Christian Dior

Who says recessions can't have a silver lining? When the 1929 stock market crash ran Christian Dior's art gallery out of business, the onetime political science student found a new way to earn his bread: selling sketches to Parisian couture houses and doing illustrations for the fashion pages of Le Figaro. Eventually, his talent was recognized by Marcel Boussac, a textile magnate, who financed Dior's own couture house, buying a mansion on the Avenue Montaigne and helping his protégé set up shop in 1946.

Dior's first collection, in 1947, was a shot heard round the world—without exaggeration probably the most famous single season in style history. The New Look—which harked back to the excesses of the Belle Époque and brushed away bad memories of wartime fabric rationing with a sweep of crinolines—featured wasp-waisted, full-skirted silhouettes nipped in by boned corsets and fleshed out with hip padding. While a few protesters took offense at Dior's decadent swaths upon swaths of material, it was an international sensation.

Over the next decade, Dior remained an oracle on the Right Bank, dictating nouvelle directions that trickled down to the masses, inking forward-thinking licensing deals, and appearing on the cover of Time magazine. In 1957, however, the world was shocked when he suddenly died. Proving to be as headline-making in death as in life, he had suffered a heart attack at an Italian spa at the age of 52.

Dior's 21-year-old assistant was left to "save fashion," as the newspapers shrieked. The understudy's name? Yves Saint Laurent, perhaps the only man of his day brilliant enough to fill such impressive chaussures. Saint Laurent's own first collection, the controversial Trapeze show, made waves almost as stormy as those of the New Look, but he pushed the envelope a little too far with his Beatnik collection a few years later, after which Saint Laurent left the house amid another firestorm of controversy.

Since then, a parade of boldfaced names (Marc Bohan, Gianfranco Ferré, and, most memorably, John Galliano, the house's current designer) has kept the flame burning—and the registers ringing with sales of It accessories. Bernard Arnault, who acquired Dior in 1985, brought the fabled house under the sheltering wing of LVMH, ensuring the lights will continue to burn brightly at 30 Avenue Montaigne.