Designer Olivier Rousteing Leaves Balmain After 14 Years Fusing Couture Craft With Pop-Era Bravado

French fashion designer Olivier Rousteing acknowledges the audience at the end of the Balmain show as part of the Paris Fashion Week Womenswear Spring/Summer 2024, in Paris on September 27, 2023. (AFP)
French fashion designer Olivier Rousteing acknowledges the audience at the end of the Balmain show as part of the Paris Fashion Week Womenswear Spring/Summer 2024, in Paris on September 27, 2023. (AFP)
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Designer Olivier Rousteing Leaves Balmain After 14 Years Fusing Couture Craft With Pop-Era Bravado

French fashion designer Olivier Rousteing acknowledges the audience at the end of the Balmain show as part of the Paris Fashion Week Womenswear Spring/Summer 2024, in Paris on September 27, 2023. (AFP)
French fashion designer Olivier Rousteing acknowledges the audience at the end of the Balmain show as part of the Paris Fashion Week Womenswear Spring/Summer 2024, in Paris on September 27, 2023. (AFP)

Designer Olivier Rousteing is stepping down as creative director of the Balmain fashion house after 14 hugely visible years in which he fused the rigor of Parisian tailoring with a digital-age sense of celebrity, he announced Wednesday.

“Today marks the end of my Balmain era,” Rousteing, 40, wrote on Instagram. “What an extraordinary story it has been — a love story, a life story ... I will always hold this treasured time close to my heart."

Balmain confirmed Rousteing's departure and said in a statement that a new creative direction would be announced “in due course.”

“Throughout his remarkable 14-year tenure, Olivier’s visionary approach and creative brilliance propelled Balmain to unprecedented heights," the label said.

Rousteing, who became creative director in 2011 at age 25 after two years at the label, spent his tenure reviving a once-sleepy fashion house with a mix of couture craft and pop-era bravado.

He transformed Balmain into a headline-generating brand with a vision built on sequins, power shoulders and social media muscle, reframing French luxury for a generation raised on Instagram.

Under Rousteing, Balmain became as much about community as clothing. He cultivated what he called the “Balmain Army" — a loyal circle of models and stars including Rihanna, Beyoncé and Kim Kardashian — which embodied the glamour and visibility he championed.

Runway shows became pop events, blurring the line between fashion show and stadium concert. The designer’s inclusive casting and celebration of diversity helped redefine the image of a Paris house often associated with old-world exclusivity.

Born in Bordeaux and adopted as an infant, Rousteing later learned that his biological parents were of Somali and Ethiopian origin — a revelation that he said deepened his sense of identity and creative mission. His collections often wove references to heritage, resilience and belonging, offering a modern counterpoint to the Eurocentric codes that once dominated French couture.

That personal resilience was tested again in 2020, when a fireplace explosion in his Paris home left him with severe burns across much of his body. Rousteing kept the accident private for nearly a year, designing in bandages while concealing his injuries from the public eye. When he revealed the ordeal on Instagram, posting an image of his scarred torso, the gesture was both raw and defiant — a reminder that vulnerability could coexist with glamour.

The designer’s candor about his trauma and recovery further humanized a figure once seen as fashion’s ultimate showman. In interviews, Rousteing said the experience stripped away fear and reinforced his belief in honesty and transparency. His subsequent collections, notably the Spring 2022 show marking Balmain’s 10th anniversary under his direction, were suffused with themes of healing, strength and rebirth, with corseted silhouettes and bandage motifs doubling as symbols of survival.

“Like every story, this one also has an ending,” Rousteing wrote on Instagram Wednesday. He thanked his team and colleagues, but did not say what his next step will be.

“Today, I leave the House of Balmain with my eyes still wide open — open to the future and to the beautiful adventures ahead, adventures in which all of you will have a place. A new era, a new beginning, a new story. THANK YOU.”



End of an Era? How the Hermes Birkin Bag Is Losing Its Scarcity Appeal

The decline reflects a broader shift in the market for one of luxury's most exclusive products whose appeal and success have been driven by scarcity. (Getty Images)
The decline reflects a broader shift in the market for one of luxury's most exclusive products whose appeal and success have been driven by scarcity. (Getty Images)
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End of an Era? How the Hermes Birkin Bag Is Losing Its Scarcity Appeal

The decline reflects a broader shift in the market for one of luxury's most exclusive products whose appeal and success have been driven by scarcity. (Getty Images)
The decline reflects a broader shift in the market for one of luxury's most exclusive products whose appeal and success have been driven by scarcity. (Getty Images)

London-based Cai Baochun used to make a hefty profit reselling Hermes' famed Birkin bags for more than double their $10,000 retail price. Now he has stopped stockpiling them as second-hand prices fall.

