Luxury Report: A Brand New Era

Brand revivals have defined the luxury industry for the past 15+ years. In the '90s, Tom Ford famously resuscitated Gucci practically overnight by amping up the brand's sexual image and courting die-hard customers. Through various means, John Galliano performed the same fiscal magic at Christian Dior, Marc Jacobs at Louis Vuitton, Christopher Bailey at Burberry, and Stella McCartney at Chloé. With a star designer in charge of creative decisions, brands with fabled pasts were able to regain their old glory.

Recent events suggest, however, that this model for reviving brands—and perhaps even the very idea that brands can be endlessly reincarnated—has become a shaky prospect. In 2006, Rochas closed while under Olivier Theyskens' creative direction. Certainly, Procter & Gamble, who owned Rochas, could have been more patient in nurturing Theyskens' undeniable talent and in developing the brand. But, in the current bottom-line-driven luxury landscape, it's hard to question P&G's decision to let go of a money-losing venture.

Theyskens is now at Nina Ricci, which is owned by the Barcelona-based Puig Group, the fashion and beauty conglomerate that also initiated Paco Rabanne's relaunch. Despite having industry darling Patrick Robinson at the helm, Rabanne's reinvention failed—an outcome that now casts a long shadow on Puig's plans to reinvigorate Nina Ricci.

A similar failure to (re)launch has played out over at Vionnet. After much fanfare, Sophia Kokosalaki left the house within a year of her appointment, choosing instead to grow her eponymous line (backed by the Diesel Group). And her successor, Marc Audibet, recently quit. The ex-Prada designer was forthcoming about the reasons for his departure, indicating that Vionnet lacked the resources to properly re-ignite the brand's fire.

Spooked by these unsuccessful relaunch attempts, industry players have been searching for years, and to little avail, for the new formula for hitting brand pay dirt. The Gucci Group hired a collective to make creative decisions after Ford left, as did Emanuel Ungaro when Giambattista Valli departed that house—valiant efforts each, but neither succeeded. And Ungaro's current hire, the young Colombian Esteban Cortazar, is also a doubtful proposition. Although his age makes him malleable to management's direction, his own collections have failed to wow over the years.

What about a famous stylist who can cast a keen eye on the whole market—can she accomplish the job? Bob and Harvey Weinstein seem to think so. The movie industry moguls purchased Halston and tapped Jimmy Choo exec Tamara Mellon and uber stylist Rachel Zoe—credited with building the looks of many young actresses—to breathe new life into the iconic American brand. The duo's lack of experience with running a successful ready-to-wear company has been cited as their Achilles' heel, but their strong ties to the world of glamour (an integral part of Halston's aura) keep this revival on our one-to-watch list.

Talented editor/stylist Katie Grand's tenure at Mulberry, which ended before it even started, may signify that the ship has sailed on the old formulas for brand reinvention. After Stuart Vevers left for Loewe, Mulberry planned to tap Grand as creative director, a decision that triggered waves of excitement throughout the industry. However, before her first day on the job (which was to begin this past January), Grand opted to decline the top spot.

As the fabled brands continue to encounter roadblocks in rehashing their old glory, new brands have been able to break through and position themselves to become the next industry heavyweights. In the few years since he left Emanuel Ungaro, Giambattista Valli, and his eponymous line, has become a global success, Stella McCartney is en route to becoming a profitable label, Proenza Schouler is electrifying New York, and 6267 is upping the ante on luxury goods' craftsmanship. Brand revivals are reaching their obsolescence. It's time to nurture new brands who are creating their own histories, instead of re-writing existing ones. This is the new chapter of luxury.

—Robert Cordero