Latest news with #BoF
Times of Oman
20 hours ago
- Business
- Times of Oman
India's ultra-rich population to rise 50% by 2028, fastest globally: Report
New Delhi: India will witness the world's fastest growth in the number of ultra-high-net-worth individuals (UHNWIs), with their population expected to surge by 50 per cent between 2023 and 2028, according to a report by McKinsey & Company and BoF. The state of fashion luxury report says that the Indian luxury market is expected to grow between 15 and 20 per cent in 2025, fuelled by demographic and structural shifts. According to the report, new luxury malls and department stores, such as the Jio World Plaza and Galeries Lafayette, are increasing luxury real estate in tier-one cities. It further adds that the newly increased taxes on imported goods over Rs 700,000 (USD 8,400) are expected to encourage domestic spending, although the domestic Goods and Services Tax on luxury goods remains high at 28 per cent. Compared to the Indian growth, the Japanese luxury market is expected to grow between 6 and 10 per cent in 2025, retaining its position as a core luxury market. The growth in Japanese markets will be driven by both solid domestic demand and tourism spending. Recently, NITI Aayog CEO BVR Subrahmanyam announced that India has overtaken Japan to become the world's fourth-largest economy. Citing data from the International Monetary Fund, the CEO of India's apex think tank stated that India's economy has reached the USD 4 trillion mark. As per the report, Japan is home to the second-largest number of UHNWIs in Asia, which is expected to grow by more than 12 per cent from 2023 to 2028. The growth rate of UHNWIs in India is more than that of Japan. According to the IMF's April edition of the World Economic Outlook report, India's nominal GDP for fiscal 2026 is expected to reach around USD 4.187 trillion. This is marginally more than Japan's likely GDP, which is estimated at USD 4.186 billion. The report added that over the past five years, the luxury industry experienced a period of exceptional value creation. Between 2019 and 2023, unprecedented demand for personal luxury goods -- fashion, handbags, watches and jewellery among them -- combined With a deep well of supply allowed the sector to achieve a 5 per cent compound annual growth rate. Luxury brands outperformed global markets and achieved new profitability records. But in the year 2025 so far, the luxury industry has faced a significant slowdown that has hit even top brands hard. For the first time since 2016 (excluding 2020), luxury value creation declined. Several of the industry's growth-driving engines have stalled. Macroeconomic headwinds --especially in the key China market, which grew more than 18 per cent annually from 2019 to 2023 -- are weighing heavily on the sector, the report highlighted.
India Gazette
2 days ago
- Business
- India Gazette
India's ultra-rich population to rise 50% by 2028, fastest globally: Report
New Delhi [India], June 1 (ANI): India will witness the world's fastest growth in the number of ultra-high-net-worth individuals (UHNWIs), with their population expected to surge by 50 per cent between 2023 and 2028, according to a report by McKinsey & Company and BoF. The state of fashion luxury report says that the Indian luxury market is expected to grow between 15 and 20 per cent in 2025, fuelled by demographic and structural shifts. According to the report, new luxury malls and department stores, such as the Jio World Plaza and Galeries Lafayette, are increasing luxury real estate in tier-one cities. It further adds that the newly increased taxes on imported goods over Rs 700,000 (USD 8,400) are expected to encourage domestic spending, although the domestic Goods and Services Tax on luxury goods remains high at 28 per cent. Compared to the Indian growth, the Japanese luxury market is expected to grow between 6 and 10 per cent in 2025, retaining its position as a core luxury market. The growth in Japanese markets will be driven by both solid domestic demand and tourism spending. Recently, NITI Aayog CEO BVR Subrahmanyam announced that India has overtaken Japan to become the world's fourth-largest economy. Citing data from the International Monetary Fund, the CEO of India's apex think tank stated that India's economy has reached the USD 4 trillion mark. As per the report, Japan is home to the second-largest number of UHNWIs in Asia, which is expected to grow by more than 12 per cent from 2023 to 2028. The growth rate of UHNWIs in India is more than that of Japan. According to the IMF's April edition of the World Economic Outlook report, India's nominal GDP for fiscal 2026 is expected to reach around USD 4.187 trillion. This is marginally more than Japan's likely GDP, which is estimated at USD 4.186 billion. The report added that over the past five years, the luxury industry experienced a period of exceptional value creation. Between 2019 and 2023, unprecedented demand for personal luxury goods -- fashion, handbags, watches and jewellery among them -- combined With a deep well of supply allowed the sector to achieve a 5 per cent compound annual growth rate. Luxury brands outperformed global markets and achieved new profitability records. But in the year 2025 so far, the luxury industry has faced a significant slowdown that has hit even top brands hard. For the first time since 2016 (excluding 2020), luxury value creation declined. Several of the industry's growth-driving engines have stalled. Macroeconomic headwinds --especially in the key China market, which grew more than 18 per cent annually from 2019 to 2023 -- are weighing heavily on the sector, the report highlighted. (ANI)
Business of Fashion
3 days ago
- Entertainment
- Business of Fashion
Has Fashion Given Up on Emerging Designers?
