The future is uncertain for AZ Factory, the fashion start-up backed by luxury goods giant Richemont and founded by the famed designer Alber Elbaz who died in April last year aged 59. Key members of the dream team Elbaz brought together in the months before his passing have decided to leave or have left the company, several sources close to the fashion brand have said. Richemont, which derives most of its revenues from megabrand Cartier, can afford to stomach AZ Factory’s losses for some time. They represent only a few tens of millions of euros – small change for a group that made 2.1 billion euros in profit in its last fiscal year. Still, the story of the coming apart at the seams of AZ Factory serves as a microcosm of the problems with Richemont’s management of fashion. It also provides more ammunition to those investors who argue the group needs to narrow its focus to its watches and jewelry core businesses.