna, A$AP Rocky and Timothée Chalamet, all of whom have been spotted wearing her oversized, sports-infused fits in recent years.

The Balenciaga appointment has come at a good time for the designer. She has faced major challenges at her eponymous label in recent years, since selling a 60 per cent stake in the business to incubator Tomorrow Ltd in 2023. Rose was in a dispute with Tomorrow Ltd over the handling of her brand, which became apparent when she announced she would not produce her autumn/winter 2026 collection in March. Tomorrow released a counter statement, and ultimately, as major shareholders of the brand, they were able to produce the collection, despite Rose’s announcement.

Shortly after, in March of this year, Tomorrow sold Rose’s brand to Italian company The Level Group (Paris label Coperni was also bought by The Level Group, and the founders announced this week that they will shutter the brand). Rose has not staged a fashion show since spring/summer 2026 last June.

Another designer in the Tomorrow/The Level Group’s stable, Charles Jeffrey, posted a video online on 26 October, explaining how thrilled he would be if the Martine X Balenciaga rumours were true. “She would be so incredible in the role because she speaks to a community that doesn’t see themselves in the [luxury] space,” he says, “and she does it with such warmth.”

In his ReconKering turnaround plan, Kering CEO Luca de Meo explained that he sees Balenciaga as a house for Gen Z. “Balenciaga is one of the brands that better understands the vibes of the new generation,” he said during the group’s Capital Markets Day in April. Rose also understands those vibes. From her signature entry-level T-shirts, spotted frequently in the Vogue and GQ offices, to her longstanding tie-in with Nike, including the popular Shox mules, Rose knows how to make a hit item that chimes with Gen Z. As the luxury industry grapples with the loss of the aspirational shopper, her high-low approach could be a boon to Balenciaga, as it tries to recapture its young Demna-era fans.

Balenciaga’s menswear business was a big opportunity under Demna, so Rose – best known for her men’s – is well placed to continue that trajectory. De Meo also plans to double Balenciaga’s women’s ready-to-wear by 2030, which will be a task for Rose, as she gets used to the new development capabilities of a major house. She doesn’t have the couture experience of a big-name designer like Piccioli. That said, many women already wear her men’s looks, and she has amped up her womenswear output in recent years, creating co-ed collections since 2023. Accessories will be another focus: de Meo added that leather goods continue to become Balenciaga’s most powerful growth engine (led by its Rodeo and City bags); the goal is to further accelerate the leather goods business by 2030.

"It is a true privilege to be appointed creative director of Balenciaga, a house with an extraordinary heritage and a fearless creative spirit,” Rose said. “Balenciaga has been shaped by remarkable creative talents before me. I am committed to honouring this legacy and look forward to creating the next chapter in this rich and beautiful story.”

Rose’s appointment is part of a wider shake-up at Kering, including Anthony Vaccarello’s exit from Saint Laurent, and Seán McGirr’s departure from McQueen. Their successors are yet to be announced, but many of the names swirling around both roles are women, meaning that by the end of the year, Kering could be a conglomerate with majority-women creative directors.

Pierpaolo Piccioli and Balenciaga Part Ways

Pierpaolo Piccioli is stepping down as creative director of Balenciaga, parent company Kering announced on Thursday. The new creative direction of Balenciaga will be announced shortly, the release said.

“Pierpaolo is an exceptional couturier and creative talent for whom we have the greatest respect,” Kering CEO Luca de Meo said in a statement. “Our ambition is to build on Balenciaga’s avant-garde spirit, honour its remarkable heritage and continue to push creative boundaries, further establishing the house as a powerful and relevant voice.”

“We are deeply grateful for Pierpaolo’s contribution to Balenciaga,” Balenciaga CEO Gianfranco Gianangeli said. “Through his vision, he reaffirmed the couture origins of the house, bringing his considered approach to craftsmanship, construction and creativity. I would like to sincerely thank him for his dedication, generosity and collaboration.”

Piccioli’s appointment at Balenciaga in May 2025 came a year after the Italian designer exited Valentino, where he spent 25 years. His appointment at Balenciaga became effective in July 2025, following the final couture show of his predecessor, Demna.

