It looks like Maria Grazia Chiuri won’t be laying low for long. Rumours are rife that she’ll be installed at Fendi. Such hearsays are rarely just that

Just days after Fendi presented their spring/summer 2026 collection that was led by Silvia Venturini Fendi, it was announced that she would step back from her creative responsibilities at Fendi to become its honorary president (she is the last family member in a design role). This was quite the plot twist, especially after what we thought was an unusually good mash-up of a collection she presented, more compelling than all of Kim Jones’s for the house put together. That Ms Fendi has decided to abdicate was not surprising: she is, after all, 64 (although her one-time colleague Karl Lagerfeld worked till he died, age 85). To borrow from the book of pep talks, exit on a high note.

The ‘Who’s Next?’ episode of the ongoing conglomerate drama has been airing on a continuous loop. During the on-going Paris Fashion Week, the name that repeatedly popped up has been the ex-Dior creative director Maria Grazia Chiuri, even before Jonathan Anderson presented his debut. The speculation intensified after the Fendi announcement as Ms Chiuri has a strong historical link to the brand. She started her career there in 1989 and worked on accessories alongside and Pierpaolo Piccioli, before both decamped for Valentino ten years later. It was reported that she had a hand in the creation of the highly successful Baguette bag. While the industry is expecting her to return to Fendi as a sort of “homecoming”, neither the house or LVMH has made an official announcement naming a creative successor.

Maria Grazia Chiuri at her last Dior show, cruise 2026. Screen shot: dior/YouTube

If this passes for the undeniable truth, Ms Chiuri’s return to another LVMH brand would be highly unusual. In the luxury industry, it is more common to see a designer exit one mega-group for a brand in another, or move from a smaller house to a bigger one. In Chiuri’s case, it would be neither, and likely one of the few designers to go from larger to smaller. But it is unsurprising that LVMH would extend a second welcome to her. She is still considered a tremendous commercial engine at Dior, with reports noting “staggering” financial growth during her tenure. Keeping her and her commercial flair within the group, even at a new house, is a strategic win, especially if a rival is interested in her (we can’t imagine who).

LVMH clearly saw her as a key pillar of Dior’s success, but it is not known why she was let go. The Group’s appreciation of her can be seen in the public announcements regarding her departure from Dior: they were characterized by mutual respect and high praise. And there are the two video montages on the brand’s YouTube account, featuring nine years of her work, titled ‘The house of Dior wishes to express it’s deepest gratitude to Maria Grazia Chiuri’. Yes, not once, but twice. Despite the warm public statements, the actual reason for the separation remains a subject of intense speculation. Some are now wondering if she is, in fact, just on (paid) leave until her triumphant return at Fendi.

Ms Chiuri’s last collection for Dior. Screen shot: dior/YouTube

LVMH has shown a willingness to move top talent internally, most recently, Jonathan Anderson from Loewe to Dior. This allows the group to constantly refresh the creative energy at its major brands without hiring externally. But unlike others, Mr Chiuri left and then (likely) goes back in a seemingly grand “homecoming”. It is not clear why the clean break versus the shuffle. For her to depart gracefully, LVMH apparently went by her requested timeline. If she had indeed fully separated from LVMH (with no immediate next role announced then), the group’s effort to lure her back to Fendi—an Italian house, in her home city of Rome, and where she started her career—is a rather powerful statement.

Much have been said about her commercial strength, brand-building capabilities, and established rapport with the Roman/Italian production world. Yet, she was also very much criticised for designs that would not upset any focus group. Her tenure created one of the most significant divides between critical opinion and commercial performance in modern luxury fashion. We saw her served up the same looks, collection after collection: the sheer tulle skirts, the Grecian draping, the Bar Jacket re-interpretations, all lacking the architectural drama of John Galliano or the sleek modernity of Raf Simons that both were revered for. Perhaps, Fendi, more than any of the other brands in the LVMH stable, needs commerical success more than creative reputation. Maria Grazia Chiuri is the gold standard.

Illustration (top): Just So