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What happened
Balmain has appointed Matteo Sgarbossa as CEO, effective 6 May, succeeding Jean-Jacques Guével who stepped down in March after four years at the helm.
Sgarbossa joins from Givenchy, where he was international director for four years. Prior to that he held roles as VP of retail for Europe at Kering-owned Gucci and international retail director at Mango. He’ll be tasked with expanding Balmain, which is owned by Qatari private investment fund Mayhoola. This will include accelerating its “international success across geographies”, according to the brand.
Why it matters
Guével’s departure came amid an executive shake-up at Balmain, where chief marketing officer Txampi Diz exited in March to join Casablanca (no successor has yet been named). Under Guével, Balmain led in Web3 innovation, launching a Web3 hub at Paris Fashion Week in 2022, and also inked a deal with Estée Lauder to licence Balmain Beauty, overseen by creative director Olivier Rousteing (who has been with Balmain since 2009).
Sgarbossa’s appointment comes at a pivotal time for Mayhoola. First announced in July and approved in November, Mayhoola sold a 30 per cent stake in Valentino to Kering, with the option for Kering to acquire 100 per cent of Valentino no later than 2028. Amid the transition, Valentino lost its creative director, Pierpaolo Piccioli, who also announced his departure in March. In another strategic move, former Gucci creative director Alessandro Michele was appointed to succeed Piccioli at Valentino, a decision that analysts think Kering and Mayhoola were jointly involved in.
At the time of the Valentino acquisition announcement, there was speculation over a total Mayhoola-Kering merger that would allow Kering to threaten its significantly bigger rival LVMH. Balmain was not included in the Mayhoola-Kering deal, Kering CFO Jean-Marc Duplaix told analysts at the time. With the Valentino deal done, the reshuffle at Balmain could signal Mayhoola’s focus on growing the French luxury house.
“Today marks another moment that reflects our grand ambitions for Balmain,” said Balmain chairman and Mayhoola CEO Rachid Mohamed Rachid, in a statement. “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.”
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