Italian Fashion in Flux - Legacy Meets Global Power Play

Milan, October 2025 – The world of Italian fashion stands at a dramatic turning point. Once defined by family-run dynasties and fiercely independent creative visionaries, the country's storied houses are now navigating a new era, one dominated by corporate consolidations, foreign ownership, and generational change.

End of an Era: Farewell to Armani's Independence

This year's Milan Fashion Week marked a poignant milestone, the first without Giorgio Armani, the maestro who embodied Italian elegance for over four decades. Armani, who passed away at 91, was not just a designer but a symbol of autonomy in a market increasingly ruled by conglomerates.

His meticulously crafted empire, spanning haute couture, hospitality, and lifestyle, now faces a future of transition. In his will, Armani named LVMH and L'Oréal as potential buyers -failing which, the company is to be listed publicly. It's a move that encapsulates both the pragmatism and pride of a man who built one of fashion's last great independent empires.

The Changing Face of Italian Luxury

Armani's passing is part of a wider transformation reshaping Italy's luxury landscape:

Donatella Versace stepped down after three decades at the helm, her departure coinciding with Prada Group's acquisition of Versace, a move that stunned the industry.

The flamboyant Roberto Cavalli, long celebrated for his animal prints and sultry designs, passed away last year. His brand, however, had already entered foreign hands in 2019 when it was acquired by an Emirati conglomerate.

A decade ago, nearly 77% of Italian fashion houses generating over €50 million were still family-managed. That number has since dropped to just over half, underscoring how deeply global capital now threads through Italian seams.

From Milan to Paris: French Giants Take the Lead

Today, Italy's luxury identity is increasingly owned from abroad:

LVMH controls Fendi and Loro Piana.

Kering commands Gucci and Bottega Veneta.

Sergio Rossi now belongs to China's Lanvin Group, while Golden Goose is steered by a London-based private equity firm.

Only a handful - Dolce & Gabbana, Missoni, Brunello Cucinelli remain truly independent, though their scale pales against global titans. Even with Prada's projected €6 billion in annual revenues, it remains modest next to LVMH's €84.7 billion and Kering's €17.2 billion in 2024.

Luxury analyst Luca Solca noted that Italy lacks a unifying visionary, someone capable of consolidating brands into a powerful homegrown group. Armani came closest, but his departure leaves a vacuum that may never be filled.

A Market Redefined: Challenges and New Directions

This corporate reshuffling arrives amid headwinds from Asia, where consumer spending, especially in China has slowed. Yet within this lies opportunity.

According to Bernardo Bertoldi of the University of Turin, French conglomerates succeeded by scaling fast during the last luxury boom. Now, a more regionally attuned, innovation-driven strategy could redefine success in an evolving market.

New Creative Minds, Old Pressures

The creative pulse of fashion is also in flux. Gucci, Versace, Bottega Veneta, Chanel, and Dior have all appointed new creative directors this season. Fresh energy is palpable but so is the fear of losing heritage.

Ian Griffiths, creative director at Max Mara, summed up the pressure succinctly:

"I really feel for those who are thrown into a house and expected to produce results immediately. I had 20 years to learn the Max Mara sartorial codes before making major decisions."

The Crossroads of Craft and Capital

As Italy's luxury map is redrawn by succession, globalization, and corporate ambition, one question looms large: Can the birthplace of haute craftsmanship preserve its soul in an age ruled by scalability and shareholder value?

The next decade will determine whether Italian fashion remains the beating heart of global luxury or becomes just another chapter in a Paris-led playbook.