Piccioli’s first collection for Balenciaga was presented during Paris Fashion Week last October as one of more than a dozen designer debuts for the Spring 2026 season. Piccioli’s star-studded show – which even brought out Meghan Markle for the occasion – was staged at the Kering headquarters inside the historic Laennec landmark and drew on founder Cristóbal Balenciaga’s rich archives with a more proper approach than Demna. Homages to the latter came in the form of oversized glasses, a bomber jacket turned into a leather bubble, and an enormous white shirt so voluminous it extended into a train. It received measured praise.

The reception to his sophomore show in March was more mixed. “Piccioli’s significant talents have always included the ability to spread joy and delight through his exuberant colour sense and love of women’s intellect. It didn’t show up in the dark this season, but he should know the fashion world still craves to see it,” Vogue Runway’s Sarah Mower wrote. His mastery of colour came through in his debut couture show for Balenciaga in July.

In her review of his spring/summer 2027 show in October, Mower wrote: “He’s needed to figure out where he stands between the monumental Cristóbal couture legacy and the monumental Demna social satirist street-style legacy, and to do so in real time. That’s no easy task for anyone, no matter how experienced they may be.” She added: “There were many other moments where Piccioli asserted his own identity... That’s what it felt like anyway, especially for evening.”

Celebrities embraced the couture flourishes of his designs, starting with Meghan Markle’s surprise appearance in a custom ivory ensemble at his debut show. Red carpet moments included Ariana Grande’s pink gown, Rosalía’s low-rise maxi skirt and Demi Moore’s Cannes closing look.

Parent company Kering doesn’t break out sales of individual houses, except for its biggest brand, Gucci, but according to Morgan Stanley estimates, Balenciaga sales hit €1.47 billion in 2025, down from €1.65 billion a year earlier. This comes after the house saw significant growth in the 10 years since Demna took the creative helm, with sales of €360 million in 2015.

In Q1 2026, the group said that “Balenciaga delivered another quarter of growth, supported by sustained demand in leather goods.” However, in Q2, the group said that “Balenciaga faced a more challenging quarter.” The third quarter was also “challenging” for Balenciaga, according to Kering CFO Armelle Poulou. “ Balenciaga is seeing very good results on the leather goods, with the City and the Rodeo, and we just launched a new bag, Hourglass Avenue, that has a very good start. And at the same time, it’s suffering on ready-to-wear and shoes, where we need to focus on introducing new lines and new products.”

Asked at the time to confirm that Piccioli was staying at the creative helm of Balenciaga, she “declined to comment on rumours”.

Piccioli took on the role just two months before de Meo became CEO of Kering and set a new roadmap for the group, including a new strategy for Balenciaga.

“Balenciaga is one of the brands that better understands the vibes of the new generation,” de Meo said at Kering’s Capital Markets Day in April 2026. The goal is also to double women’s ready-to-wear by 2030, further accelerate the leather goods category by 2030, and double business in the Americas by 2030.

Kylie Jenner Debuts On The Victoria’s Secret Runway In Its $50 Million Fantasy Bra

For the return of Victoria’s Secret’s pricey and gemstone-encrusted Fantasy Bra – the first time the brand has put it on its runway since 2018 – Team VS needed a model who is not merely of the moment, but transcends it. They got just that with Kylie Jenner, the reality TV star-turned-beauty entrepreneur, who, with 380 million Instagram followers, is one of the most popular personalities on the platform. Jenner, 29, stepped out onto the catwalk wearing a gauzy miniskirt, clear heels and white feathered wings – but it was ultimately the Fantasy Bra that was the centre of attention.

To mark its grand return, the brand pulled out all the stops with the bra itself, revealing a design that features 4,410 natural diamonds surrounding a 75.54-carat radiant-cut Fancy Vivid yellow diamond. It took 15 craftspeople more than 1,000 hours to build it, and the finished product weighs just under four pounds. The total cost? A whopping $50 million, the highest price (by some $35 million) for a Fantasy Bra to date.

