Giorgio Armani passed away on 4 September 2025, setting in motion the most consequential ownership transition in Italian luxury since the fall of independent Gucci. This report provides a critical analysis of the Armani Group at this inflection point: the financial position under pressure (revenue down 5%, EBITDA down 24%, net profit down 66%), the mandated partial sale to LVMH, L'Oréal or EssilorLuxottica, the new creative leadership, and the complete absence of any stated AI governance framework at a moment when the incoming buyer's technological priorities will shape the brand's future identity.

Milan does not sell the idea of luxury. It makes luxury physically possible. With Via Montenapoleone crowned the world's most expensive shopping street, a craftsmanship workforce in structural decline, and quiet luxury brands outperforming logo-driven competitors during the market correction, Milan has become the most consequential case study in how luxury perception is built, defended, and transformed. This report examines what Milan teaches about luxury as a strategic concept, across culture, commerce, technology, and signal generation.

While legacy luxury houses face double-digit declines and widespread brand fatigue, a new generation of players is rewriting the rules. This report identifies and analyses 23 brands growing consistently above the industry average, many outpacing traditional houses by a factor of 3x to 10x. From Miu Miu's 84% peak-quarter growth to The Row's $1 billion valuation, the report maps the structural conditions behind the rise of emerging luxury and the implications for the broader definition of brand authority.

Kering posted revenue of €14.7 billion in 2025, down 13% year on year. Recurring operating income collapsed 33%, and the group reported a net loss of €29 million on continuing operations. This report delivers a forensic reading of Kering's press release, identifying specific contradictions between management's recovery narrative and the underlying data. It benchmarks the group against LVMH, Hermès and Richemont, and includes a dedicated annex on AI governance positioning.

This report maps, case by case, how the leading luxury brands and groups are deploying artificial intelligence, and articulates the distinction the sector has not yet formalised: AI as a backstage tool versus AI as a public-facing brand deliverable. Covering fourteen brands, five conglomerate frameworks, and 36 specialist sources, it includes the Gucci/Demna AI campaign controversy as the sector's most consequential governance failure to date.

The global personal luxury goods market closed 2025 at an estimated €358 billion, down approximately 2% from 2024. Behind that number: the industry lost roughly 60 million active consumers since 2022. This report analyses the structural conditions driving that contraction across twelve dimensions. The central conclusion is that this is not a cyclical correction. It is a structural inflection point.