Search on Fashionbi
Armani, Prada, Hermès, LVMH, Kering, Zegna, Richemont, and Capri Holdings: A strategic take on how the major luxury groups manage succession, leadership transitions, and brand continuity.
Sectors & Markets
08 January, 2026
Table of contents
Succession has been one of the most defining and least openly discussed strategic issues in global luxury. As founder-led houses, family-controlled companies and professional conglomerates consolidate, leadership transitions are increasingly determined by not just who runs a brand but how its governance, financial performance and identity endure over the period. Unlike other sectors, luxury succession should balance heritage legitimacy, creative authority, ownership control and long-term capital discipline, often under investor and public scrutiny.
This insight will examine ten major luxury groups to understand how their succession is being engineered today.
Brands under Capri Holdings Limited: Michael Kors, Versace, Jimmy Choo
Capri Holdings Limited evolved from a founder-led brand into a multi-brand luxury group. The group started from Michael Kors, founded in 1981, and was transformed into Capri Holdings Limited in January 2019 following the acquisitions of Jimmy Choo (2017) and Versace (2018). With that transformation, John D. Idol has served as Chairman and CEO, positioning Capri as a U.S.-based counter group to European luxury conglomerates.
In August 2023, Capri Holdings Limited announced an agreement to be bought by Tapestry for approximately $8,5 billion, a scale-driven merger designed to create a diversified American luxury platform. But, following the regulatory opposition from the U.S. Federal Trade Commission, the transaction was terminated in November 2024. With that, instead of transitioning leadership into a larger combined group, Capri was forced to reaffirm its standalone governance and operating model.
In response to that, Capri Holdings Limited undertook a leadership reset at the brand level. In January 2025, John Idol took the additional role of CEO of Michael Kors. This approach underscored a return to hands-on founder-era stewardship, with Idol stepping in to stabilise performance after prolonged pressure on accessible luxury demand.
Michael Kors himself exited day-to-day group-level management years before, retaining the role of Chief Creative Officer of Michael Kors. At Versace, creative succession has been decoupled from ownership since Capri’s acquisition in 2018, with Donatella Versace continuing as Creative Director through multiple ownership and strategic phases. But she also stepped down from the role in March 2025 and took over the position of chief brand ambassador. Dario Vitale took the role in April 2025 but announced his departure in December 2025. Jimmy Choo has followed a similar path, with professional management and rotating creative leadership rather than founder continuity. Sandra Choi (niece of Jimmy Choo) remains as Creative Director, but the brand is run by professional CEOs (currently Hannah Colman).
From a governance counterpart, Capri Holdings Limited’s succession model remains executive-centric rather than institutionalised. Currently, Capri faces a leadership challenge, transitioning from a deal-based growth narrative to a performance-led, brand-by-brand recovery model.
In early December 2025, Capri Holdings Limited sold Versace to Prada SPA for approximately $1,38 billion in a deal that closed.
Chanel is defined by its private ownership stability paired with carefully managed creative transitions. The house has been under the Wertheimer family since the mid-20th century and still remains one of the largest privately owned luxury companies globally. Chanel has insulated itself from short-term market pressure, public urgency, or financial disruption due to this ownership structure.
In June 2024, Virginie Viard exited her role as Creative Director after nearly 30 years in the brand, including five years leading collections following Karl Lagerfeld’s death in February 2019. The company chose not to appoint a successor immediately. The collections were overseen by the in-house design studio for several months. In December 2024, Chanel S.A. announced the appointment of Matthieu Blazy, former Creative Director of Bottega Veneta, as Artistic Director of Fashion, effective in 2025. He reinforced the preference of the brand for evolution over reinvention.
In the management structure, Leena Nair has maintained her role as Global Chief Executive Officer since January 2022, marking the first time a non-family executive has been positioned in the role. Her focus was on sustainability, organisational culture, talent, and long-term brand stewardship.
Importantly, Chanel S.A.’s creative succession has occurred against a backdrop of management continuity. The group has been led operationally by Leena Nair since her appointment as Global Chief Executive Officer in January 2022, marking the first time a non-family executive assumed the role. Nair’s mandate has focused on organisational culture, talent, sustainability, and long-term brand stewardship rather than creative authorship. This clear separation between creative leadership and corporate governance has been central to Chanel’s ability to absorb creative change without destabilising the business.