“I don’t want to lose money,” said Cai, who started selling the bags on online platforms such as Vestiaire Collective and on social media in 2020 and rode a pandemic-era luxury spending boom.

The resale value of unworn Birkins sold as second-hand online has dropped by more than $6,000 from its 2022 peak, he said.

The decline reflects a broader shift in the market for one of luxury's most exclusive products whose appeal and success have been driven by scarcity.

Increasing supply of Birkin bags in the second-hand market is depressing resale premiums, according to resellers, industry consultants and analysts interviewed by Reuters, raising questions about a strategy that helped propel Hermes to become one of the world's most profitable luxury companies.

Named after the late British-French actor Jane Birkin, the handbag has been central to Hermes' performance. Between 2015 and 2025, group annual sales tripled to €16 billion ($18 billion) while its market value surged. Last year, Hermes posted an operating margin of 41%, above that of rivals including Chanel, Kering-owned Gucci and LVMH's leather and fashion division, ‌which includes Louis ‌Vuitton and Dior.

RESALE MARKET UNDER PRESSURE

All of that was underpinned by an aura of exclusivity.

Six resellers who source ‌bags directly ⁠from Hermes shoppers said ⁠access to a Birkin is generally linked to spending on Hermes scarves, clothes and shoes, although the exact policy differs between regions and stores. Two estimated customers typically spend $10,000 to $20,000 before being offered the Birkin or the Kelly, the brand's other popular bag.

Hermes, which says a Birkin takes 15 hours to craft, does not disclose its selling policies or how many bags it makes. It declined to comment for this story.

Of the nine Birkin resellers Reuters interviewed in the US, Europe and Asia, six said resale prices had fallen over the past year as more handbags became available, while five reported softer demand.

Antoinette Hunter, who founded luxury handbag reseller Lilac Blue in 2007, said when she got the first request for a Birkin, few people knew the bag. She eventually sourced one from a member of Japan’s royal family.

Acquiring Birkins is no longer a challenge, Hunter said, but it's harder to make money from resales.

She ⁠said the price for an unworn black Birkin 25 bag, one of the most sought-after models, has fallen by around £4,000 ($5,336) since ‌2022, to around £24,000. Cai, who sells via Vestiaire Collective and Instagram, says his price for the bag is around £20,000.

Hermes ‌sells the same model for £9,390 in Britain, a Hermes sales assistant in London said.

Although Hunter still sees plenty of demand for Hermes bags, particularly the most high-end ones, she said the ‌decline in resale prices might dissuade some from buying directly from Hermes.

"If Hermes continues to raise the prices, and the prices on the resale market continue to drop, that ‌margin gets squeezed, and perhaps it will become less appealing," she said.

Brokerage Bernstein, which tracks individual auction results, said in a September note the resale price on Birkin 25 bags averaged about 1.7 times the retail tag in the third quarter, down from about 2.6 times at their 2022 peak.

BUSINESS MODEL UNDER SCRUTINY

Hermes' leather goods division, which includes other handbag models, generates 44% of annual group revenue.

For more than a decade, limited supply and strong demand allowed Birkins to command hefty resale premiums, benefiting both Hermes and resellers as the prospects of making a profit via the secondary ‌market encouraged Hermes clients to buy more from the brand.

"It was a win-win," said Sarah Davis, founder of California-based Fashionphile. The company said its Birkin listings have grown 32-fold in 15 years. The company's website currently lists 212 Birkins on ⁠sale.

Hermes has gradually expanded the production of ⁠its handcrafted items, opening one workshop per year on average. Meanwhile, the rise of resale platforms such as Vestiaire Collective and The RealReal, alongside vintage boutiques with online shops and social media channels, has made it easier than ever to resell.

The bags and other Hermes items remain highly sought after, resellers said, but the brand is showing some strain.

Hermes’ shares have lost nearly 40% of their market value this year, making the brand one of the worst performers among listed luxury companies.

Earlier this month, UBS analysts downgraded Hermes shares to "sell", saying that growing secondary-market supply of Birkins and Kellys could weaken the brand's scarcity-driven business model.