“A big idea for the show was fandomonium,” says Adam Selman, chief creative officer at Victoria’s Secret. “And the Fantasy Bra was one of the things that was requested the most from last year’s show. So we thought, OK, how do we do this in a really fun, excessive way? Because that’s what it is: a truly excessive piece of jewellery and artistry. It’s almost museum quality.”

“Kylie really extends beyond fashion, beyond culture, beyond TV, beyond one singular thing,” he continued. “That’s the exact same thing that we do. Like, the show is so big, it’s true entertainment, and I think that she is a great catalyst for that. She’s really created her own culture, which – how many people can say that?”

To help make sure the bra was loaded up with an appropriately impressive amount of glittering cabochons, Selman brought on a longtime stalwart of the jewellery trade, Jacob Arabo of Jacob & Co. “Victoria’s Secret represents confidence, beauty and the freedom to express yourself,” Arabo said in an interview. “They built a brand that became part of American culture and changed the way people looked at the lingerie category. That’s what makes American fashion so special. There is this freedom to dream big, take risks and create something that has never been done before.”

When Victoria’s Secret approached Arabo, it was an immediate “yes” for the designer, who has made baubles for everyone from Madonna and Rihanna to Elton John and Victoria Beckham. “Victoria’s Secret took something as simple as a bra and transformed it into a piece of high jewellery,” he said. “Nobody was doing anything like that at the time. It brought together two worlds – fashion and high jewellery – in a way I had never seen before.” Arabo said he studied previous versions to see how he could evolve the concept. “My vision,” he said, “was to create a piece of high jewellery that could be worn as a bra. No fabric, only gold and diamonds.” Those 4,400+ diamonds were rendered in seven cuts – angel, heart, pear, marquise, oval, radiant and round brilliant – and used four setting techniques meant to enhance the diamonds’ brilliance.

The Fantasy Bra has a long history, stretching back 30 years. The tradition began in 1996, when the debut style was worn in a print magazine ad by Claudia Schiffer and cost $1 million. Other highlights include 1999’s Millennium Bra, which was priced at $10 million and worn by Heidi Klum; 2000’s $15 million Red Hot Fantasy Bra, worn by Gisele Bündchen (the most expensive until this year’s); and the last Fantasy Bra, the Atelier Swarovski Fantasy Bra, which cost $1 million and was worn by Elsa Hosk in 2018.

Seán McGirr Departs McQueen

McQueen creative director Seán McGirr is leaving his post at the Kering-owned house after three years.

“I would like to thank Seán for his contribution and dedication to Alexander McQueen,” Kering CEO Luca de Meo said in a statement on Thursday. “Our ambition is to establish a bold new direction for the house, building on its unique heritage of exceptional tailoring, uncompromising creativity and rebellion to reaffirm its position as one of the most innovative and culturally relevant voices in luxury.”

“I want to thank Seán personally for everything he has brought to Alexander McQueen,” McQueen president and CEO Gianfranco D’Attis said. “Over the past three years, he has approached the house with great respect for its history while expressing his own vision. His talent and passion have helped us reconnect Alexander McQueen with London, its culture, and its extraordinary creative energy. I am deeply grateful to Seán and to the teams for their commitment, creativity and contribution to the house.”

The house will soon announce its new creative leadership, according to the release. The new creative director will make their debut in London, where the house relocated its shows for spring/summer 2027. “We are very much committed to showing in London from here on,” D’Attis told Vogue Business in September.

McGirr was appointed creative director of McQueen in October 2023. Before that, he was head of ready-to-wear at JW Anderson. His CV also includes roles as women’s designer for Dries Van Noten, as well as positions at Uniqlo and Burberry.

At McQueen, McGirr stepped into the shoes of Sarah Burton, who spent 26 years at the brand and 13 as creative director, earning plaudits for balancing the brand’s couture ethos with a strong ready-to-wear offer. McGirr’s work was rooted in legacy, with a younger attitude.

His debut show for Alexander McQueen took place in a warehouse space on the outskirts of Paris, evoking “the rawness of the original venue, a derelict rave warehouse in London’s Kings Cross where McQueen had shown The Birds,” Vogue.com’s chief critic Sarah Mower wrote. His collection, which included exaggerated neck knits, shearling jackets and jet-beaded pantsuits, met with skepticism, straying far from Burton’s work and aiming for a younger audience with a less tailored silhouette.

