Copenhagen-based Ganni is bringing on new leadership from Balenciaga, as private-equity backer L Catterton eyes a path to a future exit. Balenciaga’s deputy CEO Laura du Rusquec will take the reins as chief executive of the Danish brand, replacing Andrea Baldo, according to the company.

Baldo joined Ganni in 2018, shortly after L Catterton took a majority stake in the business. He helped drive the brand’s international expansion and grow revenue to just over €165 million ($175 million) in 2022.

But a sale process begun the same year has since stalled, amid macroeconomic gyrations that have squeezed the contemporary market where Ganni is currently positioned. The company said it continued to see limited growth in 2023, though its numbers are not yet public.

Du Rusquec is a seasoned luxury executive, with over a decade of experience at Balenciaga and parent company Kering, and could help Ganni, which calls itself a “progressive luxury brand,” push upmarket.

“Laura’s extensive experience in EMEA and global markets with speciality in luxury equips her with unique insights and strategies, ideal for leading Ganni into its next phase of growth and brand innovation,” said L Catterton partner Eduardo Velasco in a statement.

Though Ganni is headquartered in Copenhagen, Du Rusquec will remain Paris-based and could also help the brand to create deeper connections with key players in the world’s top fashion hub.

The aim is to elevate the brand without sacrificing its core DNA, retaining its dynamism, boldness and commitment to responsible operations, explained Ganni co-founder Nicolaj Reffstrup. “Laura is the brand in many ways,” he said. “She’s the perfect personification of what we’re trying to achieve here.”