Bowing Out

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Whatever principles were at stake, the consensus across the board is that Pinault was crazy to let the pair go. London-based Merrill Lynch analyst Aymeric Poulain says the market "will continue to question the value of the Gucci brand without Tom Ford." Vogue editor in chief Anna Wintour was similarly dismayed. "This decision sends out a rather depressing message that the significance of their talents was not recognized in the way that they should have been," she said. "Our business is about glamour and image and celebrities and charm and some things that you really can't nail down with numbers."

One of those things is the ability to attract talent. De Sole and Ford are known for their recruiting prowess, and financial analysts say retaining key personnel will now be the priority for PPR. Just hours after Ford and De Sole's departure was announced, headhunters in Paris and New York City were deluged with phone calls from companies looking to poach talent. Among the most sought-after prizes are two handbag designers, Maria Grazie Chiure and Pierre Paolo Picciole, who created last season's best-selling horse-bit bag.

PPR will take its time finding successors to Ford. It has formed a search committee and probably won't make an announcement before April. Early bets are on Alexander McQueen to design Gucci, and Marc Jacobs for YSL (although his contract with Louis Vuitton may be unbreakable).

The bigger question is where De Sole and particularly Ford will go. Many sources believe that De Sole, an avid sailor, will retire. "It's something I've been thinking about for a long time, and so has my wife," De Sole told TIME, adding that he doesn't yet have a game plan. Ford has hinted that he might go that route too. At the Milan shows last month, he spoke of retiring to his ranch in Santa Fe, N.M. But he's not the type to ride off into the sunset. He has always said he will not start his own label; still, it's unlikely that he will walk away from fashion forever.

Then there's Hollywood, where Ford has a home and a lot of connections. "He's always said he wanted to produce movies," said Burt Tansky, president and CEO of the Neiman Marcus Group. "Arnold Schwarzenegger's old job is open. He could be Tom the Terminator."