Ackermann’s take on the house’s iconic aesthetic was as sleek and sensual as expected but infused with a newfound modernity. This included low-slung leather trousers, ultra-high-cut gowns in butter yellow and pool blue, and a bold lipstick-red trench.

Anna Wintour’s standing ovation post-show pointed to the industry’s resounding approval. The real test, however, will be commercial impact. Following Tom Ford’s departure in 2022 when he sold the brand to Estée Lauder, sales plummeted, with a 10% decline in net sales in the first quarter of 2024, and the brand needed a reset. 

Tom Ford has been in Zegna Group’s control since 2023. The quality of Tom Ford’s womenswear is expected to be elevated as the company shifts womenswear production in-house.

So far, the new ownership has helped. On January 27, the Group reported €1.95 billion ($2.09 billion) in revenue for full year 2024, up 2.2% from the previous year. Tom Ford has been a key driver of that growth, particularly in the Americas, where sales jumped 14.6% during the year. The structured ownership under Zegna has allowed Tom Ford to focus on long-term brand positioning rather than short-term creative experimentation, ensuring that Ackermann’s vision is aligned with business growth. Under Zegna, Tom Ford gains stronger manufacturing, supply chain control and scalability, as it leverages Zegna’s global infrastructure in menswear and leather goods while preserving its luxury identity. Tom Ford did not respond to requests for comment.

“Haider Ackermann for Tom Ford blew me away,” said Mullaney Page. “He just nailed it.” She emphasized how Ackermann’s deep understanding of Tom Ford’s DNA made the transition appear seamless.

However, there is also concern that Tom Ford’s aesthetic could feel detached from the times. “It’s not easy to keep Tom Ford relevant today, and the styles might be perceived as beautiful but somewhat removed from reality,” luxury advisor Susanna Nicoletti said.

While Ackermann’s Tom Ford debut sparked loud conversations, Julian Klausner’s first collection at Dries Van Noten on March 5 was more subtle. “If you didn’t know Dries had left, you wouldn’t have noticed,” said Mullaney Page. The brand declined to comment on the new creative director changes. Klausner seamlessly continued the house’s DNA, emphasizing luxurious textile experimentation, layering and jacquard mastery. Mullaney Page described the approach as thoughtful and intelligent, saying, “He wanted to connect the past and the present, and that was a strong message we saw across the season. The details were exquisite: the accessories, the layering, the textures, the fabrics — it was all so refined.”

Klausner took over as creative director of Dries Van Noten in December 2024, but it’s too early to determine whether his leadership has had a positive or negative financial impact.

Overly-frequent creative director changes have been plaguing the industry for years, and for many insiders, it doesn’t address issues at the heart of the brand. “Way too much of an emphasis is put on creating newness through hiring a new creative director,” said Christopher Morency, fashion strategist. “It’s seen as a fix-all, but in reality, it disrupts everything—store designs, teams, cost structures, set designs. A CEO needs to ask, ‘What’s the proof that this even works anymore?’”

And luxury’s slowdown isn’t just about brand performance. A shifting consumer base, economic uncertainty and weakened demand in China are forcing brands to rethink their pricing, exclusivity and retail strategies.

With Sarah Burton stepping in at Givenchy, all eyes were on her debut on March 7, which was also the house’s first major show since pre-COVID. She was appointed as Givenchy’s creative director in September 2024. Givenchy has struggled with inconsistency in creative leadership, with the previous creative director ,Matthew Williams, leaving Burton —renowned for her tenure at Alexander McQueen — with the challenge of re-establishing Givenchy’s haute couture heritage while making it commercially viable. Givenchy is owned by LVMH, which reported revenue of approximately $88.3 billion for full year 2024, a 2% decrease from 2023, with profit from recurring operations falling 14% to $20.4 billion. 

Fashion insiders note that Burton has already tested the waters with red carpet placements ahead of her runway debut, with Elle Fanning and Timothée Chalamet both showing up in new Givenchy at the Oscars in February. “It’s interesting that designers are seeding looks on the red carpet before their first show,” said Mullaney Page. “They’re using celebrities as their first runway.”

While the artistry of these new creative directors is undeniable, in 2025, a creative director must also work hand-in-hand with the C-suite. As Nicoletti pointed out, “Unless a designer specializes in accessories and leather goods — think Jonathan Anderson at Loewe — their impact on sales is often limited.”

That’s why Chloé, where Gabriela Hearst struggled to find commercial success, now faces a pressure-cooker scenario: The next creative lead, Chemena Kamali, who joined the brand in 2023, must not only shape the brand’s vision but also drive profits. Chloé launches like the Bracelet bag in November 2023, the Paraty 24 bag in February 2024 and the Camera bag in early 2024 were supposed to do this, however, Chloé parent company Richemont reported a €43 million ($46.7 million) loss in its “Other” business segment, which includes Chloé, for full year 2024, indicating ongoing commercial challenges.

Morency said brands need to stop relying on creative director changes as a cure-all and instead focus on broader cultural engagement and customer experience. “We need to stop borrowing and start owning. Fashion brands keep trying to tap into sports, art or music but aren’t committing to those spaces authentically. It’s time to think bigger.” 

He pointed to examples of other brands doing better with authentic partnerships. Jil Sander sponsored Matter and Shape, a design and fashion fair in March 2025. Similarly, Miu Miu has been presenting its Women’s Tales film series since 2011, with premieres at the Venice International Film Festival starting in 2012. More recently, last month, ​Miu Miu presented its latest Women’s Tales film, “Autobiografia di una Borsetta,” directed by Joanna Hogg, at London’s Curzon Mayfair Cinema on February 13 — it features a narrative centered around a Miu Miu handbag’s journey.

At Jil Sander, the creative director shift points to the volatility that could ensue. Creative directors Luke and Lucie Meier’s departure at the brand’s Milan Fashion Week show was expected to herald a new chapter for the brand, but the fallout has already begun. According to a Substack post by fashion publication 1 Granary, firings have started within the company since their exit. No replacements have been announced yet. It’s reminiscent of the restructuring seen at Burberry when Daniel Lee arrived, bringing in an almost entirely new team and overhauling everything from branding to manufacturing processes. 

Morency pointed out that these creative lead transitions often introduce massive operational challenges. “It’s a whole new way of working: factories, teams, supply chains, cost structures, set designs, marketing,” he said.

Ultimately, the industry is at a crossroads. Some of luxury’s biggest companies are coming back from luxury’s tough year. ​​In 2024, Kering reported a 12% decline in fourth-quarter sales to €4.39 billion ( $4.8 billion), with Gucci’s revenue dropping 24% to €1.92 billion ($2.1 billion), leading to a 46% decrease in the group’s operating income to €2.55 billion ($2.8 billion). And LVMH reported a 1% increase in full-year revenue to €84.7 billion ($92.8 billion), but faced a 14% decline in operating income.

But what’s emerging is a return to artisanal craftsmanship, as seen in Ackermann for Tom Ford and Julian Klausner for Dries.

“For that price point, customers are now expecting artisanal, handcrafted, handmade, good-quality designs,” said Mullaney-Page, harking back to the way luxury used to be perceived in the 1990s.