Two rumours in less than 24 hours: the shareholders of Capri Holdings are considering the option of opening up the company’s capital to new investors; Balenciaga is reportedly preparing to show Pierpaolo Piccioli (pictured right, Imagoeconomica) the door. If confirmed, the two rumours would herald major restructuring across the fashion system, both on the industrial and creative fronts. They are also signs of the times, in which finding the right balance is proving increasingly difficult, while the standard for a new path to growth — albeit under the banner of the “new normal” — remains beyond the reach of many.
Signs of the times: Balenciaga parts ways with Piccioli
We cannot say we are completely surprised. Glitz.Paris had already reported at the beginning of the month that, within the Kering group, there were reportedly strong tensions between some CEOs and creative directors over the commercial objectives of the brands and, above all, the method for achieving them. What method? The one behind Balenciaga’s boom — in media exposure, volumes and profitability — under Demna. At the time, three designers were already said to be on the hot seat: Anthony Vaccarello (YSL), Seán McGirr (Alexander McQueen) and Pierpaolo Piccioli (Balenciaga).
Now, according to reports gathered by MissTweed, the situation for the Roman designer (formerly of Valentino) has already deteriorated. The group is reportedly unhappy with his couture approach and, above all, with the results achieved during his first year at the helm. The die would appear to be cast: the collection scheduled to walk the Paris calendar on 1 October will be Piccioli’s last. After that, their paths will diverge.
Is Capri Holdings for sale?
In this case, the rumour was reported by WWD. Capri Holdings has reportedly begun contacting potential investors: an initial screening of interested parties is said to have already taken place, with further analysis of the company’s financials. The process is still at an informal stage and is not expected to be concluded in the short term. Here too, we cannot say we are surprised. We are still dealing with the fallout from the failed USD 8.5 billion merger with Tapestry, blocked by US antitrust authorities in 2024, against the backdrop of a group struggling to regain its footing.
The sale of Versace to Prada for USD 1.4 billion has repaired the balance sheet, but there is still a long way to go before Jimmy Choo and Michael Kors can get back on track. The group’s market capitalisation has fallen by around 40% in 2026, settling at USD 1.7 billion — it stood at USD 10 billion in 2022 and more than USD 20 billion in 2014. As far as sacrifices are concerned, the possibility of selling one of the holding company’s two brands remains on the table.
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