From the perspective of leadership, Chanel highlights a private-house succession model with no public heir narrative, no pressure for an IPO, and no reliance on a star designer to carry corporate legitimacy. Instead, the company relies on a strong design studio, organisational culture, and stable executive leadership under the Wertheimer family.
Jewellery Maisons (Cartier, Van Cleef & Arpels, Buccellati), Specialist Watchmakers (A. Lange & Sohne, IWC Schaffhausen, Jaeger-LeCoultre, Panerai, Piaget, Vacheron Constantin, Roger Dubuis), Fashion & Accessories (Azzedine Alaïa, Chloé, Dunhill, Montblanc), and Online Distribution (Yoox Net-a-Porter, until the Farfetch transaction).
Richemont’s succession model combines the founder's influence without a dynastic succession. Established in 1988, Johann Rupert remained as Chairman while professionalising leadership at the executive level. Instead of grooming a family successor, Richemont has consistently showcased institutional leadership and maison autonomy, making the succession an ongoing governance process.
In June 2024, Richemont reinstated the role of Group Chief Executive Officer, appointing Nicolas Bos to the position with effect from 1 June 2024. Bos, previously CEO of Van Cleef & Arpels since 2013, was named for this role for his ability to scale the high-jewellery maison while preserving the pricing power and brand equity. Richemont moved from a chairman-led executive committee model to a more conventional corporate structure by reintroducing the CEO, while Johan Rupert remained as Chairman, maintaining only the strategic oversight.
In 2024, the group named Cyrille Vigneron as Chairman of Cartier, transitioning from his long-term CEO role (now serves as Chairman of Cartier Culture & Philanthropy), while Louis Ferla continued as Cartier CEO. This system, rotating experienced executives into supervisory or chair roles while empowering the CEOs at the operational level, has been a continuous occurrence across the group. The succession strategy of Richemont is closely aligned with its portfolio concentration in hard luxury.
From a governance point of view, Richemont differs from peers such as LVMH and Kering Group. There is no next-generation family executive pipeline. The group shows founder stewardship with professional succession, the model in which the founder has influence at the board level and operational authority is entrusted to seasoned executives from the maison system.
Dolce & Gabbana is one of the major founder-controlled luxury houses in global fashion. Founded in 1985 by Domenico Dolce and Stefano Gabbana, D & G S.r.l. still remains 100% privately owned by its founders with no publicly disclosed succession plan for ownership or creative control.
In 2019, Alfonso Dolce (brother of Domenico Dolce) was named CEO, taking up the responsibility for industrial strategy, day-to-day management, and international expansion. This move gave a separation between operational execution and creative authority (retained by the founders). Domenico Dolce and Stefano Gabbana continue to act as Co-Creative Directors, maintaining direct authorship. Crucially, the founders have made a statement that they are intending to leave the company to their family and employees, highlighting a succession plan focused on internal stewardship, long-term independence, and continuity.
Dolce & Gabbana’s succession was strategically focused on category expansion rather than governance transition. Alta Moda, launched in 2012, evolved into a full high-jewellery and high-tailoring system, reinforcing exclusivity. DG Casa, founded in 2021, marked a significant move into the home and lifestyle category, while experiential projects and hospitality further extended the group’s universe. These initiatives showcase brand amplification under founder control.
In mid-2024 and throughout 2025, CEO Alfonso Dolce confirmed the group is now ready
to consider an IPO or a minority investor. In 2025, the group secured €150 million in new funding (backed by Italy’s state credit insurer, SACE).
The company launched its first perfumes, Dolce & Gabbana Pour Femme and Pour Homme, in 1992, in partnership with Italian firm Euroitalia. The license was transferred to Procter & Gamble Prestige Products (P&G) in December 2005, which then managed the brand's fragrances and later, expanded into makeup. In 2016, P&G sold its specialty beauty business to Coty Inc.
