I need to tell you something that's making luxury executives lose sleep. Last month, I was at a fashion tech conference in Milan. Between sessions, I overheard a conversation that stopped me cold. A senior executive from a major luxury house was whispering to his colleague about their "AI contingency plan." The panic in his voice was unmistakable. The brands that built empires on technical exclusivity are now facing their biggest existential threat. Gucci revenue was down 23% year over year to 7.7 billion euros, while group revenues fell 14 percent in the first quarter as Saint Laurent and Balenciaga also suffered from the downturn in luxury demand. Sales at Gucci, which accounts for half of annual group sales and two-thirds of profit, continued to slide and were down 25% in the quarter. The numbers don't lie. Luxury is bleeding. But the real crisis isn't what you think. The secret AI arms race nobody talks about While luxury brands publicly maintain their stance on "timeless craftsm...