“The Price of Hype: Can Pierpaolo Piccioli Save Balenciaga from Demna’s €759 Million Hangover?” Balenciaga faces €369M in net losses and a €759M debt trigger under French corporate law. Can Pierpaolo Piccioli restore the maison after Demna’s hype era? Analyses by Eleonora de Gray, Editor-in-Chief of RUNWAY MAGAZINE. Photo Courtesy: Balenciaga.