The arrival of Italian designer Alessandro Michele at Valentino, replacing longstanding Pierpaolo Piccioli, as predicted by Miss Tweed on Monday and confirmed on Thursday, is one of many creative tectonic shifts that will take place among major fashion brands over the next few months, industry insiders say. The downturn in luxury spending in the United States and Europe, coupled with weaker than expected demand in China, is forcing controlling shareholders to take drastic action and hire new talent in the hope that this will help their brands regain luster and traction. These are tough but necessary decisions in the current economic environment. The post-pandemic boom is well behind us. Interest rates and inflation remain high. Consumers seek value for money and are reluctant to splurge on brands that lack innovation and no longer feel relevant. Hence, creative director changes are on the cards at Kering’s Gucci and Balenciaga, and at other brands, Miss Tweed has found out.