🇦🇺 Australian Vogue Week will go forward subsequent 12 months regardless of IMG’s exit. The Australian Vogue Council will take over the administration of Australian Vogue Week for the following version of the occasion in Might. The way forward for the annual showcase was solid doubtful following IMG’s resolution final week to terminate its trend occasions enterprise within the nation. “The time has come for Australian trend to be represented by those that understand it greatest—our personal group,” stated AFC chair Marianne Perkovic, in an announcement. AFC chief govt Jaana Quaintance-James asserted that “the AFC has the perception, dedication, and business focus [needed] to steer Australian Vogue Week.” The interim association with the AFC got here as a reduction to native manufacturers and business leaders however the format, location and operational particulars of subsequent 12 months’s occasion stay unclear. So too does its future past 2025. Based by Simon Lock in 1996, Australian Vogue Week was bought to IMG in 2005. The monetary viability of the occasion got here into query after fintech firm Afterpay withdrew its three-year partnership in 2023 though jeweller Pandora did signal on as presenting companion this 12 months. IMG’s Asia Pacific trend occasions division VP Natalie Xenita stated that the termination would enable IMG to “additional focus its assets and experience on its expertise illustration enterprise,” noting that “IMG Fashions in Sydney is not going to be impacted by this modification and can proceed to conduct enterprise as common.” [BoF Inbox]
🇶🇦 Qatar Funding Authority appoints Mohammed Al-Sowaidi new CEO. The emir of the Gulf nation has tapped the previous chief of investments within the Americas on the $510 billion sovereign wealth fund as its new chief govt, changing Mansour Ibrahim Al-Mahmoud who turns into Qatar’s well being minister. Qatari buyers have acquired heritage trend retailers through the years together with British division retailer Harrods and French division retailer Printemps by QIA’s working arm Qatar Holding and Divine Investments SA (DISA), an funding car primarily based in Luxembourg, respectively. The QIA has additionally invested in Reliance Retail Ventures, a serious participant in India’s trend sector. [Reuters]
🌎 Latin American Vogue Summit secures Miami Design District funding. The Miami Design District Associates, a partnership between Dacra and L Catterton’s actual property unit which owns and operates the namesake buying neighbourhood, has “joined LAFS as lead investor” stated Estafania Lacayo and Samantha Tams, who based the summit in 2018. Describing the US metropolis as a “cultural hub of Latin America,” the pair didn’t disclose particulars of the deal however added that “this vital [capital] funding permits us to take LAFS to a complete new degree.” Held from Nov. 9-12, the most recent version of LAFS featured business leaders from corporations like Kering and executives from regional companies similar to Brazilian group Azzas 2154 within the Miami district the place the occasion has been staged for 3 editions. [BoF Inbox]
🇱🇹 Lithuania-based on-line trend resale big Vinted guidelines out IPO. The C2C second-hand garments market that operates in 20 international locations shouldn’t be contemplating an preliminary public providing, stated CEO Thomas Plantenga, including that the corporate is as a substitute working to broaden into different segments of the second-hand market, together with telephones, toys, gaming consoles and, probably, luxurious watches. “We’re increasing into new international locations and we’re increasing our classes. We’re taking a tonne of danger [so] I wish to play these bets out,” he stated concerning the agency that final month reached a valuation of €5 billion ($5.29 billion). [BoF]
🇸🇦 Non secular symbols’ industrial use banned after Riyadh Vogue Week. The Saudi Arabian ministry of commerce has reportedly issued a ban on the industrial use of spiritual, nationwide and sectarian symbols to forestall their “abuse or misuse” after outrage unfold on-line over a central set up eventually month’s Riyadh Vogue Week. Although some defended the occasion, which was supported by the Saudi ministry of tradition’s Vogue Fee, others criticised it for a central set up that they felt resembled the Kaaba, an historic constructing within the kingdom’s mosque advanced in Makkah which is taken into account by Muslims to be one of many holiest websites on the earth. [Semafor]
🇧🇷 Brazil’s Azzas 2154 sees income up, however income hit by merger prices. The São Paulo-listed firm, shaped this 12 months from the merger of Brazilian footwear and trend companies Arezzo & Co and Grupo Soma, reported web revenue of 163.8 million reais ($28.2 million) for the third quarter ended September, a 26.8 % decline, towards revenues of three.67 billion reais ($632.9 million), a rise of 12.2 %. The agency stated it used “professional forma” outcomes to replicate the mixed historic efficiency of the merged entities for annual comparisons. [Graciela Martin for BoF]
🇮🇳 Trump presidency may bolster India’s textile commerce with US, says CITI. “With the brand new administration, the Indian textile and attire business is optimistic about increasing its position instead provider to China,” stated Confederation of Indian Textile Business chairman Rakesh Mehra, noting that roughly 27 % of India’s whole textile and attire exports already go to the US regardless of the excessive tariff charges which might be utilized by the US to sure Indian attire classes. [Economic Times]
🇨🇳 Amazon launches low-cost storefront Haul to counter Temu within the US. The American e-commerce big has made Haul accessible in a bid to compete with the likes of the China-founded ultra-fast trend e-tailer owned by Pinduoduo mother or father PDD Holdings which is headquartered in Dublin. Temu’s low-cost buying app has gained traction with customers who commerce longer delivery occasions for rock-bottom costs. Purchases on Haul are delivered in a single to 2 weeks and Amazon costs a $3.99 delivery price that’s waived for orders bigger than $25. [BoF]
