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Balenciaga Designer Piccioli to Exit after a Year in Latest Departure at Kering

Pierpaolo Piccioli poses ahead of "The Prelude to the Olympics", an event dedicated to fashion and sports at the Louis Vuitton Foundation, on the eve of the opening ceremony of the Paris 2024 Olympics, in Paris, France, July 25, 2024. REUTERS/Stephanie Lecocq/File Photo
Pierpaolo Piccioli poses ahead of "The Prelude to the Olympics", an event dedicated to fashion and sports at the Louis Vuitton Foundation, on the eve of the opening ceremony of the Paris 2024 Olympics, in Paris, France, July 25, 2024. REUTERS/Stephanie Lecocq/File Photo
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Balenciaga Designer Piccioli to Exit after a Year in Latest Departure at Kering

Pierpaolo Piccioli poses ahead of "The Prelude to the Olympics", an event dedicated to fashion and sports at the Louis Vuitton Foundation, on the eve of the opening ceremony of the Paris 2024 Olympics, in Paris, France, July 25, 2024. REUTERS/Stephanie Lecocq/File Photo
Pierpaolo Piccioli poses ahead of "The Prelude to the Olympics", an event dedicated to fashion and sports at the Louis Vuitton Foundation, on the eve of the opening ceremony of the Paris 2024 Olympics, in Paris, France, July 25, 2024. REUTERS/Stephanie Lecocq/File Photo

French luxury group Kering on Thursday announced the departure of Balenciaga creative director Pierpaolo Piccioli after less than 16 months, the latest leadership change at the Gucci-owner which is seeking to reverse years of falling sales.

Piccioli, a 25-year veteran at Valentino, became creative director in July last year to replace Demna who moved to Gucci.

His exit comes only weeks after ⁠Anthony Vaccarello, the creative director ⁠of Kering's second-biggest brand Saint Laurent, and Alexander McQueen designer Sean McGirr left their posts.

Kering CEO Luca de Meo described Piccioli as a “an exceptional couturier and creative talent".

"Our ambition is to ⁠build on Balenciaga's avant-garde spirit, honor its remarkable heritage and continue to push creative boundaries, further establishing the House as a powerful and relevant voice," he added in a statement, according to Reuters.

De Meo launched belt-tightening measures at the group earlier this year but the economic fallout of the war in Iran and slowing consumer sentiment in China have so ⁠far ⁠overshadowed any sign of recovery.

Balenciaga's new creative direction will be announced shortly, Kering said.

US online media Puck has reported that Piccioli will be replaced by British-Jamaican designer Martine Rose, who worked as a menswear consultant under Demna at Balenciaga before founding her own label. Kering could not be immediately reached for comment.

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Fashion

Balenciaga Designer Piccioli to Exit after a Year in Latest Departure at Kering

Pierpaolo Piccioli poses ahead of "The Prelude to the Olympics", an event dedicated to fashion and sports at the Louis Vuitton Foundation, on the eve of the opening ceremony of the Paris 2024 Olympics, in Paris, France, July 25, 2024. REUTERS/Stephanie Lecocq/File Photo
Pierpaolo Piccioli poses ahead of "The Prelude to the Olympics", an event dedicated to fashion and sports at the Louis Vuitton Foundation, on the eve of the opening ceremony of the Paris 2024 Olympics, in Paris, France, July 25, 2024. REUTERS/Stephanie Lecocq/File Photo
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Balenciaga Designer Piccioli to Exit after a Year in Latest Departure at Kering

Pierpaolo Piccioli poses ahead of "The Prelude to the Olympics", an event dedicated to fashion and sports at the Louis Vuitton Foundation, on the eve of the opening ceremony of the Paris 2024 Olympics, in Paris, France, July 25, 2024. REUTERS/Stephanie Lecocq/File Photo
Pierpaolo Piccioli poses ahead of "The Prelude to the Olympics", an event dedicated to fashion and sports at the Louis Vuitton Foundation, on the eve of the opening ceremony of the Paris 2024 Olympics, in Paris, France, July 25, 2024. REUTERS/Stephanie Lecocq/File Photo

French luxury group Kering on Thursday announced the departure of Balenciaga creative director Pierpaolo Piccioli after less than 16 months, the latest leadership change at the Gucci-owner which is seeking to reverse years of falling sales.

Piccioli, a 25-year veteran at Valentino, became creative director in July last year to replace Demna who moved to Gucci.

His exit comes only weeks after ⁠Anthony Vaccarello, the creative director ⁠of Kering's second-biggest brand Saint Laurent, and Alexander McQueen designer Sean McGirr left their posts.

Kering CEO Luca de Meo described Piccioli as a “an exceptional couturier and creative talent".

"Our ambition is to ⁠build on Balenciaga's avant-garde spirit, honor its remarkable heritage and continue to push creative boundaries, further establishing the House as a powerful and relevant voice," he added in a statement, according to Reuters.

De Meo launched belt-tightening measures at the group earlier this year but the economic fallout of the war in Iran and slowing consumer sentiment in China have so ⁠far ⁠overshadowed any sign of recovery.

Balenciaga's new creative direction will be announced shortly, Kering said.

US online media Puck has reported that Piccioli will be replaced by British-Jamaican designer Martine Rose, who worked as a menswear consultant under Demna at Balenciaga before founding her own label. Kering could not be immediately reached for comment.