Dear BoF Community, ROME and MILAN — This week in Rome, I had the honour of sitting down with Giancarlo Giammetti for an exclusive interview on The BoF Podcast. For those not in the know, Mr. Giammetti first met the designer Valentino Garavani by chance on July 31, 1960, setting in motion one of fashion's most enduring — and most successful — creative partnerships. Together, they built Valentino into a global fashion powerhouse, celebrated for its elegance, craftsmanship and cultural influence. This was a love story and a business partnership, beautifully (and honestly) rendered in Matt Tyrnauer's 2008 documentary, 'Valentino: The Last Emperor.' Mr. Giammetti was refreshingly candid in our conversation, laying bare his thoughts on the state of fashion today, the musical chairs of constant designer shuffles, the egos of designers who want to be bigger than the brands they work for, and most of all, the lack of support for emerging designers. 'How many new brands have been created? I don't know,' he said. 'The last one I remember is [Giambattista] Valli or maybe Jacquemus. Why? I don't think that the big conglomerates want to put money in somebody new. They want to [focus] on their own portfolio, the names that they [already] have. But to invest in one talent? I haven't seen anything.' There was a similar refrain when I chatted with fellow jury members at the Camera Moda Fashion Trust Grant in Milan later in the week. I was busy typing away on my computer at the Fondazione Sozzani, doing a final review of BoF's reporting on Maria Grazia Chiuri's confirmed exit from Dior, when Marco Bizzarri arrived for the judging. He popped over to say hello and we chatted about the dire and uncertain state of the industry. Completely independently of my conversation with Mr Giammetti, he mentioned how concerned he is that the big groups don't seem to be interested in backing young talents. I reminded him that Kering's investments in Christopher Kane and Altuzarra — as well as LVMH's investment in Nicholas Kirkwood — were largely seen as failures. Not because these aren't talented designers with real potential, but because placing small, emerging businesses within the structure of gargantuan luxury groups means they received very little management attention. But I agreed with his point that if we don't support and cultivate emerging talents — even if the groups lose some money on these investments — the creative future of fashion is doomed. LVMH's investment in Jonathan Anderson's label, which coincided with his appointment as creative director of Loewe in 2013, tells a slightly different story. While J.W. Anderson is still a small-ish, loss-making business which did around £30 million in revenues in 2023, according to filings at the UK's Companies House, Loewe is now nearing €2 billion in sales. The business has grown almost tenfold since Anderson took over and everyone is now awaiting the confirmation that he will take over as artistic director of Dior. Not a bad return on that investment. Later, over a plate of pasta after the judging had concluded, Sara Sozzani Maino, who has been spearheading the Fashion Trust for the last few years, threw her hands in the air Italian-style, expressing to me how hard it has been to find financial support from the Italian fashion industry for the trust, which aims to support the new generation of Made in Italy designers. Remo Ruffini and Moncler have been especially supportive, she said, as well as Max Mara, Valentino, Gucci and Pomellato who have supported the Trust for some time. But the vast majority of brands declined to help, offering up a range of reasons from budgets being closed to focusing on their own internal support initiatives. She was asking for just €50,000 per brand. In the absence of this kind of financial support, some of the finalists for the Fashion Trust Grant explained to me that they have to do consulting work for other brands to survive. But this means they have less time to focus on their own businesses and are designing to achieve someone else's ideas, even if in their heart all they want to do is focus on developing their own creative vision. As any seasoned entrepreneur will tell you, it's much harder to succeed at building your own business if it's just a part-time job. At the gala dinner in the evening, my seatmate Carla Sozzani said she is worried that even if the young designers can survive the turbulent market environment, they have nowhere to sell their clothes. The