Balenciaga Appoints Pierpaolo Piccioli & Nike Announces US Price Hikes in This Week's Top Fashion News

Summary

• As former Valentino designer Pierpaolo Piccioli is named Balenciaga’s new creative director, Lemaire has opened its first Chinese boutique, and Gentle Monster has inked a new collaboration with Google.
• Nike has officially announced the implementation of price increases, while Chanel pulls back on its aggressive pricing strategy due to falling sales. Elsewhere, VF Corporation’s shares took a tumble as it reported a dip in revenue.

Below, Hypebeast has rounded up the top fashion stories of the week so you can stay up to date on trends in the industry.

Pierpaolo Piccioli Named Balenciaga’s New Creative Director

David Sims

On May 19, former Valentino designer Pierpaolo Piccioli was officially named Balenciaga’s new creative director. Set to begin his role on July 10, the designer’s debut collection for the Kering-owned brand will be revealed later in October. In a statement, Piccioli said, “Balenciaga is what it is today thanks to all the people who have paved the way. In all its phases, while constantly evolving and changing, it has never lost track of the House’s aesthetic values. What I am receiving is a brand full of possibilities that is incredibly fascinating.” In March of last year, Piccioli left Valentino after 25 years at the Italian fashion house, making his Fall 2024 collection his final output for Valentino. The design is poised to replace Demna, who’s set to reveal his final couture collection for Balenciaga this July before heading to Gucci.

Nike’s Prices in the US Are Going Up

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Nike will be raising its retail prices in the US come June, later, increasing wholesale prices in July, according to a new report from Complex. Nike’s retail partners were said to have been informed about the news earlier in the week, as the company now joins industry leaders reshaping their pricing strategy in the face of tariff uncertainties. The retail price adjustments are noted as ranging from $2 USD to $10 USD, with exclusions in place for “Jordan apparel and accessories, all kids’ footwear and apparel, and all footwear under $100,” and Air Force 1s, according to Complex’s report. With Nike’s fiscal year concluding on May 31, the updated pricing strategy is set to debut with its new fiscal year starting on June 1.

Chanel’s Sales Slid 4%, Forcing the House To Ease off of Price Hikes

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For the first time since 2020, Chanel‘s sales have slipped 4.3% to $18.7 billion USD, and operating profits declined 30% to $4.5 billion USD in fiscal year 2025. Additionally, the French luxury company saw. In response, Chanel is re-evaluating the price hikes it recently implemented, specifically on its classic handbags. CFO Philippe Blondiaux shared that despite the decline in sales Chanel remains healthy as it gears up for a rebrand under the artistic direction of Blazy. Blondiaux shared more, saying, “The average pricing effect we had for fashion was 3% last year, which I’m sure you will agree was perfectly in line with global inflation, if not less than that. We intend to maintain more or less the same policy, which is to monitor our prices in line with global inflation in 2025.”

Google Announces New Partnership With Gentle Monster for AI Smart Eyewear

Google/Gentle Monster

In a new partnership with Gentle Monster and Warby Parker, Google is pushing its AI Smart Eyewear expansion with a design-forward twist, as revealed at its I/O 2025 conference. Shahram Izadi, General Manager and Vice President, Google XR, highlighted the sophistication and essential design features of both brands as it readies its revamped Android XR products. The announcement rivals Meta’s smart glasses partnership with Ray-Ban, which has grown in popularity. As of the time of writing, Google has not confirmed release dates or price points for future releases with Warby Parker and Gentle Monster.

Take a Look Inside Lemaire’s First China Boutique in Chengdu

Lemaire

Lemaire has opened its first boutique in China, located in Chengdu’s Taikoo Li district. Blending contemporary tranquility and cultural heritage, F.O.G. Architecture designed a 140-square-meter space. The entryway, adorned with potted plants housed in traditional Sichuan sauce jars, echoes the under-eaves spaces of classical Chinese architecture, offering visitors a ritualistic passage into the store’s immersive environment. With local bamboo serving as a recurring motif throughout the space, the store boasts bamboo flooring and curtains, and stone textures that mimic woven bamboo. Finally, traditional Sichuan crafts are thoughtfully integrated, showcasing collaborative efforts between the architects, local artists, and regional artisans.

Vans and The North Face-Owner VF Corp Sees Share Value Tumble

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VF Corporation, parent to The North Face, Vans, and Timberland, shared its fourth quarter fiscal 2025 financial report this week, indicating that its net revenue for the quarter dipped to $2.1 billion USD. In response, VFC’s share price went from closing at $14.43 USD on Tuesday to closing at $12.15 USD today, a 15.80% drop in value. However, The North Face brought in $834.5 million USD, a 2% increase from its numbers at this time last year, and Timberland reported a 10% increase to $376 million USD in net revenue. Vans and Dickies, are the culprit of the conglomerate’s losses, with the former declining 22% to $492.6 million USD and the latter dropping 14% to a total of $139.3 million USD in net revenue. Moving forward, VF Corp has identified that it is well-positioned to handle the turbulence of tariffs with accelerated distribution during the 90-day pause, optimizing sourcing, and more strategies.