Balmain has tapped Givenchy executive Matteo Sgarbossa as its next chief executive officer, WWD has learned.
Contacted on Monday, the Paris-based fashion house confirmed that Sgarbossa, currently international director of Givenchy and an executive committee member, will start May 6.
WWD was the first to report on March 18 that Jean-Jacques Guével was stepping down from the CEO role after four years “to pursue other interests.”
“Today marks another moment that reflects our grand ambitions for Balmain,” said Balmain chairman Rachid Mohamed Rachid, who is also CEO of Balmain parent Mayhoola. “Matteo’s strong leadership skills and extensive experience in the fashion and luxury goods industry at senior levels make him the ideal person to lead Balmain. I trust that his energy and global market knowledge will be crucial in this new phase of Balmain and his partnership with Olivier Rousteing will lead to a very successful chapter in the history of the house.
“As one of the most exceptional heritage brands of France, Balmain has the potential to become a true global leader in luxury goods,” he added.
In a release shared exclusively with WWD, Balmain said Sgarbossa would be charged with further accelerating Balmain’s international success across geographies, building on the “solid foundations” set in recent years.
“Balmain has been synonymous with creativity and innovation since its founding in 1945,” Sgarbossa said in the statement. “I am beyond excited to continue building on this singular legacy. I express my sincere gratitude to Mr. Rachid and Mayhoola for entrusting me to guide the house into its next successful chapter.”
Sources describe Sgarbossa as an energetic and inspirational leader with a passion for products and a perfectionist streak.
He is to partner with Rousteing, Balmain’s creative director since 2011, to take the company to the next level, further reinforcing its reputation for sophisticated ready-to-wear with couture-calibre craftsmanship, and exceptional customer experiences.
Balmain fall 2024
Giovanni Giannoni/WWD
It is understood Mayhoola is convinced the brand’s potential is much bigger that its current size would suggest, and can grow further without taking shortcuts that might harm its reputation for special products and experiences.
Among Sgarbossa’s missions will be to continue to improve the product offer, further elevating the retail experience, and ensuring focused and impactful communications and marketing, according to sources.
The brand is said to have “no problem” selling sneakers, sunglasses and other accessories when they combine high quality, high craftsmanship and high creativity.
Revenues have already doubled since Mayhoola acquired the brand in 2016 — they are estimated at 300 million euros — and accessories have zoomed to account for nearly 25 percent of the business.
Guével is the second Balmain executive to depart in recent weeks.
As reported, Txampi Diz, chief marketing officer at Balmain, exited earlier this month and took up the same role at Casablanca Paris. His successor has yet to be named.