In brief
- The Richemont group, after parting ways with watchmaker Baume & Mercier, is managing the transition of the house of Alaïa.
- Following the departure of Pieter Mulier in December 2025, the Parisian label will present its next collection in a showroom on 3 October 2026.
- Despite a global turnover of €22.4 billion in 2026 for Richemont, its fashion and accessories division posted a slight decline of 2%.
The Richemont group, led by billionaire Johann Rupert, is embarking on a major strategic turning point for its fashion house Alaïa, just a few months after offloading the historic watch brand Baume & Mercier. During this delicate transition period, the Parisian label is navigating without an appointed creative director, illustrating the complex challenges faced by the fashion divisions of luxury giants in the face of demands for perpetual renewal.
A major creative transition for the house of Alaïa
A major creative transition for the fashion house
The house founded by the late Azzedine Alaïa is going through a major phase of stylistic redefinition. In December 2025, Belgian designer Pieter Mulier stepped down from his role as creative director after five years of successful collaboration to join the Italian house Versace. Having arrived in 2021, he had the heavy task of spiritually succeeding the founding couturier, who passed away in 2017.
During his tenure, Pieter Mulier successfully instilled a subtle modernity while respecting the label’s sculptural heritage. This direction gave rise to genuine commercial successes, such as the famous mesh ballet flats or the Teckel bag, whose elongated lines evoke the silhouette of the canine. This departure leaves a creative void that the house is now working to fill methodically.
The legacy of Azzedine Alaïa and the preservation of a unique savoir-faire
To understand the scale of the challenge awaiting the future creative director, it is worth recalling the unique place that Azzedine Alaïa occupies in the history of Parisian fashion. Nicknamed the king of cling and sculptural silhouettes for his unique ability to magnify the female body through structured garments, the Tunisian-born couturier always operated on the fringes of the industry’s traditional structures. Based in his famous atelier on Rue de Moussy, in the heart of the Marais district in Paris, his house operated at its own pace, often ignoring the official show calendar to present his collections only when they were deemed technically perfect.
This culture of independence and absolute artisanal standards constitutes both the strength and the complexity of Alaïa. Unlike other fashion houses that rely on standardised marketing formulas, Alaïa relies on an exceptional mastery of cutting, draping and leatherwork. The in-house studio teams, trained in the founder’s rigorous methods, possess invaluable technical memory. The current transition thus highlights the crucial role of these behind-the-scenes artisans, capable of keeping the house’s DNA alive in the temporary absence of a creative figurehead.
A reinvented presentation for Fashion Week
To unveil its collection during the next Paris Fashion Week, the management has opted for an alternative format. On 3 October 2026, the brand will not host a traditional runway show on the Parisian catwalks. The new creations will be presented in an intimate showroom, designed and produced directly by the house’s in-house studio teams.
This pragmatic decision keeps the label on the fashion calendar while avoiding the pressure of a major show without a creative figurehead. It also reflects the confidence placed in the studio’s artisans to preserve the excellence of the cuts and the savoir-faire unique to Alaïa’s identity. By prioritising the intimacy of the showroom, the house in a way reconnects with the private presentations that Azzedine Alaïa himself was fond of, offering buyers and journalists a rare proximity to the fabrics, finishes and technicality of the garments.
Who to embody the new lease of life at Richemont
The quest for a new stylistic lease of life
Under the general management of Myriam Serrano, the search for the ideal successor continues behind the scenes. Among the most talked-about possibilities within the fashion microcosm is Nicolas Di Felice, who left the creative direction of Courrèges in March 2026 after orchestrating a repositioning there that was particularly acclaimed by critics.
However, no official appointment has yet been confirmed by the Swiss group. This caution illustrates Richemont’s desire not to rush a crucial choice for the future of one of its most prestigious fashion labels, at a time when the global luxury market demands an increasingly unique and coherent artistic identity. Finding the right balance between respecting Azzedine Alaïa’s heritage and the imperatives of modern commercial profitability is a delicate exercise that requires time and a long-term strategic vision.
The strategic evolution of Richemont’s portfolio
Richemont’s refocusing comes against a global macroeconomic backdrop where major luxury groups are seeking to optimise the efficiency of their brand portfolios. Historically renowned for its undisputed dominance in the prestige jewellery and watchmaking sector (the fine jewellery sector) with giants such as Cartier and Van Cleef & Arpels, the Swiss group has always maintained a more cautious relationship with ready-to-wear and leather goods (the fashion and accessories sector). The sale of the watchmaker Baume & Mercier can thus be seen as a desire to rationalise its watchmaking assets to focus on very high value-added segments.
At the same time, restructuring the fashion and accessories division has become a priority for Johann Rupert’s group. Rather than multiplying acquisitions of small structures, Richemont is choosing to consolidate and revitalise its existing brands, such as Chloé, which is benefiting from a new creative momentum, and Alaïa. This targeted approach aims to transform these historic houses into robust growth drivers, capable of offsetting cyclical fluctuations in the high-end watch market.
Mixed results between watchmaking and fashion
Contrasting financial performances between watchmaking and fashion
On the financial front, the Swiss multinational is showing outstanding overall health, with sales reaching €22.4 billion for its 2026 financial year, up 5%, and net profit up 27% to €3.5 billion. However, these remarkable performances are mainly driven by jewellery and high-end watchmaking, while the fashion and accessories division suffered a slight decline.
This division, which includes Alaïa, Chloé and Montblanc, saw its revenues fall by 2% to €2.7 billion. After offloading Baume & Mercier, Richemont is concentrating its strengths on its most strategic assets. The creative relaunch of Alaïa is thus part of a desire to revitalise this fashion segment in order to restore its profitability and former glory. By stabilising Alaïa’s creative direction and optimising its distribution channels, the Swiss group hopes to reverse this downward trend and prove its ability to make exceptional fashion houses thrive alongside its flagship jewellery brands.