Fashion

M&S Profit Rebounds from Cyberattack but Clothing Drags on Recovery

A shopper carries a Marks & Spencer shopping bag in London, Britain, January 2, 2025. (Reuters)
A shopper carries a Marks & Spencer shopping bag in London, Britain, January 2, 2025. (Reuters)
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M&S Profit Rebounds from Cyberattack but Clothing Drags on Recovery

A shopper carries a Marks & Spencer shopping bag in London, Britain, January 2, 2025. (Reuters)
A shopper carries a Marks & Spencer shopping bag in London, Britain, January 2, 2025. (Reuters)

British retailer Marks & Spencer said on Wednesday its first-half profit rebounded from last year's cyberattack-hit level, but was down on a two-year basis as strong trading in food failed to fully offset weakness in clothing.

The 142-year-old M&S, one of the biggest names on the UK high street, said its adjusted profit before ‌tax more than doubled ‌in the six months to September 26 ‌to £403.2 ⁠million ($542.4 million), on ⁠sales up 16.2% to £9.26 billion.

Analysts had on average forecast profit of £399 million.

Food sales increased 13.9% year-on-year, while sales in the fashion, home and beauty division, or FH&B, rose 17.5%.

But, while food profit was well ahead on a two-year basis, FH&B profit was nearly £93 million lower, reflecting a more challenging apparel market ⁠and a slower recovery from the cyberattack.

M&S said ‌fashion gained market share in ‌a declining market, despite "availability constraints".

CEO Stuart Machin said FH&B's results "fell short of their potential ‌and show there is a lot more to do."

"Although ‌we have much improved product, the end-to-end transformation is in the foothills," he said.

Analysts noted that this year's spring/summer clothing collections were ordered when many systems were down after the April 2025 hack.

M&S said market conditions ‌in FH&B "remain challenging", but said performance is expected to improve in the second half compared with the ⁠first, as ⁠availability has recovered, with a better balance between core and seasonal stock.

Shares in M&S were down 1% in early trading, paring 2026 gains to 24%.

M&S' food business was quick to recover from the cyberattack and is currently Britain's fastest-growing grocer, winning market share.

The group said its strategy of becoming "more of a shopping list (food) retailer" was working and its plan to double the size of its food business was on track.

M&S forecast full-year adjusted profit before tax in line with current market expectations. Analysts on average forecast £941 million.

"We enter the second half in a strong position, with a solid October under our belts," added Machin.

Fashion

Jeweller Pandora Slightly Raises Outlook and Speeds up Launches

Pandora jewellery is displayed at its largest manufacturing unit, in Ho Chi Minh, Vietnam, October 1, 2026. (Reuters)
Pandora jewellery is displayed at its largest manufacturing unit, in Ho Chi Minh, Vietnam, October 1, 2026. (Reuters)
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Jeweller Pandora Slightly Raises Outlook and Speeds up Launches

Pandora jewellery is displayed at its largest manufacturing unit, in Ho Chi Minh, Vietnam, October 1, 2026. (Reuters)
Pandora jewellery is displayed at its largest manufacturing unit, in Ho Chi Minh, Vietnam, October 1, 2026. (Reuters)

Jewellery maker Pandora edged higher its near-term revenue and profitability targets on Wednesday, saying it expected a boost in demand from new collections and a shift to platinum-plated products.

Its Copenhagen-listed shares opened up 8% and by 0830 GMT were 6.7% higher, outperforming a flat pan-European STOXX index.

As it strives to keep ‌its brand ‌affordable, Pandora has accelerated launches and moved most ‌of ⁠its marketing online. ⁠It has also continued the transition announced in February to platinum-plated jewellery to limit the effect of high silver prices on the cost of solid silver bracelets.

"We are expanding into more designs, more styles, while we are also refreshing our traditional and heritage designs," Pandora Chief Executive Berta de Pablos-Barbier told Reuters.

PLATINUM-PLATED COMES TO NEW MARKETS

Silver prices ⁠have dropped from a January peak of $121 ‌per ounce to about $50 per ounce, ‌but remain higher than historic averages.

Platinum is more expensive than silver, but ‌Pandora uses a much smaller amount for plating over a metal ‌alloy core, making the end cost more predictable and easing pressure on margins.

Following a pilot for platinum-plated jewels in the Netherlands, Pandora said on Wednesday it would expand sales of the range into markets including the ‌US, Britain and Australia.

The pilot "confirmed that our initial assumptions about consumer acceptance were there," de Pablos-Barbier said.

MARKETING ⁠CUT HELPS ⁠PROFITABILITY

Pandora, whose charm bracelets start at $80, said it expects organic sales growth of between 2% and 3% in 2026, against guidance in August of 0% to 3%.

Its third-quarter organic revenue rose 6% to 6.69 billion crowns ($1 billion), beating a mean forecast of 6.58 billion in a poll of analysts provided by Pandora.

The company said a reduction in promotional activity helped its quarterly operating profit margins, which rose to 15.9%, beating analyst expectations for 13.1%.

It expects a full-year operating profit margin of 22.5% to 23%, against 22% to 23% previously, and a 2027 margin of 14% to 15% when including one-offs.