multi-brand retail market in Italy is in turmoil, just as it is in the US and many parts of the world. (Emerging designers in Italy complained to me of the same problems of not getting paid by Saks, Neiman Marcus and Bergdorf Goodman, among others.) What they also need, Sozzani said, is a partner like Mr. Giammetti, who provided a lifeline of support for Mr. Valentino through all of the rigours of building a business from scratch — including a bankruptcy, buying the business back from their first investor and then navigating several waves of different investors who came afterwards, eventually leading Mr. Valentino and Mr. Giammetti to leave the business after the control investors wanted was all too much. Just after our main courses, the three winners selected by the jury — Lessico Familiare, Francesco Murano and Institution — were awarded their €50,000 grants. Then, Maino stepped to the microphone to announce there was a surprise. Winners and Judges at the gala dinner for Camera Moda Fashion Trust. (Courtesy) Marco Bizzarri came on stage to express his passion for Moja Rova, another emerging brand that many of the judges also liked. It was hard for us to choose from so many deserving applicants, so Bizzarri put his money where his mouth is and fronted the €50,000 personally to offer a fourth prize. This is the kind of support we need to see from more of the big players in our industry. As I said to Mr Giammetti at the end of our interview when he turned the tables to ask my opinion, 'I think about the cost that this is going to have on our industry in the future. If we don't nurture smaller creative talents and businesses today, what will fashion look like 10, 20 years from now?' Imran Amed, Founder and Editor in Chief Here are my other top picks from our analysis on fashion, luxury and beauty: 1. Why Blockbuster Deals Are Back in Fashion. In an era of tariffs and turmoil, fashion's boldest players are placing billion-dollar bets — and finding bargains in a high-risk, high-reward wave of M&A. In an era of tariffs and turmoil, fashion's boldest players are placing billion-dollar bets — and finding bargains in a high-risk, high-reward wave of M&A. (Courtesy) 2. Hello, Goodbye: Maria Grazia Chiuri's Next Chapter. If there was 'beautiful confusion' in the mix of cruise and couture the powerhouse designer paraded in Rome on Tuesday night, the standing ovation at the end of the show left little doubt she was saying goodbye to Dior after a transformational near-decade tenure and hello to her next act, resurrecting the storied Teatro della Cometa. Dior designer Maria Grazia Chiuri staged an elaborate runway spectacle at the Villa Albani Torlonia in her hometown of Rome on Tuesday night. (Getty Images) 3. Can Jewellery Continue to Outshine Fashion? As leather goods lose their cool amid rising prices and quality concerns, fine jewellery is emerging as luxury's shining star. Jewellery giants like Cartier continue to steer clear of the post-pandemic price hikes implemented by many fashion brands. (Cartier) 4. Why Food Is Everywhere in Fashion Advertising. As foodie culture peaks and the cost of living rises, food is popping up more than ever in fashion imagery. Fashion's latest marketing obsession is food. (BoF Collage) 5. David Bailey, Immortal. A new exhibition aims to prove the iconic photographer's claim to everlasting impact rests on more than his portraits from Sixties London, writes Tim Blanks. David Bailey and Madge. (© David Bailey) This Weekend on The BoF Podcast The author has shared a YouTube video. You will need to accept and consent to the use of cookies and similar technologies by our third-party partners (including: YouTube, Instagram or Twitter), in order to view embedded content in this article and others you may visit in future. In this exclusive interview, Mr. Giammetti reflects on the founding days of Valentino, the importance of protecting creativity in a fashion market that prioritises commercialisation, and why it is critical for the industry to support future generations of designers who are overlooked by a fashion system under pressure. 'This continuous change of people, using people to cover jobs … it makes a big confusion. None of them really becomes a part of the legacy of the company. That's what is a big problem today,' says Giammetti. To receive this email in your inbox each Saturday, sign up to The Daily Digest newsletter for agenda-setting intelligence, analysis and advice that you won't find anywhere else.
