Balenciaga creative director Piccioli to leave Kering after under 16 months

what happened

French luxury group Kering said on Thursday that Balenciaga creative director Pierpaolo Piccioli is departing after less than 16 months in the role, according to Reuters. The exit is another leadership change at the Gucci owner, which is trying to reverse years of declining sales.

Piccioli spent 25 years at Valentino and took over at Balenciaga in July last year, replacing Demna, who moved to Gucci. His departure came just weeks after Anthony Vaccarello, creative director of Saint Laurent, Kering's second-biggest brand, and Sean McGirr of Alexander McQueen also left their posts.

Kering CEO Luca de Meo called Piccioli “an exceptional couturier and creative talent.” Kering said the new Balenciaga creative direction will be announced shortly. US outlet Puck has reported that Martine Rose, a British-Jamaican designer who once consulted for Demna on menswear, will take the role.

why it matters

Reuters notes that the economic fallout from the war in Iran and weak consumer sentiment in China have so far overshadowed any signs of recovery at the group. Against that backdrop, the string of creative departures adds to questions about Kering's direction.

market impact

Kering: a run of top designer exits amid weak sales adds pressure on the group's shares

• ▼Kering shares pressure down — a string of creative departures amid falling sales adds uncertainty

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