In 2021, Dolce & Gabbana ended the long-standing fragrance and beauty licence with Shiseido. Shiseido continued production and distribution for 12 months as a bridge. With the DG Beauty launch, the group took control of the production and distribution. By late 2025, the brand became fully scaled, having launched its first in-house skincare lines and a complete overhaul of its color cosmetics. The current CEO of DG Beauty is Gianluca Toniolo, since 2021.
Founded in 1910 by Ermenegildo Zegna, the group remained family-controlled for over a century, with the leadership transitioning into a third generation. The modern succession phase started in 2013 when Gildo Zegna was appointed Chief Executive Officer, dividing strategic and operational control while maintaining the long-term vision of independence of the family, industrial discipline, and brand elevation. In December 2021, the group publicly listed on the New York Stock Exchange through a merger with Investindustrial Acquisition Corp. This made the group both family-controlled and publicly traded. The IPO was framed as a governance-strengthening and capital-raising structure, allowing the group to scale globally while maintaining the strategies.
The leadership succession at Ermenegildo Zegna Holditalia S.p.A. has been layered rather than concentrated. While Gildo Zegna remained as CEO and Chairman during the post-IPO period, the creative and operational authority was distributed across the management board. Moving to Group Executive Chairman (effective Jan 1, 2026). Gildo remains the custodian
of the brand but is stepping back from day-to-day operations.The brand has continued to have Alessandro Sartori as Artistic Director of Ermenegildo Zegna Holditalia S.p.A. since 2016. Gianluca Tagliabue and Angelo Zegna has been named as Co-CEO of the ZEGNA brand, effective January 1, 2026.
Ermenegildo Zegna Holditalia S.p.A. also evolved from a single brand to multiple brands, notably via the acquisition of Thom Browne and the creation of Tom Ford Fashion following The Estee Lauder Companies Inc.’ acquisition of the Tom Ford brand in 2023. Under this system, Ermenegildo Zegna Holditalia S.p.A. operates Tom Ford’s fashion business through a long-term licensing and operational agreement.
The Armani Group’s succession is one of the most structured transitions in luxury fashion history. In 2016, Giorgio Armani transferred the group’s control to Fondazione Giorgio Armani to safeguard independence, preserve the core aesthetic of the brand forever, and ensure the ethical governance of the group. Fondazione Giorgio Armani, created in 2016, is an institution functioning as the backbone of the group that separates ownership from management, ensuring independence, continuity and brand integrity in the post-founder era. Following Giorgio Armani’s death in September 2025, his will was the most non-disruptive transition spanning 3-8 years, preventing a sudden handover or a single heir in the dynastic system.
The control over the group was deliberately distributed - leaving long-time collaborator Pantaleo Dell’Orco with 40% of voting rights, the Fondazione Giorgio Armani with 30% of voting rights (To oversee the management and maintain the integrity of the brand), and the remaining shares were allocated between family members such as nieces Silvana and Roberta Armani and nephew Andrea Camerana.
Moreover, the will also authorise a conditional framework allowing for an initial 15% stake sales within around 18 months, followed by a further 30% to 54,9% within 3-5 years, ideally to the same buyer. The preferred buyers include LVMH, L'Oreal SA, and EssilorLuxottica, showcasing long-term industrial partners rather than financial investors. If no buyer emerges, the will also give way by placing the group in an IPO on the Milan or an international stock exchange within 5-8 years.
Hermes International SA is a perfect representation of the term family succession in luxury, combined with continuity, restraint, and a governance model. Founded in 1837, the group is now led by the sixth generation of the founding family. This approach has enabled the group to avoid the disruption associated with founder transitions and preserve the consistent brand identity.
In 2013, Axel Dumas, a sixth-generation family member, was appointed Executive Chairman of Hermes International SA, succeeding Patrick Thomas. Dumas already spent years inside the organisation, and his appointment reinforced {Hermes' philosophy of “legitimacy is earned internally.” Since 2005, Pierre‑Alexis Dumas, also a sixth-generation member, has served as Artistic Director of the brand, overseeing creative direction across the house.
