Balenciaga had a reputation as a couturier of uncompromising standards and was called "the master of us all" by Christian Dior. His bubble skirts and odd, feminine, yet "modernistic" silhouettes became the trademarks of the house. Balenciaga closed in 1972 and was reopened under new ownership in 1986. Owned by Kering, Balenciaga headquarters are based in Paris.
In July 2015, Balenciaga announced it was parting with creative director Alexander Wang after three years. The Spring/Summer 2016 show was his last, featuring white lounge wear made from soft, natural fabrics. In early October 2015, the brand appointed Demna Gvasalia as its new creative director.
In, April 2021 Gvasalia presented his new Pre-Fall 2021 collection, as promoted by Vanity Teen magazine. In August 2021, Justin Bieber was announced as the new face of Balenciaga.
In September 2021, the brand faced backlash when it released trompe-l'œil sweatpants with the illusion of plaid boxers sticking out the top with a price tag of $1,190 .