One of the more astonishing success stories of the past century has been the evolution of luxury retailing, from small-scale family firms to an international, multi-billion dollar industry. In the process, the family names of the men and women responsible for this transformation – among them Armani, Chanel, Dior, Givenchy, Lauren and Missoni – have become more familiar as brands than as individuals. Yet, as the modern industry struggles to reconcile its artisanal heritage with today’s public offerings and quarterly reports, it is the personal, family connection that bridges the gap.
For, as brand founders age – Giorgio Armani is 77; Ralph Lauren, 71 – a new generation of sons, daughters, nieces and nephews is being wooed into the family business. Whether they ultimately take the place of their elders or not, they will unquestionably play a big role in these businesses in years to come, not to mention influencing what the rest of us see trickling down into stores. For, whatever the official title, unofficially they are the thread of continuity between past and future.
Of course, this not a new phenomenon. In 1992, after the death of Emilio Pucci, his daughter Laudomia took over the house he founded and, despite selling the brand to LVMH eight years later, has remained with Pucci as deputy chairman and image director. Ermenegildo Zegna founded his eponymous men’s wear brand in 1910; today the company is run by his grandson Gildo. Veronica Etro designs women’s wear at Etro, the firm her parents founded in 1968; Carolina Herrera’s younger daughters Carolina Jr and Patricia play advisory roles in their mother’s eponymous company. Eliza Bolen, Oscar de la Renta’s step-daughter, is ODLR’s head of licensing and her husband Alex is chief executive; and Fran?ois-Henri Pinault took over Artemis, the holding company that owns LVMH rival PPR after his father, Fran?ois, retired in 2003.