Blockbuster didn’t understand and embrace how people would discover, consume and pay for video in a new technological reality. How fashion leaders respond over the coming months — yes, months — will shape which companies are positioned to thrive in the years ahead. The near-term value of AI isn’t just creative, where the industry’s attention seems to be focused; it’s operational. AI won’t replace fashion leadership but leaders who use AI will replace the ones who don’t. Fashion leaders can prepare, learn and build for this moment, or they can become a case study for the next generation.