Fashion's Old Fogies Create Succession Conundrum
Long-time bosses at Armani, Chanel, Cavalli, and LVMH will soon shuffle off the catwalk
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At its core, the business of fashion is an endless quest for something new. Problem is, some of the biggest names are getting rather old.
Giorgio Armani and Chanel designer Karl Lagerfeld are in their 80s, Roberto Cavalli is 74, and Bernard Arnault, chairman of the company that owns Louis Vuitton, turns 66 in May. Of these, only Cavalli seems ready to swap his sketch book for slippers, as he's trying to sell his business. The rest present succession quandaries that could reverberate long after fashion's senior statesmen shuffle off the catwalk for good.