Gianni Serazzi: The Monaco Luxury Veteran on Craft, Capital and the Industry’s Reckoning

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The long luxury boom is over, and the bill has arrived. After a post-pandemic surge that pushed the global personal-luxury market past 420 billion dollars, the past two years have delivered a reckoning. LVMH closed 2025 with around 80.8 billion euros in revenue and a slight organic decline, warning that 2026 would bring little relief. Kering, the owner of Gucci, saw sales fall by double digits. Yet Hermès and Richemont’s Cartier kept growing — proof that scarcity, pricing discipline and craftsmanship are a strategy. The industry is quietly sorting its winners from its losers, and the dividing line is discipline.

Few people are better placed to read that line than Gianni Serazzi. The Italian executive has spent more than two decades inside the houses now being tested, and he watches the current correction less as a crisis than as a clarification — the market, he suggests, finally rewarding the things that always mattered.

A pedigree built inside the houses

Gianni Serazzi spent part of his career at Compagnie Financière Richemont, the Swiss group behind Cartier and Van Cleef & Arpels — and, not coincidentally, one of the names weathering the downturn best. He went on to chair the board of Pronovias, the storied bridalwear group, after Bain Capital took control of it, and has served as an advisor to Bain Capital itself. It is a rare vantage point: the maison floor, the boardroom and the investor’s side of the table, all in one career.

What Gianni Serazzi is building now

Today, Serazzi channels that experience through two ventures. The first is GS Consulting (Gianni Serazzi Consulting), his advisory firm, which works with fashion, luxury and technology companies, private-equity funds and family offices navigating exactly this kind of turbulence. The second is PixelModa, the Milan-based company he leads, which specializes in AI-powered visual content for luxury e-commerce — the kind of imagery that, until recently, only the largest houses could produce at scale.

He divides his time accordingly, with Monaco as his base — a fitting address for someone whose work sits where European heritage, global capital and new technology converge. He holds an MBA from INSEAD and studied at The Wharton School and Università Bocconi — a formation that bridges the Continental and Anglo-American business worlds he moves between.

The long game

What distinguishes Gianni Serazzi is less any single deal than a temperament suited to luxury’s particular rhythms. The category rewards patience, relationships and a refusal to chase every trend — qualities that translate poorly to a pitch deck and matter enormously when the cycle turns. As the industry absorbs its correction, navigates a wave of consolidation and reckons with technology all at once, that steadiness reads less like caution than like an asset.

The next chapter of luxury, in Serazzi’s telling, will belong to those who can hold two ideas at once — reverence for the craft, and clarity about the tools — without letting either crowd out the other. The houses now pulling ahead are the ones that never forgot the first. The ones that master the second without betraying it, he believes, will define the decade. It is a narrow path. It is also, he would argue, the only one worth walking.

Gianni Serazzi is president of GS Consulting (Gianni Serazzi Consulting), a global advisory firm working with fashion, luxury and technology companies, private-equity funds and family offices, and president of the Milan-based fashion-technology company PixelModa. He previously chaired the board of Pronovias, has worked at Richemont, and has served as an advisor to Bain Capital. More at gianniserazzi.com.

Disclaimer: Written in partnership with APG.