Under Demna's direction, Balenciaga essentially makes clothes about the fashion industry, usually with ironic designs that display a general message of
>the shit everyone else is making is boring, this silly stuff is more fun

Sometimes this is pretty enjoyable, and results in shit like a Fortnite collab
>The prestige of the house doesn't matter, you guys are larping as being aristocrats from 100 years ago, we're going to put clothes in Fortnite

Unfortunately, it usually comes of as a weak "fuck you, dad!" criticism of the fashion industry. All other clothes suck and they're boring... But Balenciaga just pokes fun instead of trying to make something that's actually better.