Balmain’s CEO Massimo Piombini steps down
A few months ago, Massimo Piombini talked to FashionNetwork.com about his ambitions for Balmain. The Italian top manager, 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. He will not stay long enough to see his work bear fruit however, as Balmain announced on December 2 his departure “for personal reasons.”
Piombini took over as CEO of Balmain from Emmanuel Diemmoz, and during his tenure he tapped the creativity and personality of designer Olivier Rousteing. Under his aegis, 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.
Balmain, bought in 2016 by the Mayhoola investment fund belonging to the royal family of Qatar for an estimated €460 million, stated in a press release that, thanks to 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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