"We believe the nature of the business is changing," they said in a note, estimating that the number of the handbags listed for sale worldwide is now six to seven times higher than before the pandemic.

The company is expected to report quarterly sales growth of 5.2% on Thursday, which would mark its weakest quarterly growth in six years, according to Visible Alpha estimates.

While leather goods revenue is still expected to grow by 10%, demand for clothing, silk scarves and perfumes is cooling, a sign fewer customers are making the purchases traditionally required to buy a Birkin at a later stage, two equities analysts and two industry consultants said.

Asked in July whether Hermes should slow production to protect the brand, Hermes CEO Axel Dumas told reporters that some people feared making too many bags would hurt its exclusivity, while others questioned why it was not making more.

He added that output depended largely on the number of fully trained artisans and available high-quality leather.

Not all resellers see weakness. Davis said prices for the bag on the Fashionphile platform have remained firm and even risen slightly this year, pointing to renewed attention generated by Norwegian football star Erling Haaland's handbag collection.


Germany’s Adidas Raises Full-Year Profit Outlook After Record Quarter

 The logo of Adidas is seen on a Gazelle sneaker for sale at a shop in Berlin, Germany, May 2, 2024. (Reuters)
The logo of Adidas is seen on a Gazelle sneaker for sale at a shop in Berlin, Germany, May 2, 2024. (Reuters)
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Germany’s Adidas Raises Full-Year Profit Outlook After Record Quarter

 The logo of Adidas is seen on a Gazelle sneaker for sale at a shop in Berlin, Germany, May 2, 2024. (Reuters)
The logo of Adidas is seen on a Gazelle sneaker for sale at a shop in Berlin, Germany, May 2, 2024. (Reuters)

German sportswear maker Adidas on Tuesday raised its full-year profit outlook and reported a 37% increase in third-quarter operating profit, lifted by a US tariff refund and full-price sales.

Adidas, which competes with rivals including Nike, has this ‌year benefited ‌from demand for ‌its ⁠retro apparel and ⁠a soccer World Cup boost as it races to roll out new styles.

Third-quarter operating profit rose to a record €1.008 billion ($1.1 billion) from €736 ⁠million a year earlier.

The company ‌said operating profit for the ‌full year would be around €100 million ‌more than previously expected.

Adidas' tariff refund, in the wake of a US court ruling, totaled ‌around €200 million.

The company said it would reinvest ⁠around €100 ⁠million in the fourth quarter, resulting in a new 2026 operating profit forecast of €2.5 billion, up from a previous forecast of €2.3 billion.

Adidas made the statements in an unscheduled earnings release ahead of its full earnings report scheduled for October 29.


UK Luxury Brand Mulberry Posts 18% Rise in First-Half Sales, Shares Gain

Mulberry handbags are seen for sale in a Mulberry store in Manhattan, New York City, US, November 24, 2021. (Reuters)
Mulberry handbags are seen for sale in a Mulberry store in Manhattan, New York City, US, November 24, 2021. (Reuters)
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UK Luxury Brand Mulberry Posts 18% Rise in First-Half Sales, Shares Gain

Mulberry handbags are seen for sale in a Mulberry store in Manhattan, New York City, US, November 24, 2021. (Reuters)
Mulberry handbags are seen for sale in a Mulberry store in Manhattan, New York City, US, November 24, 2021. (Reuters)

British luxury ‌handbag maker Mulberry reported an 18% jump in first-half sales on Monday, driven by resilient demand for its heritage bags and a higher share of full-price sales, sending its shares nearly 4% higher in early trading.

The company said trading was in line with the ‌board's expectations.

Mulberry ‌maintained its medium-term ‌goals ⁠after sales for the ⁠26 weeks ended September 26 rose 18.2% in constant currency.

CEO Andrea Baldo's "Back to the Mulberry Spirit" strategy has focused on the company's British heritage and ⁠craftsmanship and growing the brand ‌with less ‌discounting.

"The growth in full-price sales is particularly encouraging, ‌demonstrating that our collections are ‌resonating with customers across our key markets," Baldo said.

Shares of the company rose as much as 7.4% ‌to 246 pence in early trade. Sales growth was led ⁠by ⁠the US, where revenue rose 28%, while sales in Europe excluding the UK increased 23%. UK sales were up 10%.

Mulberry's Christopher Kane London Fashion Week show boosted brand visibility, customer engagement and traffic across sales channels, the company said.

Final first-half results will be published on November 19.