Italian fashion designer Pierpaolo Piccioli has been named creative director at Balenciaga, taking over from Georgian designer Demna. AFP
Italian fashion designer Pierpaolo Piccioli has been named creative director at Balenciaga, taking over from Georgian designer Demna. AFP
Italian fashion designer Pierpaolo Piccioli has been named creative director at Balenciaga, taking over from Georgian designer Demna. AFP
Italian fashion designer Pierpaolo Piccioli has been named creative director at Balenciaga, taking over from Georgian designer Demna. AFP

What Pierpaolo Piccioli's move to Balenciaga says about fashion's direction of travel


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Balenciaga has named Pierpaolo Piccioli as its new creative director.

The former creative lead at Valentino succeeds Demna, the Georgian designer, known mononymously, who had led the renowned Spanish couture house for the past decade.

Piccioli spent more than 25 years at Valentino, where he staged blockbuster couture shows for both men and women, and his appointment is the latest in a series of big-name moves in the fashion industry.

“He is one of the most talented and celebrated designers of today,” said Francesca Bellettini, deputy chief executive of Balenciaga parent company Kering, in a statement. “His mastery of haute couture, his creative voice and his passion for savoir-faire made him the ideal choice for the house.”

Demna's design legacy

Demna will be taking over at Gucci later this year. His 10-year tenure at Balenciaga has been disruptive by design, blending high fashion with streetwear and pushing silhouettes to extremes.

From gigantic trainers and knee-length hoodies to puddled jeans and handbags made to resemble disposable coffee cups, his work captured a generation eager to defy convention.

At its peak, the brand struck a powerful chord with an establishment-weary young audience and pieces flew off the shelves. But what was once radical now feels out of step.

The days of oversized trainers and streetwear appear to be over at Balenciaga as it returns to its couture roots. Photo: Balenciaga
The days of oversized trainers and streetwear appear to be over at Balenciaga as it returns to its couture roots. Photo: Balenciaga

Enter Piccioli, whose appointment suggests that the brand will move back towards couture. He represents a return to elegance and refinement, in contrast to the brashness of streetwear. His appointment is evidence of a renewed appetite for the type of quiet craftsmanship that transcends social media-driven trend cycles.

Pierpaolo Piccioli's appointment is an indication of a wider industry shift in response to slowing sales. Photo: Balenciaga
Pierpaolo Piccioli's appointment is an indication of a wider industry shift in response to slowing sales. Photo: Balenciaga

Balenciaga has always been synonymous with sophisticated construction and avant-garde silhouettes. The brand founder, Cristobal Balenciaga, is still considered “the couturier’s couturier” – a designer so ahead of his time that, even 50 years after his death, the intricacies of his work are still being studied. Piccioli’s appointment feels like the brand reconnecting with its roots.

End of streetwear?

So, could this latest move also mark the beginning of the end for fashion’s broader obsession with high-end streetwear? As the industry becomes oversaturated with baseball caps, logo hoodies and trainers, many brands have started to look indistinguishable, chasing the same customer with ever-thinner differentiation. By joining Balenciaga, Piccioli offers an alternative: one rooted in emotion, softness and romance.

His move is the latest in a year of change. With new creative leads already in place at Chanel, Gucci, Dior and Loewe, 2025 is shaping up to be a landmark year for fashion.

Collectively, the changes suggest that the industry is pivoting towards designers who can meet the challenge of evolving consumer expectations. Customers are growing weary of escalating prices and the relentless pace of the fashion calendar. Brands appear to be seeking visionaries who can offer something more enduring.

A look by Pierpaolo Piccioli, from the Valentino Haute Couture Spring/Summer 2022 show. Getty Images
A look by Pierpaolo Piccioli, from the Valentino Haute Couture Spring/Summer 2022 show. Getty Images

Piccioli style

Piccioli is a romantic and pours love into his collections. Famous for his unique colour combinations (mustard and lilac, anyone?), he has a gift for bringing tones together in ways that feel unexpected yet instantly familiar. His clothes are joyful, emotive and often transcendent.

The announcement of his move to Balenciaga caught many by surprise. But in many ways it was preordained. Beauty is back.

War and the virus
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Produced by: Cinestaan Studios, T-Series

Directed by: Sandeep Reddy Vanga

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Rating: 2.5/5 

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

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2025 Fifa Club World Cup groups

Group A: Palmeiras, Porto, Al Ahly, Inter Miami.

Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.

Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.

Group D: Flamengo, ES Tunis, Chelsea, Leon.

Group E: River Plate, Urawa, Monterrey, Inter Milan.

Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.

Group G: Manchester City, Wydad, Al Ain, Juventus.

Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.

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MATCH INFO

Uefa Champions League semi-final, first leg
Bayern Munich v Real Madrid

When: April 25, 10.45pm kick-off (UAE)
Where: Allianz Arena, Munich
Live: BeIN Sports HD
Second leg: May 1, Santiago Bernabeu, Madrid

Updated: May 20, 2025, 8:33 AM