The Art of the Luxury Deal

DEALMAKING IS BACK, at least in the $140 billion global luxury business. New money and new faces are changing the playing field. Private-equity firms are shopping for brands. Outsiders like Diesel's CEO Renzo Rosso and BCBG's Max Azria are shaking up the Establishment. Professional managers are reconfiguring the way designers do business. It's no longer just about talent. It's also about numbers, location (India! China!) and risk. It's about leveraging the moment. Here, a look at how fashion's big deals are shaping up.