Last week in Paris, a few people asked me what I was going to do with myself now that all the major designer appointments have been settled. I laughed and acknowledged that this may seem to be the case, but the reality is far more insidious. This round of musical chairs was merely a symptom of a far larger crisis gripping the industry—and one that isn’t abating anytime soon. At this point, we seem to know the fundamental questions: Is luxury all but fully consolidated, relegating the next generation of creative directors to serve as caretakers of these businesses rather than innovators? Or can brands like Louis Vuitton, which generated an estimated €23 billion in 2024, double in size once again?