The Hermes family has retained a controlling stake through H51, the family holding company, which was consolidated in 2011, following LVMH’s quiet accumulation of a minority stake in Hermes. While LVMH remains as a shareholder, its attempt to build influence over the group was blocked, and Hermes has since maintained its independent management, decentralisation, and long-term value creation. Disputes related to those stake-building transactions have continued to escalate into legal proceedings involving LVMH and Hermes family heirs, which is still unresolved.
In April 2025, Hermes International SA overtook LVMH as the most valuable luxury company in the world by market capitalisation, peaking with a net worth of around €247 billion. In October 2025, Hermes appointed Grace Wales Bonner as Creative Director of Men's Ready-to-Wear. She succeeded Véronique Nichanian, who stepped down after a 37-year tenure.
Kering Group’s core Houses span Fashion & Leather Goods (Gucci, Saint Laurent, Bottega Veneta, Balenciaga, Alexander McQueen, Brioni), Jewellery (Boucheron, Pomellato, DoDo, Qeelin), plus Ginori 1735, and the group platforms Kering Group Eyewear and Kering Group Beauté.
Previously known as PPR, the company rebranded as Kering Group under the leadership of François-Henri Pinault in March 2013. Although François-Henri Pinault is a member of the Pinault family (the owners of Groupe Artémis), Kering Group does not operate under a dynastic succession model. No other Pinault family members hold executive or operational roles in Kering. Kering decided to separate the roles of Chairman and Chief Executive Officer, after a long time of François-Henri Pinault holding both positions. On 16 June 2025, Kering Group announced the appointment of Luca de Meo as Chief Executive Officer after shareholder approval. Shareholders approved the appointment on 9 September 2025, and the separation of roles took effect on 15 September 2025, with de Meo assuming the CEO role while Pinault continued as Chairman of the Board.
In July 2023, Kering Group publicly announced measures to strengthen governance and operations as a part of a wider effort in building a robust organisation capable of scaling its capabilities and steeping brand cycles.
Gucci was the largest brand of the house, which also faced the most consequential succession. Kering Group and Gucci appointed Sabato De Sarno as Gucci Creative Director on 28 January 2023 in an explicit attempt to reset the brand’s creative direction. After the deterioration, Kering Group moved again with Demna as Gucci’s Artistic Director from July 2025. Kering Group is treating its creative leadership shifts as a portfolio risk-management tool instead of focusing more on artistic choices.
The creation of Kering Group Beauté became more concrete with the acquisition of high-end fragrance house Creed, announced on 26 June 2023 and completed on 17 October 2023 (with consolidation in Kering Group accounts from 1 November 2023). In October 2025, Kering agreed to sell its whole beauty division, including Balenciaga, Bottega Veneta Beauty and Creed, for around €4 billion (around $4,7 billion).
Overall, Kering Group’s succession narrative is best understood as family stewardship from institutional leadership and portfolio rebalancing. The 2025 governance shift, installing Luca de Meo as CEO while François-Henri Pinault remains Chairman, formalises a new phase of leadership.
Brands under LVMH:
Fashion & Leather Goods (Louis Vuitton, Christian Dior Couture, Fendi, Loewe, Celine, Givenchy, Marc Jacobs, Rimowa), Watches & Jewellery (Bulgari, Tiffany & Co., TAG Heuer), Perfumes & Cosmetics (Dior, Guerlain, Givenchy Beauty), Wines & Spirits (Moët & Chandon, Hennessy, Dom Pérignon), Selective Retailing (Sephora).
The succession model of LVMH is different from single-brand or founder-led houses. It is engineered to be at the group level - deliberately gradual and tested via operating roles across its most strategic labels. Since the late 2010s, Bernard Arnault has balanced the succession within the organisation by combining professional management, brand-by-brand leadership rotation, and family involvement.
In January 2023, LVMH appointed Delphine Arnault as Chairman and CEO of Christian Dior Couture and joined by Pierre-Emmanuel Angeloglou as Deputy CEO in 2025. This followed her prior executive experience at Louis Vuitton and her long-term board role at LVMH. Dior functions as both a strategic brand and a leadership training ground within the group. At the same time, Pietro Beccari was appointed Chairman and CEO of Louis Vuitton (effective February 2023). Antoine Arnault stepped down as CEO of Berluti in early 2024, remaining Chairman of Loro Piana and Berluti, and CEO of Christian Dior SE.