His second show, staged at the École des Beaux-Arts, was “more cohesive and more commercially viable,” Vogue Runway and Vogue Business global director Nicole Phelps wrote.

His SS27 collection, presented in the undercroft of Lincoln’s Inn Chapel in London beneath the Gothic ceiling, embraced darkness through closed-over shoulders built to resemble furled angel wings, classic gowns with anarchic enhancements and twin-peaked hairstyles.

McGirr stated on Thursday: “My vision for Alexander McQueen was grounded in the interplay between raw, visceral, human beauty and the precision and rigour at the heart of the house. I am incredibly proud of the progressive energy we cultivated as a team, anchoring our creativity in contemporary culture, and seeing it resonate with the most forthright, expressive figures across art, music, cinema and more.”

The news of his departure comes as McQueen underwent a restructuring earlier this year that involved job cuts and executive changes. At Kering Capital Markets Day that took place in Florence on 16 April, De Meo spoke about a go-forward strategy for McQueen that includes 50 per cent fewer stores by the end of 2026 (compared with the end of 2025) and rightsizing all functions.

“ One of the problems of Kering was that we were treating all the brands the same way, independently of the nature of the brand itself,” de Meo told reporters at the group’s Capital Markets Day. “You take a brand like McQueen, which is by nature a very niche, edgy, avant-garde [house]. And then you start opening shops and doing accessible products. This is not McQueen. I need to go back to the source of McQueen, which is occasion wear, tailoring, gowns, some funky accessories etc.”

He added that it is about finding the right structure to enable McQueen to sustain a more limited business scope by leveraging synergies with the group. “I probably need to structure within Kering, a platform that is more adapted to accommodate brands below 300 million in turnover because we have been relatively bad at integrating small brands,” he said.

Kering doesn’t break down sales of individual houses except Gucci, but according to Bernstein estimates, the house generated less than €200 million in 2025, down sharply from a peak of €850 million during the post-pandemic luxury boom in 2022/2023.

During the group’s H1 earnings call at the end of July, de Meo said that McQueen is “executing its transformation plan focused on simplification and operational discipline,” noting that it closed 20 stores in the first half.

Kering is to publish its third-quarter earnings on 22 October. Creative changes are likely to be on the agenda of the earnings call as Saint Laurent, the second largest house in Kering’s portfolio, has yet to appoint a new creative director following the departure of Anthony Vaccarello after a decade at the helm.

“I leave with profound gratitude for the dedication of the studio and atelier, and craftspeople. I look forward to my next chapter and wish the house every success,” McGirr also said in Thursday’s statement.

Veronica Leoni Exits Calvin Klein After Four Seasons

Veronica Leoni is leaving Calvin Klein after four seasons, the company announced on Thursday. A successor has not yet been named, but the brand said in a statement it will announce its new creative leadership for its Collection line in due course.

“I want to thank Veronica for her creative vision, commitment and partnership over the past two years,” said David Savman, global brand president, Calvin Klein. “Reintroducing Collection was a significant milestone for Calvin Klein, and Veronica’s exceptional talent and fresh perspective on Calvin’s iconic design codes helped build meaningful momentum for Collection. Collection remains an important part of our brand; we are excited by the progress to date and look forward to its continued evolution.”

Leoni was appointed creative director of Calvin Klein Collection in May 2024 and made her debut at New York Fashion Week in February 2025 for the autumn/winter 2025 season. The show marked Calvin Klein’s return to the runway after a seven-year absence. Leoni’s fourth and final collection for Calvin Klein debuted in September 2026. The brand said that Collection “remains an important part of Calvin Klein’s long-term strategy and the pinnacle expression of the brand”.

