What: Several major fashion firms are without a permanent chief and looking for new leaders who are flexible and nimble to lead them through the impending recession.

Why it is important: Vacancy in leadership positions presents the opportunity for firms to reshape the industry’s leadership profile.

As the pandemic is seemingly in the past and a recession is predicted in the near future, boards are looking at who is the most qualified to lead their company. With a number of top fashion firms losing their top executives within the last year, it often isn’t their current CEO. This turmoil gives the industry an opportunity to reshape the fashion industry’s leadership profile and broaden the skills and experiences of the industry’s leaders from more traditional pathways.

More than ever, fashion leaders need to be flexible and nimble, have strong change management skills and respond quickly and innovatively in a highly digital world. This has lead to many fashion firms appointing C-suite leaders from consumer packaged goods companies, hospitality and tech industries, and functions such as HR and supply chain. While there is still an opportunity for those with more traditional backgrounds, they will need to be forward-thinking and flexible with the ability to build strong teams in areas like diversity, sustainability, tech innovation, and design.

With the inevitable recession looming overhead, the strengths and weaknesses of many executives could be revealed during this period, further accelerating CEO turnover.

Successful executives should keep a long-term perspective in mind and continue to invest in company culture and talent development.

The CEO fashion needs right now