What the recent peak in creative director changes could mean for luxury real estate
Considering weaker performance across the industry, it is no surprise that brands are looking to creative resets in order to reboot performance. Over the last 12 months, we have seen creative director moves across 20 brands – a new peak. Big announcements include Matthieu Blazy taking the helm at Chanel and Demna Gvasalia stepping in at Gucci. Brands are looking to new creative leads to spearhead a renewed product offering and marketing message, all the more important in the current environment.
The success of these new appointments will become apparent in the designer debuts and subsequent market performance. And while new creative leads will reshape product offerings, they also have the potential to reshape brand real estate strategies.
Looking to previous creative director changes across the most valuable brands in the industry, increases in retail floorspace accelerated in year two and year four, post appointment – with year four being the peak year (see figure 05). Based on recent creative moves, 2026 and 2028 could see an acceleration of new store openings and/ or upsizing for those brands who have welcomed new creative leads, albeit subject to the success of those appointments. This will also prove more pronounced for those ‘smaller’ brands that have seen changes.
It will not just be about the quantum or size of stores. The nature of the space and the store experience will also be shaped by these changes, as these spaces look to embody the brand and the evolving creative direction.
A change of creative director is not the only factor that can shape real estate strategies. As we covered in our 2022 report, M&A activity often translates into new store activity – particularly where the big groups are acquiring/investing. One micro trend in the luxury watch space has been the ‘resurrection’ of once dormant heritage brands. Breitling acquired Universal Genève in 2023 and Gallet in 2025, both brands having historical roots going back over a hundred years.
Both acquisitions involve the relaunch of the brands and, subject to their success, we would expect this to translate into store requirements. In terms of total investment, however, M&A volumes are down on that seen in 2021/22 – particularly considering the current debt environment. But, rumours are mounting and, as interest rates tick down, we may start to see some of these rumours translate into acquisitions.