Leoni was hired by former Calvin Klein president Eva Serrano, who departed the brand in May 2025, just three months following Leoni’s debut. Leoni – the first woman to lead the New York fashion house – came bearing experience working with European labels including Jil Sander, Phoebe Philo’s Céline, Moncler and The Row. She also had her own label, Quira, which was put on pause after she took the Calvin Klein job. Leoni’s first show became one of the most anticipated for New York fashion in recent years, but after a few seasons, critics decided her work was overcomplicated for a brand best known for its minimalist ’90s aesthetic and blue jeans. Her most recent collection was a step toward simplification, and became her most well-received of her four seasons at the brand. Her departure makes her the latest in the designer revolving door and leaves open yet another vacancy fashion is sure to speculate over.

Calvin Klein Collection, the brand’s luxury tier, has had two other creative directors since its founder retired in 2003: Francisco Costa and Raf Simons. Simons, who was chief creative officer from 2016-2018, reimagined the collection as Calvin Klein 205W39NYC; after his departure, the brand stepped back from the runway.

Calvin Klein sales fell 7 per cent year over year in Q2, which PVH reported in July. PVH CEO Stefan Larsson, who’s overseeing a broader PVH+ Plan to steer Calvin Klein and Tommy Hilfiger into modernised lifestyle companies, said last September that the goal for Calvin Klein Collection is to be “the ultimate expression of the brand”, which is otherwise known for its celebrity-fronted denim and underwear campaigns. We’ll have to wait and see where it fits into PVH’s bigger plans without Leoni. As for Leoni, maybe Quira will get another go.

Anthony Vaccarello Bows Out at Saint Laurent

That golden goodbye has been made official: Anthony Vaccarello is stepping down as creative director of Saint Laurent, the house announced today. Saint Laurent will announce its new creative leadership soon.

Luca de Meo, CEO of Kering, said: “I would like to express my sincere gratitude to Anthony for his contribution to Saint Laurent over the past 10 years. Through his creative vision and exacting standards, he has contributed to strengthening the enduring influence of one of France's greatest couture houses, as we embark on a new chapter in its history.”

In her Vogue Runway review of what was today confirmed as the designer’s final show at the house last week in Paris, Nicole Phelps wrote that Vaccarello “is as strong-willed as he is soft-spoken, a designer resolutely unwilling to bend to trends, and just as firm in his disregard for the democratisation of fashion that is one of the dominant storylines of the season.” She concluded it, presciently, with the Robert Frost line: “Nothing gold can stay.”

Cedric Charbit, president and CEO of Saint Laurent, said: “I would like to warmly thank Anthony for his ten years of dedication to the house. During his tenure, Anthony took Saint Laurent on a remarkable trajectory, elevating the house to the forefront of desirability and image, while accomplishing exceptional work both creatively and through his cultural impact.”

Today’s announcement ends a tenure whose timescale and success few would have bet on when it began in April 2016. Vaccarello was 36 when then-Saint Laurent CEO Francesca Bellettini appointed him as creative director just four days after Hedi Slimane’s departure.

At the time, Vaccarello was well regarded in the industry, following his sensually powerful output as creative director of Versace’s second line, Versus, which he had overseen since 2015 and collaborated with since 2013. From 2009, he also led his small but growing eponymous label, which he closed after taking the YSL job. Another feather in his cap was his win at the 2011 edition of the Andam Fashion Award, then under the presidency of Yves Saint Laurent co-founder Pierre Bergé.

Under Slimane’s four-year tenure as creative director, YSL brand revenue rose from €354 million in 2011 to €974 million in 2015: in business terms alone, Slimane’s seemed like huge Chelsea boots for Vaccarello to fill.

In extremely short order, the Belgian designer filled them and more, cresting the wave of growth that swelled across luxury between 2016 and 2023 (via the Covid slump). On his watch, Saint Laurent revenues more than tripled to €3.3 billion in 2022. Covid slump). Of that revenue, a sliver more than 30%, or €1.019 billion, was recurring operating income. Kering’s full-year 2025 figures place Saint Laurent’s value at €2.6 billion.

Vaccarello carved that path to success partly through a mix of progressive creativity drawn from his upbringing in Brussels and education at La Cambre, and an instinct for the provocatively propulsive that he inherited from his Sicilian parents. As he told Vogue Australia in 2015: “I have the Belgian way to construct clothes, to be more into construction and deconstruction of clothes, and maybe my Italian side is the sexy side.”

