All the talk this season is about the rivalry heating up between the new guys at Dior and YSL, Raf Simons and Hedi Slimane. But don't count Nicolas Ghesquière out. This is a man who, if he didn't invent the heritage brand reinvention, has certainly mastered the art. And his fantastic new Balenciaga collection was a case study in how he's done it season in and season out for the last decade, by putting an utterly modern gloss on intense study of the house's archives.