Balmain to open first Mexican store in 2018
today Nov 14, 2017
Balmain is looking to gain a foothold in the Mexican market with the opening of a shop-in-shop within Saks Fifth Avenue Santa Fe in Mexico City in 2018, confirmed Edgar Smolensky, managing director of the department store, this month.
According to Smolensky, Balmain’s first Mexican boutique will occupy a space of 4,305 sq ft. More details about the store are yet to be revealed.
The announcement comes on the heels of Balmain new CEO Massimo Piombini unveiling in October plans to open around 30 new stores over the next four or five years, with Milan and Miami identified as potential new store locations.
In Mexico, Balmain is stocked exclusively in concessions within Saks Fifth Avenue Santa Fe, where the brand’s RTW, accessories, footwear and accessories for men and women are available for purchase.
The news also strengthens Saks Mexico’s position as the exclusive home of prestigious national and international fashion brands. As part of its expansion strategy, the chain has recently opened the first points of sale in Mexico for Celine, Valentino, Stella McCartney and Etro.
Balmain, founded in 1945, has currently 16 standalone stores in cities including London, Paris, New York and Los Angeles. The brand, acquired in 2016 by the Qatari private investment company Mayhoola Investment fund, expects sales for the full year to reach 150 million euros. Its wholesale channel accounts for 90% of its revenue.
Meanwhile, Saks Fifth Avenue launched in Mexico in 2007 and is managed by Grupo Sanborns, the global conglomerate company owned by Mexican billionaire Carlos Slim. In addition to its site at Santa Fe, the retail chain has a presence at Plaza Carso and is currently planning the opening of its third store at Perisur.
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