Except for a shared belief that there are signs of life and profit in these brands, the new owners have little in common. But for the most part, their plans of attack are the same. They’re sprinkling fashion fairy dust, installing new young designers who will, with luck, produce sharp collections which will result in even sharper licensing deals for high-margin accessories like sunglasses and handbags, as well as shoes. But if that sounds easy, think again.

Those leading the latest revivals face different challenges than the turnaround owners that have come before. For one thing, since the brands are younger than, say, Chanel, there are more limited fashion archives on which to draw for inspiration and identity. And if the designer was forced out early, as Halston and Azzaro were, it is even more difficult.  

Another problem with reviving a relatively young brand is that the customers who were loyal to the original designer are still alive. When Tom Ford staged his first Gucci show, few, if any, women in the audience were wearing shoes dreamed up by Guccio Gucci. The same cannot be said of the women who will be watching this season’s collections.

The playing field is also far more crowded than it was 20 years ago. “People are always looking for new things, but they like to have newness and familiarity,” Burke says. In addition to the four brands featured here, Herve Leger, Gianfranco Ferré, Valentino, Loewe, and Ossie Clark are all coming out with collections by new designers this season.

Compounding the problem is the fact that producing what was once almost a guaranteed sure winner—like a fragrance—is now more like buying a lottery ticket. According to Fragrances of the World, a company that tracks the industry, there were 693 global launches in 2006, compared with 205 in 1996. Add a global economic malaise to all of the above, and it is clear that these brands have their work cut out for them.

“The competition is tough,” concedes Rachal. “But the rewards can still be rich. It’s unlikely that all these brands will succeed, but we haven’t seen the end of the revivals yet.”