Another key factor was his image-making, whose aperture widened YSL’s scope beyond Slimane’s brilliant signature subcultural documentarianism to reinstate Yves Saint Laurent as the most quintessentially Parisian modern fashion house of all. His first Trocadéro show with the Eiffel Tower as its backdrop was Vogue Runway’s most-viewed of the season. From Fall 2019, Vaccarello’s collections began not only to recall Saint Laurent’s gestures, but to expand upon and modernise them — testing the extremes of the founder’s silhouettes and codes to generate almost unbearable visual tension.

That trajectory reached its conclusion with Vaccarello’s Spring 2027 show on September 29, staged 10 years and two days after his Saint Laurent debut. Beneath the Eiffel Tower and three towering candlelit chandeliers, he presented 49 looks in shades of gold before closing with 10 in black. Sahariennes, trenches, pencil skirts, brocades and evening dresses revisited the house vocabulary with the amplified rigour that had become Vaccarello’s signature. The colour sequence inverted the finale of Yves Saint Laurent’s Fall 1991 Rive Gauche collection, which had ended in gold: it was a fade to black.

Even before the show began, it had the atmosphere of a valedictory: his departure has been rumoured since the summer. Vaccarello unusually declined preview interviews, instead offering black calla lilies with a note describing the collection as personal and emotional. Miles Davis’s soundtrack to Louis Malle’s Elevator to the Gallows played before; at the finale, Charlotte Gainsbourg appeared for a surprise performance. Vaccarello came out surrounded by his models, then crossed the catwalk to hand something to his son: many (mis)interpreted the gesture as handing over the keys of the house. Whatever the detail signified, this was his final bow for Saint Laurent.

During his decade at the house, Vaccarello’s conduct both reflected and amplified some of the patterns first sketched by the house’s great founding designer. Where Yves Saint Laurent had designed the costumes for Catherine Deneuve in Belle de Jour, Vaccarello conceived the house’s launch of Saint Laurent Productions in 2023: its output has included double Oscar winner Emilia Pérez and Paolo Sorrentino’s Parthenope. And just as Saint Laurent both supported and was supported by a close coterie of women including Deneuve, Loulou de La Falaise and Betty Catroux, Vaccarello’s 21st-century generation of Saint Laurent women includes Anja Rubik and Charlotte Gainsbourg.

In 2018, Vaccarello told Vogue: “Everyone has a vision of what they think Saint Laurent should be, and that’s something I knew when I started. I knew that whatever I did, some people would love it and some would hate it. It was the same with Hedi, and Stefano [Pilati] before him. I’m fine with it. In fact, I kind of love it.”

That observation also applied to Tom Ford, who had designed Yves Saint Laurent’s ready-to-wear between 2000 and 2004, following Gucci Group’s acquisition of the house in 1999 for a reported $1 billion. By the time Vaccarello arrived, Yves Saint Laurent had been under the operational control of CEO Francesca Bellettini since 2013 — the same year Gucci Group, later PPR, was rechristened Kering.

Following Yves Saint Laurent’s peak financial performance in 2022, it endured three years of declining revenues, to €2.64 billion in 2025, and a contraction in operating margin from 30.9% to 20%. Much of this, however, was attributable to both the wider decline across luxury and to YSL’s aggressive 2023 repositioning away from wholesale. Vaccarello’s collections, meanwhile, became ever more uncompromisingly distinct in their interpretation of Yves Saint Laurent’s revolutionary template.

Bellettini, now president and CEO of Gucci, was succeeded at Yves Saint Laurent by Cédric Charbit in early 2025. Charbit, like Bellettini, is a star of Kering’s C-suite, having surfed that same wave of luxury growth alongside Demna as CEO of Balenciaga from 2016. Before then, he was executive vice president in charge of product, retail merchandising and communication at Yves Saint Laurent, where he overlapped with Vaccarello for the first few months after the designer’s arrival.

