It was a week of changes in the luxury market as two big names made big announcements. Read all about it below.
The much-hyped Parisian house is in the hands of a new owner as of this week. The Olivier Rousteing-helmed label was purchased by Qatar-based Mayhoola, who also owns Valentino and Pal Zileri.
The deal, which is expected to close by the end of summer, will help fuel the expansion of Balmain’s accessories and footwear segments, as well as grow its retail presence in several markets, including Los Angeles, Singapore and Hong Kong.
Christian Dior will announce that Maria Grazia Chiuri, currently of Valentino, will join the brand after its couture show in early July.
Although not officially confirmed yet, sources familiar with the matter say Chiuri will serve as Dior’s creative director, making her the first woman to fill the role in the 70-year history of the French brand.
Chiuri and her design partner Pierpaolo Piccioli have served as Valentino’s joint-creative directors since 2007, when the Italian label’s creator Valentino Garavani retired.
Chiuri comes on board Dior at a tough time for the fashion house, which has seen sales fall flat in its most recent quarter.