Who will succeed Armani, Lagerfeld?

AT its core, the business of fashion is an endless quest for something new. Problem is, some of the biggest names are getting rather old.

Giorgio Armani and Chanel designer Karl Lagerfeld are in their 80s, Roberto Cavalli is 74, and Bernard Arnault, chairman of the company that owns Louis Vuitton, turns 66 in May. Of these, only Cavalli seems ready to swap his sketch book for slippers, as he's trying to sell his business. The rest present succession quandaries that could reverberate long after fashion's senior statesmen shuffle off the catwalk for good. At stake are combined annual revenues of more than US$40 billion and Europe's hold on the global market for designer handbags, shoes and other personal luxury goods.

"We're reaching the end of an era," said Jane Kellock, founder of trend-consultant Unique Style Platform. "We may not see their like again." Replacing a superstar designer isn't easy, but it can be done. Twelve years after Coco Chanel died, Lagerfeld breathed new life into the Chanel brand by reinterpreting the founder's aesthetic - think tweed skirt-suits and pearls for ladies who lunch.