This May, speaking to the Financial Times, Charbit observed of luxury’s stuttered boom: “The industry’s growth has been extraordinary but not sustainable.” Despite this, under Group CEO Luca de Meo, Kering is applying intense pressure to itself in order to reassert an upward trend in performance and value: in April, de Meo stated that by 2030, YSL is targeting a more than doubling of its menswear sales, a tripling of its jewellery sales, a doubling of its VIC sales and a minimum of €500 million of sales in its entry-price categories. Meeting these targets will now fall in part to whoever is appointed Vaccarello’s successor.

Vaccarello, meanwhile, has already hinted that his any moves might take him beyond fashion. While speaking with Pamela Golbin for the entertainment title The Wrap in 2024, he was asked what could follow his time at Yves Saint Laurent. He replied: “It’s complicated because just being here is already a dream. Saint Laurent, for me, is the most beautiful house, the Holy Grail of houses. What can top that? The only thing you can do is to start something completely different… We need to aspire to new dreams that I don’t necessarily have yet.”

Now aged 46, Vaccarello has plenty of time to formulate those dreams — and to savour his achievements during his decade-long service as custodian of Parisian fashion’s “Holy Grail”.

Exclusive: Donatella Versace Is Back With A New Brand

Here’s a scoop to get tutto il mondo talking at Milan Fashion Week: Donatella Versace is back in the creative driver’s seat. Together with Los Angeles’s Revolve Group Inc., Versace is announcing a new joint venture encompassing beauty and fashion – “an independent venture reflecting Donatella’s personal creative vision,” the press release clarifies, “designed around how a new generation discovers style, experiences culture, shops, shares, and connects.”

Amid a brand repositioning orchestrated by Versace’s then-owner Capri Holdings in March 2025, Versace stepped down as chief creative officer of Versace, a position she held for nearly 30 years after the death of her brother in 1997. She was subsequently appointed Versace’s chief brand ambassador. In the interim, Versace was acquired by Prada Group last December, and the designer who stepped into her shoes, Dario Vitale, was replaced after one season by Pieter Mulier.

At 71, Versace’s appeal very much crosses generations. With 12.2 million followers, she’s one of the most popular designers on Instagram, and her persona resonates offline as well. Her cameo in The Devil Wears Prada 2 was a callback to the 2001 original, when Miranda Priestly urges a stranded Andy Sachs to “call Donatella. Get her jet.” IRL, a string of A-listers have worn her vintage designs on the red carpet this year, from Zendaya on the Spider-Man: Brand New Day circuit in a webby 2016 Atelier Versace dress, to Miley Cyrus in 2015 Atelier Versace at her Hollywood Walk of Fame ceremony, to Jennifer Lopez in 2004 Atelier Versace at the Office Romance premiere. And who was the woman behind the plunging 1999 Versace number Lopez wore to the Grammys, celebrated as the dress that launched Google Image Search? Donatella, of course.

The new deal with the California-based fashion and lifestyle retailer Revolve will tap into that renown. “Revolve understands something I believe deeply: culture comes from connection,” Versace says. “Together, we want to create that connection with a new voice, a new look, and a new energy.”

Revolve Group was founded by Michael Mente and Mike Karanikolas in 2003 and has grown its online offering to encompass 1,600 brands across two platforms, Revolve, which is dedicated to established labels, and Fwrd, which showcases emerging ones. The company reported $1.23 billion in total revenue in 2025 and made a splash by announcing a joint venture with pop star Cardi B, which marked its entry into the beauty category, and another with influencer Sofia Richie Grainge. “By combining Donatella’s creative authority with Revolve’s technology, infrastructure and global reach, we have an opportunity to create something genuinely distinctive – and build it for the long term,” Karanikolas, co-founder and co-CEO, says in the release.

The brand will launch across the United States, Latin America, Asia-Pacific and the Middle East. The first products are expected to be introduced in 2027 together with a name reveal. The scope and ambition of the project are significant and will include entertainment beyond the runway. Says Versace: “I believe creativity should be fearless, inclusive and alive in the world. I have always been inspired by the next generation, in music, film, art and, of course, fashion. This partnership gives me the freedom to speak to that generation in a completely new and personal way, through beauty and fashion.”