Business of Fashion
4 days ago
- Business
- Business of Fashion
What I'm Looking Forward to at The Business of Beauty Global Forum 2025
When I returned back from maternity leave in March, I was ready to hit the ground running on planning The Business of Beauty Global Forum, now in its third year. This Global Forum brings together some of the most interesting, dynamic and inspirational leaders from across our industry, and creates space for thought-provoking, insightful and often arresting conversations that simply don't, and couldn't happen anywhere else but with BoF and The Business of Beauty. Over the years, we've heard from the likes of Pamela Anderson, John Legend and Deepak Chopra, and executives based in Australia, Kenya and Korea. We've explored themes from brand-building and M&A to longevity and identity. Last year, we also debuted The Business of Beauty Global Awards. This year, we've doubled the size of the Awards, with six winners set to receive honours on our closing night. Our speaker line-up is just as exciting as ever. We'll begin with a first look at our hotly anticipated second edition of The State of Fashion: Beauty report, produced in partnership with McKinsey & Company and tease out the themes, challenges and opportunities all leaders will grapple with in the next five years. From there, it's a tour around the world, with insights from the UK's Andy Lightfoot of Space NK and India's Anchit Nayar of Nykaa, before we host an illuminating panel on why the world is looking to Mexico as beauty's next frontier. We'll also hear from Melissa Butler, the inspirational founder of The Lip Bar, and explore the vital role that immigrants and refugees play in our thriving industry. On the second day, we'll step Inside The Industry, and look at how executives are finding growth in a cooling market. Founders like Point of View Beauty's Mikayla Nogueira will give us an influencer masterclass on brand building and we'll then hear from the inimitable Tracee Ellis Ross about her community-focussed line, Pattern. In our final segment, we'll explore the power of the beauty and wellness industry as a connecting thread. Content creator Sydney Towle will share her experiences of facing an online smear campaign while battling cancer; Yasmin Sewell of Vyrao will talk about reinvention. And Hailey Bieber, founder and creative director of Rhode, one of the world's buzziest beauty brands, will speak to us exclusively about her brand and exit journey. She will then be joined by Tarang Amin to discuss what's next for the viral skin and makeup line. I hope you can join us via the global livestream. Sign up here to reserve your space. This year, access to The Business of Beauty Global Forum livestream is open to all. To watch the livestream, simply log in to your BoF account. New to BoF? Create your free account here.
Business of Fashion
6 days ago
- Business
- Business of Fashion
Inside The Business of Beauty's Community Event for Industry Leaders in New York
Long considered one of the most resilient discretionary categories, the beauty industry is experiencing a slowdown — one that is impacting its biggest conglomerates and its hero categories. To navigate this new market reality, brands are reevaluating their positioning, channel strategies and their relationships to core customers. To chart these changes together, The Business of Beauty gathered founders, executives and entrepreneurs from across the beauty, wellness and financial sectors at Spring Studios in New York. The evening was an opportunity for intimate networking with peers and also featured an Executive Briefing — a presentation designed to distil The Business of Beauty's market-leading coverage into actionable insights. The Business of Beauty Community Event BoF's chief business officer Johanna Stout welcomes beauty founders and executives to The Business of Beauty community event. (Kevin Czopek/ Czopek/ 'Everyday, everyone in this room is having to make business-critical decisions in a rapidly changing market,' said Johanna Stout, chief business officer and head of beauty at The Business of Fashion, in her opening remarks. 