And while devoting the proper amount of time is critical in a brand's revival, managers say it's also important to know when it's time to fold.

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Bally, for instance, has a five-year deadline.

quot;In three years, if we are not way ahead of where we are now, we won't have succeeded," says Halpern. TPG's goal is to transform Bally into Europe's next big luxury brand and position it alongside Gucci, Ferragamo and Louis Vuitton. Although Halpern declined to provide any figures, sources close to the company said TPG is investing $250 million in the Bally restructuring, and that Bally's sales were $303 million in 2000 and should grow to $364 million this year. When TPG purchased Bally at the end of 1999, sales were approximately $500 million -- and the company was losing money.

Once companies fine-tune their product, take control of production and create the right retail environment, they're ready to tackle advertising.

quot;Communication is the last piece of the puzzle," says Carcelle. "Because the real news is already out there: It's the product, the product environment, the retail concept."

De Sole points out that the first ad campaigns must reflect the changes at the company.

quot;I can remember when we were making changes at Gucci and someone wanted to use the bamboo-handle bag in one of the ads. If you're making a change, you can't use the bamboo handle! You have to show that you're new, exciting and young. You have to concentrate on the new image -- not the old," he says.

Rivals De Sole and Carcelle would agree that no two turnarounds are alike. De Sole said that while Gucci and YSL have a similar business model, they are two very different animals.

quot;We revived Gucci at a time when no one really knew or cared about the company. The turnaround, for the most part, was a non-issue. At the time, we weren't a public company and our only audience was Gucci's former owner, Investcorp," he says.

De Sole and Gucci Group creative director Tom Ford's success in transforming a nearly bankrupt Gucci into a luxury goods group that will report revenues of $2.5 billion this year has spiced up the revival game.