Balenciaga’s Fragrance Comeback: Le Dix and Kering’s Beauty Strategy

Kering Beauté has made its boldest move yet.

In September, Balenciaga unveiled its new Haute Parfumerie line—a ten-fragrance collection priced at €260 each—headlined by the revived Le Dix, the brand’s first fragrance originally launched in 1947 by founder Cristóbal Balenciaga. The name “Le Dix” is drawn from 10 Avenue George V in Paris, home to the maison’s first couture salon and fragrance boutique. The Balenciaga fragrance collection is a testament to the brand’s commitment to luxury and innovation.

More than a reissue, Le Dix is a symbolic anchor. The Kering Beauté team reportedly unearthed traces of the 1947 version from the archives and digitally scanned the bottle for a precise recreation. The new design pays homage with a spherical glass cap, hand-tied silk ribbon, and packaging that nods to vintage aesthetics while embracing modern formulation—pairing rare natural ingredients with cutting-edge extraction methods.

The new collection also includes: No Comment, Getaria, Twenty Four Seven, To Be Confirmed, Muscara, 100%, Extra, Cristóbal, and Incense Perfumum. It debuted at Balenciaga’s dedicated fragrance boutique on Avenue George V.

Kering Beauté’s Ambition Behind the Balenciaga Fragrance Relaunch

This is Balenciaga’s first fragrance launch in over a decade and its first under Kering Beauté, which was established in 2023. But the timing is no coincidence.

The luxury fragrance category is booming. According to Research and Markets, the global luxury perfume market is projected to grow from $47.15 billion in 2024 to $52.13 billion in 2025—an annual growth rate of over 10%—and expected to reach $8.428 billion by 2030.

For luxury houses, fragrance is no longer a side business; it’s a strategic growth pillar. And for a brand like Balenciaga—one that has faced market volatility and reputation challenges—perfume offers a fresh narrative, rooted in heritage but built for modern engagement.

What’s more, fragrance is an ideal storytelling vehicle. The visual campaign for the launch, created by British artist Katerina Jebb, leans heavily into archival sketches, bottle designs, and early images of Le Dix, described by Kering as “transforming brand legacy into scent.”

How Balenciaga’s Fragrance Embodies a New Vision

Some observers view the fragrance launch as more than commerce—it may be the first signal of a stylistic shift.

In May 2025, Kering announced that Pierpaolo Piccioli would become Balenciaga’s new creative director, effective July 10. With Paris Fashion Week imminent, the brand’s debut under Piccioli is just weeks away. That the fragrance line leans so heavily on history and founder homage raises an intriguing question: Could Balenciaga be moving toward a softer, more classical aesthetic after years of edgy provocation?

The Le Dix revival, then, may not only nod to the past—but preview a new vision ahead.

The Bigger Picture: Kering Beauté’s Strategic Rise

Since launching in 2023, Kering Beauté has quietly built its portfolio into a formidable force. Helmed by former Estée Lauder executive Raffaella Cornaggia, the division has already acquired prestige fragrance house Creed and invested in indie label Matière Première. The results speak for themselves: in 2024, Kering Beauté posted €323 million in revenue. In the first half of 2025, it grew another 9% year-on-year to €150 million—even as Gucci (-26%), Saint Laurent (-11%), and “Other Brands” (-15%, including Balenciaga) all saw declines.

Before Balenciaga’s fragrance debut, Kering Beauté tested the waters with Bottega Veneta, launching five ultra-premium fragrances priced at €390 each. These are now stocked at Bergdorf Goodman—the brand’s first foray into wholesale fragrance retail.

That playbook will likely inform Balenciaga’s next steps. If the Paris boutique succeeds, expansion to key luxury retailers may follow.

The Industry’s Next Battleground

Balenciaga’s fragrance comeback isn’t happening in a vacuum. LVMH and Richemont have also sharpened their focus on fragrance and beauty.

LVMH’s Louis Vuitton launched its first makeup collection this year to round out its beauty matrix. Richemont formed a new division—Haute Parfumerie and Beauty Lab—and recruited Firmenich veteran Boet Brinkgreve as CEO. These moves are not only about entering beauty, but about building diversified growth drivers in a risk-prone luxury market.

Perfume, after all, is intimate but scalable. Emotional but lucrative. And in today’s climate, exactly what a brand like Balenciaga needs.

After 11 years, Balenciaga is back in the fragrance game. The question now is: Will this new chapter smell like redemption?

Jingzhi Takeaway

For Balenciaga, fragrance isn’t just a scent—it’s a reset.

• It reclaims the house’s founding codes (Le Dix) in a form that invites new audiences.
• It gives Kering Beauté a compelling flagship amid rising group-wide pressures.
• And it offers a runway for deeper retail experimentation—both in narrative and in product matrix.