Luxury at a crossroads: A new era of leadership and reinvention

“The Italian code” is a blog on Made in Italy and symbol-intensive industries, coordinated by Gabriella Lojacono. This installment opens a two-part series on the wave of changes in CEOs and Creative Directors currently reshaping the luxury industry.

After years of rapid global growth in personal luxury goods and an equally fast post-pandemic rebound, luxury is now facing a widespread deceleration. Leading analysts report signs of a slowdown, driven by macroeconomic uncertainty, shifting consumer preferences, trade tensions, and internal industry missteps. In this evolving landscape, however, some categories continue to hold their ground and avoid negative results, while a handful of brands still manage to shine. A widely shared phenomenon is polarization: certain brands significantly outperform the market, while others fall sharply behind.

There are many reasons for this divide: Asian markets, for example, are in the midst of the "guochao" movement, where consumers prefer to buy domestically and support local brands. Additionally, luxury spending has become more socially sensitive in some markets. Trade wars, macroeconomic instability, and aggressive, short-sighted strategies have also taken their toll: brands that boosted volumes during a moment of euphoria, increased access points across online and offline channels, and raised prices without raising true desirability or uniqueness are now seeing the consequences.

Store closures, platform failures, disappointing sell-throughs, and emergency M&A deals are shaking the system. Yet from this moment of instability, new opportunities and reflections emerge.

In a moment of profound transition, the entire industry seems to have reached a shared realization: it is no longer sustainable to be self-referential. While the goal remains to surprise and inspire the market with creativity and innovation, today’s luxury must also be rooted in observation and deep listening. A recent encounter brought this into sharp focus. A client advisor at a prominent French luxury house told me that, until a few months ago, she held a comfortable position in a beautiful office. Yet, she chose to move to the sales floor, not for visibility, but to stay in touch with the present.

“I needed to see what’s really happening,” she said. “I wanted to reconnect with the people, the questions, the energy. That’s where the future is shaped, not behind a desk.”

This kind of humility and proximity may, in fact, be luxury’s new creative edge. We need more people sharing this attitude.

Leadership reset: A wave of change

To respond to these challenges, companies are bringing in new leaders, at both CEO and Creative Director levels. The scale and speed of this turnover is unprecedented. Our updated table (see below) is only a partial snapshot.

CEOs are changing due to pressure for financial results, the need to streamline operations, reduce excess inventory, and bring greater efficiency to overly bureaucratic, siloed organizations. Today, the need is not for sector-specific vision, but for agile management skills.

Companies are seeking leaders who act decisively before long-term plans are even finalized. This is the case with Luca de Meo, former CEO of Renault, appointed to lead Kering. He brings restructuring and turnaround experience, with a mandate to reset brand strategy, improve cost control, and reclaim aspirational clients. As he put it, "clear and strong choices… that will not always be easy" must now be made.

These leadership shifts are not just operational, they’re also strategic messages to the market and to investors, signaling a deep transformation in direction and ambition.

The evolving role of Creative Directors

At the same time, the other soul of these symbol-intensive companies, creative leadership, is also being redefined. The role of the Creative Director is no longer about designing collections in isolation, like a god on Mount Olympus. Instead, it is becoming integrated into business strategy:

• Cross-functional collaboration with merchandising, marketing, finance, and supply chain
• Increased accountability in sell-through, pricing, and margin
• Storytelling, sustainability, and digital fluency as core requirements
• Less autonomy, more alignment with brand positioning and consumer data

The new creative leader is no longer a lone visionary but a team player embedded in a strategic framework. The mission? Create desirability and deliver results.

These shifts aim to reconcile heritage with innovation and reconnect with aspirational and younger clients, segments often neglected in favor of VICs.

Risks and opportunities

Such changes are not without risk. Brands that fail to preserve their DNA risk alienating loyal clients. Internal resistance can also undermine transformations. But when executed well, these shifts signal renewal and bold direction.

A gender gap that persists

Despite making up the majority of luxury consumers, women remain underrepresented in top creative roles. While leaders like Sarah Burton, Louise Trotter, and Maria Grazia Chiuri stand out, pipelines remain narrow and male-dominated. As Immi Sen put it: “More female creative directors aren't just about equity, they’re essential to creating fashion that resonates with modern women.”

A selection of leadership and creative shifts in luxury (2024–2025)