Kering, then operating through the Gucci Group under PPR ownership, acquired a controlling stake in Balenciaga in 2001.
The deal placed the historic Spanish-founded fashion house within the same luxury-goods group as brands including Yves Saint Laurent, Boucheron, and Bottega Veneta. The transaction was not the beginning of Balenciaga itself: Cristóbal Balenciaga founded the house in Spain in 1919 and moved its couture operation to Paris in 1937.
Balenciaga had experienced major changes before the 2001 acquisition. Cristóbal Balenciaga closed the original fashion house in 1968, and the brand later passed through other ownership. French fragrance group Jacques Bogart acquired Balenciaga in 1986, helping revive the label.
The year is also associated with Nicolas Ghesquière’s growing importance at the house. He served as creative director from 1997 to 2012 and helped make Balenciaga a major contemporary luxury brand. PPR was later renamed Kering in 2013, which explains the difference between the historical and modern corporate names.