'The amount of information required to make strategic decisions has grown exponentially, as well as the variety of insights across consumers, technology and regulation that is required to remain competitive.' The Business of Beauty Community Event Leaders from companies such as Amazon, Elemis, Biologique Recherche, Dibs Beauty, Coty and J.P. Morgan gathered for an Executive Briefing from BoF's Priya Rao and Alice Gividen. (Kevin Czopek/ Czopek/ To unpack the complexity and brief the executives in the room, Priya Rao, executive editor of The Business of Beauty, and Alice Gividen, BoF's director of content strategy, analysed and offered perspectives on the biggest beauty takeaways from the last quarter. The Business of Beauty Community Event Veronika Ullmer, Global Head of Corporate & Consumer Communcations, Partnerships and Impact at Glossier, and Alisa Carmichael, Partner at VMG Partners, in conversation at The Business of Beauty Community Event. (Kevin Czopek/ Czopek/ Their discussion began with the evolving impact of President Trump's tariffs — particularly in relation to South Korea — putting an end to the decade of free trade that helped to spur US consumers' obsession with K-beauty. Gividen and Rao discussed the risks of cutting off access to innovation that consumers are not only accustomed to, but now demand. The conversation turned to the importance of a multi-channel strategy in 2025. Activate Consulting finds that the average consumer has a 32-hour long day thanks to multitasking across different channels — from TV and audio, to mobile, e-commerce, gaming and sports. Indeed, sport was identified by Rao and Gividen as a key investment for beauty brands that want to organically hold consumer attention. The scope of opportunity was discussed— from the rise and rise of women's sports, through to brand-building opportunities and first-mover advantage in hyper-local community sports like padel. The conversation concluded with a discussion around the opportunities and complexities of 'longevity' in beauty, as the industry's biggest conglomerates have been quick to invest in this space. While L'Oréal Group invested in the longevity biotech brand Timeline, Estée Lauder Companies has continued its longevity-focused partnership with Stanford. Rao and Gividen discuss the longevity strategies gaining traction with customers, but cautioned brands to avoid committing to promises they cannot fulfil. Activate subscriptions to The Business of Beauty for you and your team today, for access to in-depth reporting, competitor analysis and exclusive insights. The Business of Beauty's senior strategists are available to deliver Executive Briefings in-house, tailored to your business. Please get in touch here to arrange one. The Business of Beauty Community Event Veronika Ullmer, Global Head of Corporate & Consumer Communcations, Partnerships and Impact at Glossier, at The Business of Beauty Community Event in New York in May 2025. (Kevin Czopek/ Czopek/ The Business of Beauty Community Event Leilah Diong, Private Banker at J.P. Morgan, at The Business of Beauty Community Event in New York in May 2025. (Kevin Czopek/ Czopek/ The Business of Beauty Community Event Fara Homidi, founder and CEO at Fara Homidi Beauty and Delfina Forstmann, Brand Strategist at Fara Homidi Beauty, at The Business of Beauty Community Event in New York in May 2025. (Kevin Czopek/ Czopek/ The Business of Beauty Community Event The Business of Beauty's Priya Rao, and Andrew Stanleick, President at Kenvue, at The Business of Beauty Community Event in New York in May 2025. (Kevin Czopek/ Czopek/ The Business of Beauty Community Event Margot Humbert, Head of US at Biologique Recherche, at The Business of Beauty Community Event at New York in May 2025. (Kevin Czopek/ Czopek/ The Business of Beauty Community Event Alisa Carmichael, Partner at VMG Partners, at The Business of Beauty Community Event in New York in May 2025 (Kevin Czopek/ Czopek/ The Business of Beauty Community Event Jeff Lee, CEO at Dibs Beauty, at The Business of Beauty Community Event at New York in May 2025. (Kevin Czopek/ Czopek/ The Business of Beauty Community Event Henry Davis, CEO at Sakara Life, at The Business of Beauty Community Event in New York in May 2025. (Kevin Czopek/ Czopek/ The Business of Beauty Community Event Shamini Rajarethnam, CEO of Rationale Beauty, and Polly Viska, Marketing Director at Rationale Beauty, at The Business of Beauty Community Event in New York in May 2025. (Kevin Czopek/ Czopek/ The Business of Beauty Community Event Ryan Piela, Executive Director at Estée Lauder Companies, and Roseanna Roberts, Global Trend Foresight Lead at Estée Lauder Companies, at The Business of Beauty Community Event in New York in May 2025. (Kevin Czopek/ Czopek/ The Business of Beauty Community Event Jackie Dunklau, Founder & Partner at Aria Growth at The Business of Beauty Community Event in New York in May 2025 (Kevin Czopek/ Czopek/ The Business of Beauty Community Event Tehmina Haider, Partner at L Catterton at The Business of Beauty Community Event in New York in May 2025 (Kevin Czopek/ Czopek/