🇮🇳 Indian magnificence and trend retailer Nykaa sees Q2 income surge. FSN E-Commerce Ventures, the Mumbai-based listed firm that operates multi-brand retailer Nykaa, has reported a consolidated web revenue of 13 crore rupees ($1.5 million) for the quarter ended September, up 66 % from the comparable interval a 12 months earlier. Gross merchandising worth (GMV) in the course of the interval stood at 3652 crore rupees ($432 million), up 24 % 12 months over 12 months. [Economic Times]
🇨🇳 British prime minister plans to depart Shein IPO scrutiny to UK regulator. The UK authorities plans to defer scrutiny of Shein’s potential London Inventory Trade itemizing to the Monetary Conduct Authority, avoiding a deeper examination of the China-founded, Singapore-based ultra-fast trend e-tailer’s labour practices regardless of calls from some MPs to strengthen protections. Shein’s govt chairman Donald Tang just lately met with UK ministers, following longstanding allegations towards the corporate — which it denies — of utilizing cotton tied to compelled labour in China’s Xinjiang area. [BoF]
🇮🇳 India’s Kalyan Jewellers posts 3% revenue decline in Q2. The Thrissur-based firm whose portfolio consists of its namesake model and digital-first model Candere reported consolidated web revenue of 130.32 crore rupees ($15.4 million) for the quarter ended September. The jewelry retailer, which operates greater than 250 showrooms globally, reported a 37.3 % 12 months over 12 months improve in income from operations to 6065.48 crore rupees ($717.7 million) in the course of the interval. [Economic Times]
🇯🇵 Rakuten Group sells bank card arm share to Mizuho for ¥165 billion. The Japanese tech conglomerate that operates its namesake e-commerce platform and monetary and communications providers is promoting 15 % of its bank card enterprise to the banking big for round $1.1 billion, its newest transfer to shore up capital. The e-tailer manages on-line storefronts for trend manufacturers like Marc Jacobs, Missoni and personal label collections from Beams and United Arrows and serves as title sponsor for Tokyo Vogue Week. [Bloomberg]
🇨🇳 Novo Nordisk launches Wegovy in China with costs properly under US. The Danish pharmaceutical firm is launching its top-selling weight problems drug in China at a fraction of the US value, a key step in unlocking an enormous, fast-growing marketplace for its blockbuster franchise. Preliminary prescriptions for the drug are anticipated to be issued in Shanghai this week, Yicai information service reported Monday. [BoF]
🇮🇳 Indian jeweller Giva sees 66% annual income rise, however losses widen 30%. The Bengaluru-based model backed by Premji Make investments has reported a 65.8 % year-on-year progress in working income, reaching 273.6 crore ($32.3 million) rupees for the quarter ended March 2024. The agency’s web loss widened by 29.6 % to 58.6 crore rupees. [Economic Times]
🇱🇧 Lebanon’s Elie Saab marks 45-year anniversary with Saudi spectacle. The couture model primarily based between Beirut and Paris based by its namesake designer created a colossal occasion in Riyadh celebrating its hyperlink with crimson carpet type. The 1001 Seasons of Elie Saab extravaganza featured 300 appears to be like from the model’s archives styled by Carine Roitfeld, celeb friends like Halle Barry and Monica Bellucci and 5 musical performances Jennifer Lopez, Camila Cabello, Nancy Ajram, Amr Diab and Celine Dion. [Vogue Arabia, Harper’s Bazaar]
🇨🇳 Hong Kong makes arrests over counterfeit Chanel items and tickets. Police within the metropolis have arrested a number of people in two instances, one involving a web based retailer promoting alleged counterfeit items from Dior, Chanel and different luxurious manufacturers which led to the seizure of about 15,000 gadgets and one other involving pretend tickets to the latest Chanel resort present on the HK Design Institute. [South China Morning Post]
🇮🇳 Indian attire exporter Gokaldas Exports posts 18% Q2 revenue rise. The Bengaluru-based firm using over 32,000 individuals throughout twenty manufacturing items has reported consolidated income of 28.16 crore rupees ($3.3 million) within the quarter ended September 2024, up from 23.71 crore rupees within the comparable interval a 12 months earlier. The agency recorded whole revenue of 941.8 crore rupees ($111.4 million) in the course of the interval, growing 85% 12 months over 12 months. [Economic Times]
🇲🇽 Mexican direct gross sales catalogue brokers begin providing Shein and Temu. Door-to-door saleswomen who as soon as targeted on promoting homewares from the likes of native firm Betterware to neighbours and acquaintances at the moment are providing to order trend on their behalf from the China-founded ultra-fast trend e-tailers. [Rest of World]
🇮🇳 Indian e-tailer Nykaa appoints Abhijeet Dabas as enterprise trend head. The corporate has named Dabas as govt vp and enterprise head trend. The chief, who beforehand held management positions at expertise and e-commerce corporations together with Cars24, Swiggy, Myntra, and Lazada, will oversee Nykaa’s on-line progress technique, its worldwide bodily retailer community growth, and strategic partnerships with the likes of Foot Locker. [Economic Times]
🇰🇷 Celine faucets South Korean entertainer Bae Suzy as international ambassador. The French luxurious model has partnered with the actress and singer, additionally recognized by her Korean identify Bae Su-ji, well-known for her roles in TV sequence like “Begin-Up” and “Doona” to endorse its merchandise. Bae, who has round 20 million Instagram followers, began her profession as a member of the Okay-pop band Miss A. [L’Officiel Philippines]
