Do you have any proof? Everything about it seems like it's a naturally-occurring meme. Nobody pushed it until it went viral 2 weeks after the original video, and the channel has clear history of many different experiments that didn't go viral.
I have also seen Versace and Gucci versions, maybe some others I don't recall. I think they chose Balenciaga because the name itself feels kind of unusual and it fits the wizarding theme.
That being said, if it's an actual marketing campaign, then it's been quite successful at least in my case, as I never even knew Balenciaga existed before seeing these vids... Then I took a look at what they actually sell and promptly concluded I would never buy from them, even if I had the money lol.
There‘s no marketing conspiracy behind this. The Balenciaga meme is an homage to a quote from the first scene in the movie „Triangle of Sadness“. This scene contrasts H&M‘s commercial appeal with Balenciaga‘s contempt for the consumer. The meme even paraphrase the dialog from the movie.
