Balmain announced on December 2nd the departure of its CEO Massimo Piombini “for personal reasons.” Piombini who was hired by Balmain in 2017 from Valentino and was a member of the French label’s board of directors, explained he was targeting a revenue of half a billion euro by 2022. Both Valentino and Balmain are owned by Qatar based Mayhoola which is indirectly control from HRH Sheikha Moza, former First Lady and mother of the Emir.
Under Piombini’s tenure, Balmain launched a series of major collaborations, such as the recent collection with Cara Delevingne and Puma. It also broadened the accessories product range, and strengthened its international presence by opening stores in Europe, Asia and South America – most of them in franchising.
Balmain was acquired in 2016 by Mayhoola for €460 million, stated in a press release which also mentioned Piombini “it has experienced significant growth and an evolution in its organisation, establishing a solid foundation for the label’s future growth in the next few years.”
Balmain also said that it is in the process of hiring a new CEO, who will start in their role at the beginning of 2020.
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