In 2022-2023, Bernard Arnault proposed an increase in the age limit for the Chairman and CEO role to 85, and shareholders approved it. Several family members of Arnault have been in their own operational exposure across the group:
Antoine Arnault (Director of Communications, Image & Environment; Chairman of Loro Piana and Berluti; CEO of Christian Dior SE; former CEO of Berluti),
Alexandre Arnault (former Tiffany & Co. executive; later Deputy CEO of Moët Hennessy since 2025),
Frédéric Arnault (CEO of TAG Heuer until 2024, subsequently appointed CEO of Loro Piana in 2025), and
Jean Arnault (Marketing & development roles, notably at Louis Vuitton Watches since 2021).
These appointments reflect a classic case of a portfolio-based succession model, where credibility is built through performance inside individual maisons instead of through lineage alone.
LVMH separates the corporate leadership succession from the creative leadership succession. High-profile appointments, such as Pharrell Williams as Men’s Creative Director at Louis Vuitton in 2023, or Maria Grazia Chiuri as former creative director of Dior. A fundamental difference between LVMH and founder-led houses such as Giorgio Armani S.p.A. or Prada SPA is that the company assembled maisons through acquisitions rather than going with building them to allow a continuous management through capital allocation and governance instead of creative inheritance.
Founded in 1913, Prada SPA has now been shaped by Miuccia Prada and Patrizio Bertelli, whose partnership gave the correct balance of creative experimentation and industrial discipline. Prada chose to formalise with succession well before any forced transition, positing the next generation to focus on strategic and operational upgrade rather than a symbolic inheritance.
The succession plan’s main person is Lorenzo Bertelli, the eldest son of Miuccia Prada and Patrizio Bertelli. In 2021, the group publicly confirmed Lorenzo Bertelli as the designated future leader. This move marked one of the rare cases in luxury where the succession has been openly acknowledged before it happens. Since 2017, he has been looped in to oversee marketing, digital strategy, and corporate social responsibility, later extending to sustainability governance and long-term brand transformation.
The younger son of Miuccia Prada and Patrizio Bertelli, Giulio Bertelli, is active in the Bertelli-Prada family business space with involvement in investment and entrepreneurial activities, but has not held any positions in Prada Group. In addition to being an athlete, he was the director of the film Agon and founded a chill-dried food company.
In February 2020, Prada SPA announced the appointment of Raf Simons as Co-Creative Director of Prada alongside Miuccia Prada. From a corporate perspective, Prada's strategy on succession was underpinned by public-market discipline, with the group getting listed on the Hong Kong Stock Exchange in 2011.
Rather than waiting for a generational break, the group has created a capability-led succession. In late 2022, Miuccia Prada and her husband Patrizio Bertelli stepped down as co-CEOs of the Prada Group, with Andrea Guerra taking over as Group CEO. Miuccia Prada still remained as creative director of Miu Miu and co-creative director of Prada alongside Raf Simons.
Luxury succession has shifted from inheritance to architecture. The resilient organisations, Hermes, LVMH, Prada SPA, and Ermenegildo Zegna Holditalia S.p.A., have embedded leadership continuity by separating the creative sector from ownership control and the operational system. In contrast, founder-based models like Dolce & Gabbana continued to preserve coherence, concentrating authority but differing in institutional continuity.
What made a group distinguishable in transitions was not the presence of a star executive or family heir, but the leadership pathways’ intentional design - Foundations that safeguard the independence (Giorgio Armani S.p.A.), decentralised label autonomy (Compagnie Financière Richemont S.A.), public-market discipline without losing control (Ermenegildo Zegna Holditalia S.p.A.), or rotational executive development (LVMH Moët Hennessy - Louis Vuitton).
With luxury entering into a slower-growth, capital-intensive phase, succession will increasingly function as the most crucial and competitive part. The groups that will survive this climate are those that convert legacy into systems, ensuring the leadership transitions as the source of stability.
Cover Image: FLAWLESS.life