Couturier's Coup Balenciaga Reborn

The roll call of late Parisian couturiers who have been reborn as modern megabrands is about to lengthen. To the names of Christian Dior and Coco Chanel, posthumously plastered across sunglasses, handbags and perfumes, the world over, another venerable designer looks set to be added: Cristobal Balenciaga, the "couturier’s couturier".

The house of Balenciaga, whose latest collection was unveiled at Paris fashion week yesterday, is having what is known in fashion circles as "a moment". The label has the wind in its sails for three reasons. First, the "egg" and "cocoon" silhouettes dreamt up by founder Cristobal Balenciaga in the 1950s are endlessly referenced by today’s most modish designers, and this status as the old master du jour is to be sealed with a retrospective of the couturier’s work which opens at the Louvre, in Paris, this summer. Second, the label’s young designer Nicolas Ghesquière, has impressed the industry with an ability to consistently turn out fresh and well-executed collections.

Last but not least, the label has the financial might of Gucci Group behind it. In 2001 the luxury group bought Balenciaga, which had lapsed into near obscurity, in 2001, giving a 9% share to Ghesquière as part of the deal. In 2004 the house was given three years to turn a profit. Official figures are not released until next week, but before yesterday’s show Balenciaga announced it had reached this goal of profitability late last year, two years ahead of schedule.

The combination of cool heritage, hot talent and cold hard cash is hard to beat. As the icing on the cake, Ghesquière yesterday presented what might just be his best collection yet. Citing designs from the house’s 1960s archives as his inspiration, he riffed on the house’s legacy of unexpected shapes: now that "tulip" shaped skirts are a high street commonplace, skirts on the Balenciaga catwalk seemed modeled instead on traditional jelly moulds - or, for a more Parisian reference, on the shape of a brioche bun.

Yet lest the horses take fright, these beautiful creations were interspersed with slim, flattering black trousers - the first sighting of this garment on a hip catwalk for some time. Indulgent fabrics - thick quilted ivory satin and fine fuchsia cashmere - lent an air of luxury to simple boxy jackets and starkly cut strapless cocktail dresses.

Ghesquière’s signature item, the Lariat handbag, is already carried by fashionistas from Kate Moss to Colleen McLoughlin. With expansion in the pipeline, this looks set to be just the (second) beginning for Balenciaga.